Ruh roh raggy: Economy shows no job growth...

[originalpckelly]

http://www.nytimes.com/2011/09/03/business/economy/united-states-showed-no-job-growth-in-august.html

"Job Growth at Halt in August; Worst Showing in 11 Months

The economy showed no job growth in August, the first time there has been no increase in net jobs in the United States in 11 months.

The flat performance in the job market was down sharply from a revised 85,000 gain of jobs in July, the Labor Department said Friday, and was far below a consensus forecast by economists of 60,000. The unemployment rate stayed constant at 9.1 percent in August.

The nonfarm payrolls numbers were unchanged in August after a prolonged increase in economic anxiety that began with the brinksmanship in Washington’s debt-ceiling debate and was followed by the country’s loss of its triple-A credit rating, stock market whiplash and renewed concerns about Europe’s sovereign debt.

The jobs figure, a monthly statistical snapshot by the Department of Labor, may appear more negative because it does not include 45,000 Verizon workers who were on strike when the survey was taken."

Now here's what the lying douches aren't telling you: the July number was advertised in August (at first release) as being 117,000 jobs! You might notice that the new revised number is significantly lower than that at only 85,000 jobs. That's a lot less higher than the bullshit number they put out at the time back in August. It is also more in line with what economists thought at the time would be the gain: 65,000 jobs.

If you don't believe me, here is a story from CNN on the July jobs report:
http://money.cnn.com/2011/08/05/news/economy/july_jobs_report_unemployment/index.htm

Just to give you an idea of the significance of this difference, the new number is 27% fewer jobs than the original, and is itself 24% greater than the original estimates by economists of 65,000 jobs added. The reason people were so thrilled is that 117,000 was 44% greater than was forecast.

These numbers seem to be inaccurate and are being revised downward when no is no longer paying attention to the story. Why care about the old jobs report when the new one is out?

[indepat]

Surely no one is surprised since the grand bargain with Repugs was estimated to kill

1.8 million jobs. :patriot:

[indepat]

1. Surely no one is surprised since the grand bargain with Repugs was estimated to kill

1.8 million jobs. :patriot:

[LaurenG]

2. So another short term no good news in jobs disappointment.

I don't think this will turn around for a while either. Have we ever had a 0 jobs growth quarter?

[originalpckelly]

3. Actually, this is a contraction, because the growth is not large enough.

We need around 120,000 new jobs to keep up with new employees entering the workforce. So this means we are still short a shitload of jobs.

[pansypoo53219]

4. is ANYBODY surprised? the 2010 elections gave the publikklans

a better way to the kill the economy so their 'great white hope' can beat obama, nevermind their having 2 years to make the economy BETTER. the LOYAL opposition are TRAITORS to america.