CNBC watch: econo-spin / jobs

[rlev1223]

1. Non-farm payroll number was under 100,000, well below the 150,000 "consensus" (cheerleader) estimate. With other revisions for previous periods, net job loss for Bush term is 800,000. Kudlow was a sputtering maniac this AM.

2. 5.4% unemployment rate masks workers who have stopped looking -- actual unemployment rate estimated beteeen 7% and 9%

3. Corporate profits are up...not a bad thing, but is a result of increased productivity. i.e. fewer workers working harder/longer -- plus cost cutting through outsourcing, etc. Benefits shareholders, not wage-earners.

4. Corporate cash at record levels. Suggests businesses are not confident in economy and are hoarding cash instead of hiring workers. Cash could end up being used for mergers/acquisitions (usually not good for employment) or increased dividends to investors
which are now taxed at lower rate, further hurting deficit.

Numbers show gross mismanagement,so plenty of Bush fantasy spin on the way. I hope Kerry can put them together right tonight.

[Robert Oak]

1. watch out on productivity, outsourcing factors into increases

[rlev1223]

3. watch out?

I'm not sure what you mean

[leftofthedial]

2. this is a climate like the phony reaganomics bubble

very good for wealthy and investors

very bad for workers

except this time it's even worse for workers.

[democraticgator]

5. I wouldnt say that it is good for investors either

The stock market is flat right now, has been for months. And it's still lower than when shrub took office.

[leftofthedial]

6. corporate cash will likely fuel a huge round of consolidation

and mergers and corporate raiding

this means the insider investors will make out like the bandits they are while workers get screwed.

this is already happening and fueling the last four years' layoff frenzy, but the large corporate cash stockpiles are like tinder waiting for a spark.

[mikehiggins]

4. Hey, I'm unemployed

but because I don't qualify for unemployment benefits I don't appear in any of the government statistics.

Still doesn't mean I've got a job, though.