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View Diary: Just 169,000 jobs added in August. June and July revised downward. Unemployment rate at 7.3% (45 comments)

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  •  Bad, but not as bad as spin (3+ / 0-)
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    Dr Swig Mcjigger, fladem, askew

    This report was obviously not very good (especially the revisions), but it wasn't exactly bad either.  The number of part time for economic reasons fell substantially (remember, most people working part time actually want to work part time), the number of "not in the labor force, but want a job" (a decent measure of discouraged workers) fell substantially, and but for a somewhat inexplicable large drop in the number employed in the motion picture industry (down 22k) this report would have been right in line.

    I would rate this as about a 5 (out of ten), but am still optimistic going forward with the recent ISM hiring data and jobless claims data being extremely positive for September.

    •  Back in the day, I remember elementary schools... (0+ / 0-)

      ...where 5 out of 10 was considered a failing grade.

      Thank goodness we regard any score now as so much better than nothing.  We look much better now.

    •  We heard for much of this year how... (7+ / 0-)

      ...the BLS upward monthly revisions showed the underlying strength of the economy was greater than the first take made it appear. Now we've got two consecutive months of downward revisions totaling 100,000 jobs. That isn't a cause for optimism.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Fri Sep 06, 2013 at 06:29:10 AM PDT

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      •  Bottom line: The economy is stagnant. (1+ / 0-)
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        The administration needs to focus on job creation and stop dancing with the Pubs on deficit reduction and Syria.
           He needs to go public with an analysis of what's wrong with the economy and what can be done about it.

        •  WRONG. "The economy" is FINE. (2+ / 0-)
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          Meteor Blades, Eric Nelson

          "The economy" is not stagnant.

          GDP has grown in every quarter starting in 2009, and was just revised upward for last quarter:

          Just look at how corporate profits continue to skyrocket:

          "The economy" is doing just fine, thanks. The problem is that more and more Americans are superfluous to "the economy."  

          How can that be? Nobel winner Stiglitz explains--offshoring & automation--and that long-term those will get worse, not better:

          "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

          by HeyMikey on Fri Sep 06, 2013 at 11:07:44 AM PDT

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        •  Reasons for stagnant U.S. economy? (0+ / 0-)

          Austerity and sequestration and lack of progressive economic policies from U.S. government

          Solutions to remedy stagnant U.S. economy and high unemployment?

          Get rid of austerity policies and promote and institute progressive policies that will spur economic growth and bring down unemployment.

          How to get rid of austerity policies and promote and institute progressive economic policies?

          Leadership from Obama White House.

          We're still waiting, President Obama.

      •  His cause for optimism (0+ / 0-)

        isn't the monthly revisions, it's the ISM report and the trend in jobless claims.

        •  Read back a few months ago. Personally... (2+ / 0-)
          Recommended by:
          hmi, Eric Nelson

          ...I object to the term "spin" unless it is applied to everyone's take on the numbers. We all, amateurs and professionals, view the same numbers over time to come to our conclusions. Some of us see things almost no others do. (New Deal democrat has been good in that regard.)

          Anybody can go back four years ago or three or two and see whether my conclusions missed the boat. Mostly I don't believe they did, in part because I don't spin. But when I said years ago that it would be at least 60 months from the beginning of the recession until the job numbers returned to their pre-recession levels, I was ridiculed and called a doomer (as well as anti-Obama). We're now at 68 months with at least another 12 to go. So I guess you can call me an optimist, retroactively.

          Don't tell me what you believe, show me what you do and I will tell you what you believe.

          by Meteor Blades on Fri Sep 06, 2013 at 07:30:02 AM PDT

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    •  It's horrible in context. (2+ / 0-)
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      HeyMikey, Glenn45

      If this were one report in an otherwise decent economy, no problem at all.

      In the depression that's dragged on for the last 5 years, it's horrible.  We've got people who may never be able to find work.

      LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

      by dinotrac on Fri Sep 06, 2013 at 06:40:50 AM PDT

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    •  Same as it ever was (2+ / 0-)
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      Meteor Blades, Eric Nelson

      an economy stuck in second gear.  No technical recession, but not enough to make people feel like things are getting better fast enough.  The issue is demand, and IMHO this is in turn caused by the decline in the % of GDP going to labor.  You can and should fill some of this gap with government spending - but that is not a permanent solution.

      As I have written here for over a decade, there is a systemic crisis brought about but globalization and technology with no easy answer.

      The worry is that a strike in Syria would cause oil to spike, which as NDD and Bondadd have shown essentially acts as a collar on economic growth.  This coupled with a debt ceiling crisis that killed consumer confidence the last time might be enough to stall the economy.

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