Employers Unexpectedly Slash Jobs in August

[NNN0LHI]

http://story.news.yahoo.com/news?tmpl=story&ncid=716&e=13&u=/nm/20030905/bs_nm/economy_jobs_dc

WASHINGTON (Reuters) - U.S. employers cut jobs in August at the fastest pace since March, the government said in an unexpectedly grim report on Friday showing Americans are struggling to find jobs even as other areas of the economy are recovering.

The number of workers on U.S. payrolls outside the farm sector slid 93,000 in August, the seventh consecutive month of declines, after dropping 49,000 in July. The number was far worse than the increase of 12,000 expected by economists.

The disappointing report supports recent comments from Federal Reserve officials that interest rates will be kept low for some time.

"It's weak and the unemployment rate seems to be more of an aberration than anything else," said Steve Gallagher, economist at SG Cowen Securities.

more

[ixion]

1. more good news on the jobloss recovery

</sarcasm>

I was debating this with my dad last night. He's a conservative, though not a neocon. That aside, he believes the recession is over, which I strongly disbelieve, and news of this type is the primary reason why.

Jobless Recovery? Give me a break. :eyes:

[TeeYiYi]

3. Jobless recovery . . .

That must mean that all of the companies that weathered the recession by dumping employees and reducing salaries are now in a position of growth without hiring. Whatever the f@ck that means.

TYY

[Liberal Veteran]

2. In other news: Sun "unexpectedly" rose this morning.

:eyes:

[Code_Name_D]

4. Yep, they said Unemplyment dropped on Wednesday.

We should call this the suprise economey.

[zbdent]

5. Profits are up, because workers' pay is considered an expense

cut workers, cut expenses. Profits go up if you sell 1 unit.

[MGKrebs]

6. "unemployment rate seems to be more of an aberration "

Aberration? Employment declines steadily for 1.5 years, Aug. worst month since march! Aberration?? It is NOT an aberration to the 3-5 million newly unemployed! If unemployment is an aberration, what is the REAL measure of success??!! If people don't work, they can't spend. They don't spend, companies can't sell. Can't sell, won't make more stuff. No new stuff equals no new jobs! Got that??!!

[stopbush]

7. Jobless Recovery=Foodless Meal n/t

[VolcanoJen]

8. Kick... and another link

Phillybri was the first to bring us this story, earlier on LBN. Please click here for more discussion; this story focuses a bit more on the unemployment rate, so I think it's alright to leave both threads open.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=98572&mesg_id=98572

Thanks!
VolcanoJen
DU Moderator

[Beetwasher]

9. More on this with a good link:

August Jobs Miss Administration's Target; Web Site Monitors Performance of 2003 Tax Cuts in Generating Jobs, Says EPI

To: National Desk

Contact: Nancy Coleman, Karen Conner or Stephaan Harris of the Economic Policy Institute, 202-775-8810, http://www.jobwatch.org

WASHINGTON, Sept. 5 /U.S. Newswire/ -- Data released today by the U.S. Bureau of Labor Statistics show that the Bush administration fell 437,000 jobs short in August, losing 93,000 jobs, instead of creating the 344,000 it had projected for each month after July 2003.<\b> The Economic Policy Institute is launching a new web site today, JobWatch.org, that monitors the performance of the 2003 tax cuts in generating jobs, and tracks job and wage trends.

--snip--

http://story.news.yahoo.com/news?tmpl=story&u=/030905/180/562rf.html

They predicted a gain of 344,000 jobs and lost 93,000 instead?????? :shrug:

[kentuck]

10. How can we lose jobs and have unemployment rate go down also?

Please explain??

[BuelahWitch]

11. Perhaps many of the worker's benefits ran out?

You know they have such idiotic ways of looking at it. "Oh, x number of people no longer collecting unemployment, unemployment is down!"

[Beetwasher]

12. When people stop looking for work they are no longer counted

That's how it happens.

[MUAD_DIB]

14. The Same way that *'s poll number remain high

while everybody hates him.

It's called BS.

[Kusala]

13. yep

Those tax cuts are working wonders on the economy!!