Friday, July 8, 2011

Percentage of Americans working lowest since early 1980's-BBC

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"Manufacturing has not seen any significant hiring in 13 months."

7/8/11, "US jobs creation stalls in June," BBC

"The percentage of all Americans, men and women, in work is lower than it has been at any time since the early 1980s, when that first space shuttle was launched. ”
  • BBC Economics Editor, Stephanie Flanders
""Every aspect of this disappointing report points to the US facing an unemployment crisis," said Mohammed El Erian, the investments head at giant US fund manager Pimco....

The financial sector saw 15,000 job losses. Meanwhile, manufacturing has not seen any significant hiring in 13 months."...

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7/8/11, "Unemployment rose to 9.2 percent in June, US employers added only 18,000 jobs," newser.com

"More than a quarter-million people stopped their job searches in June.
That kept the unemployment rate from rising even further. When laid-off workers stop looking for work,

Including discouraged workers and those working part time, but who would prefer full-time work, the "under-employment" rate jumped from 15.8 percent

  • to 16.2 percent.

And those who do have jobs are earning less. Average hourly wages declined last month."...

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7/8/11, "Jobs Picture Gets Even Worse as Rate Swells to 9.2%," CNBC.com

"The government revised April and May payrolls to show 44,000 fewer jobs created than previously reported."...

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7/8/11, "U.S. Payrolls Grow at Slowest Pace in Nine Months as Jobless Rate Climbs," Bloomberg, S. Chandra

"Employers increased payrolls by 18,000 workers, less than the most pessimistic forecast in a Bloomberg News survey of economists, which called for growth of 105,000....

Companies reducing staff include Lockheed Martin Corp., the world’s largest defense contractor. Bethesda, Maryland-based Lockheed on June 30 said it plans to cut about 1,500 employees. McLean, Virginia-based Gannett Co., the publisher of 82 newspapers including USA Today, also announced last month it is eliminating about 700 jobs....

Government payrolls declined by 39,000 in June, the eighth straight decrease. Employment at state and local governments fell 25,000.

Average hourly earnings dropped 1 cent to $22.99, today’s report showed. The average work week for all workers decreased to 34.3 hours, from 34.4 hours the prior month.

The so-called underemployment rate -- which includes part- time workers who’d prefer a full-time position and people who want work but have given up looking -- increased to 16.2 percent from 15.8 percent. ...

The number of temporary workers decreased 12,000....

The economy expanded at a 1.9 percent annual rate in the first three months of the year, and economists surveyed by Bloomberg from June 28 to July 7 forecast second-quarter growth of 2 percent. In the final three months of 2010, the economy grew 3.1 percent.

Lack of faster progress in the labor market and in the economic recovery, which started in June 2009, has taken a toll on Obama’s approval ratings. Since he took office in January 2009, unemployment has increased from 7.8 percent and

By a 44 percent to 34 percent margin, Americans say they believe they are worse off than when Obama took office, according to a Bloomberg National Poll conducted June 17-20....

The jobless rate rose even as the participation rate declined to 64.1 percent, the lowest since March 1984. The Labor Department’s survey of households, used to calculate the unemployment rate, showed a 445,000 decrease in employment and a 173,000 increase in unemployment.

In that survey, the government calls 60,000 households and asks people if they are working or looking for a job. The survey includes the self-employed, farm workers and domestic workers. Those people are not counted in the establishment survey used to calculate the payroll figures."...

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7/8/11, "The Bistromath Economy," VodkaPundit, Stephen Green, via Instapundit

"The numbers they are awful."




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