CNN/Money: September Job Growth Weaker, Misses Economists Forecasts

[flpoljunkie]

http://money.cnn.com/2004/10/08/news/economy/jobless_september/index.htm?cnn=yes

September job growth weaker
Gain of 96,000 jobs slows from August, misses economists forecasts.
October 8, 2004: 8:33 AM EDT



NEW YORK (CNN/Money) - U.S. employers added 96,000 jobs in September while the unemployment rate stayed unchanged, according to a government report Friday that came in weaker than Wall Street expectations.

The Labor Department's much anticipated reading on the labor market showed a slower pace of hiring than the revised reading of 128,000 jobs added in August. Economists surveyed by Briefing.com found a consensus forecast of 150,000 new jobs, while Reuters' survey found a range of estimates from a 10,000 job loss to a 200,000 gain.

The unemployment rate came in at 5.4 percent, in line with economists' consensus forecast.






















 

[Inland]

1. Still muddling along, drags of war, deficits, oil, and misplaced stimulus

Stock markets stuck at 1997 levels, jobs level, incomes actually going lower, insurance and other necessities beyond the reach of your typical American--since it isn't a recession, its the New Normal. Thanks, Bush.

[flpoljunkie]

2. As Robert Rubin pointed out last night, Bush's stimulus was all wrong and

left with us untenable deficits, and that tax cuts given to the middle class would have actually stimulated the economy, created more jobs, and would not have swollen the federal debt.

[senseandsensibility]

4. You mean shrub lied?

Giving huge tax breaks to the rich isn't gonna trickle down? We shifted the tax burdent to the working class FOR NOTHING? I am shocked, shocked, I tell you.

[papau]

7. GOP's favorite job report, the household survey, shows 585000 jobs lost

Household Jobs show disaster-labor force drops 1 million, job loss of 585K

The GOP's favorite DOL jobs number, the Household survey number, shows bigger Job disaster than shown in the anemic 96,000 jobs gain in the payroll survey jobs number. The Household Survey reports 201,000 lost jobs in September since 139,681,000 were "seasonal adjusted" employed in Aug less 139,480,000 of Seasonal adjusted folks Employed in Sept., and that is a drop of 201,000 jobs. If you prefer numbers that are not seasonally adjusted, then 140,226,000 less 139,641,000, or 585,000 jobs were lost in Sept.

And that Steady 5.4% Unemployment rate is based on folks no longer being in the labor pool and therefore not counted as unemployed. The seasonal adjusted change is from 147,704,000 looking for work or employed in August to 147,483,000 looking for work or employed in Sept, or 221,000 folks dropped out. If you like non-seasonally adjusted numbers, then 148,166,000 less 147,186,000, or a huge 980,000 folks stopped looking for work or being employed in Sept.

NEARLY ONE MILLION FOLKS STOPPED LOOKING FOR WORK OR BEING EMPLOYED IN SEPTEMBER!!!!





http://www.bls.gov/cps/cpsatabs.htm

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Series Id: LNS12000000Seasonal AdjustedSeries title: (Seas) Employment LevelLabor force status: EmployedType of data: Number in thousandsAge: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual

2004 138566 138301 138298 138576 138772 139031 139660 139681 139480



Series Id: LNU02000000Not Seasonally AdjustedSeries title: (Unadj) Employment LevelLabor force status: EmployedType of data: Number in thousandsAge: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual

2004 136924 137384 137691 138423 138867 139861 140700 140226 139641



Series Id: LNS11000000Seasonal AdjustedSeries title: (Seas) Civilian Labor Force LevelLabor force status: Civilian labor forceType of data: Number in thousandsAge: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual

2004 146863 146471 146650 146741 146974 147279 147856 147704 147483


Series Id: LNU01000000Not Seasonally AdjustedSeries title: (Unadj) Civilian Labor Force LevelLabor force status: Civilian labor forceType of data: Number in thousandsAge: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual

2004 146068 146154 146525 146260 146659 148478 149217 148166 147186


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PAYROLL SURVEY 96,000 NEW JOBS IN SEPTEMBER

Series Id: CES0000000001Seasonally AdjustedSuper Sector: Total nonfarmIndustry: Total nonfarmNAICS Code: N/AData Type: ALL EMPLOYEES, THOUSANDS

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual

2004 130194 130277 130630 130954 131162 131258 131343 131471(p) 131567(p)

[Inland]

5. Since Bush's tax cut wasn't devised to be a stimulus, who is surprised

that it didn't work well for that purpose?

Bush came up with his tax cut for the rich to beat Steve Forbes in New Hampshire in 2000. It was justified to give back that huge surplus Clinton had built up. It was only after the economy slowed that Bush gave another reason for his tax cut for the rich. Huh, switching reasons to justify a predtermined decision made for craven, selfish political purposes. It isn't just for Iraq, is it?

[Demi_Babe]

3. in a sane world...this should be the nail in the coffin for bush

[cthrumatrix]

6. it's bushworld of spin and corp dominance.... zero transparency