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This is just one more reason to re-elect Obama. Private companies added 201,000 jobs in August, up from 173,000 in July. Comapnies are hiring more and laying off less. Are we better of than 4 years ago? YES. The economy was in a free fall shedding jobs. The jobs report tomorrow could reveal this on the heals of the democratic national convention.
Not the headline, but the bigger news of the day is that service sector growth beat forecasts pretty significantly. This is a very strong signal for the US economy moving forward.
American auto companies saw at least a 15% increase in profits, another sign the economy is improving. Remember Romney was the one who said "Let GM fail and go bankrupt"
American auto companies saw at least a 15% increase in profits, another sign the economy is improving. Remember Romney was the one who said "Let GM fail and go bankrupt"
Just because the current auto companies are improving with a 15% increase in sales does not justify the bailout of the auto industry.
When the internet bubble burst in 2000, it set off a fire sale of powerful and inexpensive IT hardware, allowing for the creation of some hugely successful companies in an era around 2005 that was termed "Web 2.0"...companies like Google, Facebook, Yelp and Twitter to name a few.
Had the government stepped in to "bail out" the failed .com companies they likely would have sputtered along at similar minimal growth as is cited here for the auto manufacturers. Thankfully the free market prevailed and from the ashes of the wild spending spree of the .com era, huge strides in innovation were realized. Imagine if something similar was allowed to happen with GM? Ford didn't take any money, you could have had a very healthy competition between "Old School" Ford vs. whatever innovation could have come from letting GM go under. For all we know, we could have been in a position to see cars that got 80mpg today, as well as a Ford that was pushed to be more competitive and innovative....but no, lets celebrate mediocrity and 15% gains so our government can cheer lead about squashing innovation and the free market.
Oh...and I also forgot, this would possibly have created tons of jobs, created a windfall of tax revenue to help manage the budget, and improved spending in the economy too.
..and this in spite of the fact that Obama has had zero cooperation from the GOP. Now if they will just get out of the way so that Obama, during his second term, can continue to lay down the foundation for rebuilding the middle class.
Not the headline, but the bigger news of the day is that service sector growth beat forecasts pretty significantly. This is a very strong signal for the US economy moving forward.
That is everyone's dream, to have a service sector job. But if you believe numbers put out by the government you have a lot things to learn about how our government really operates.
That is everyone's dream, to have a service sector job. But if you believe numbers put out by the government you have a lot things to learn about how our government really operates.
It is you who needs to learn. The service sector growth report is produced by the Institute for Supply Management. That is NOT a government agency. Here is what it is from their web page:
Institute for Supply Management™ (ISM) is the first supply management institute in the world. Founded in 1915, ISM exists to lead and serve the supply management profession and is a highly influential and respected association in the global marketplace. By executing and extending its mission through education, research, standards of excellence and information dissemination — including the renowned monthly ISM Report On Business® — ISM maintains a strong global influence among individuals and
The jobs number mentioned in the OP is also from a private organization, not the government. Both reports show that, in spite of Republican efforts to destroy our economy in an effort to defeat Obama, the economy has nonetheless moved steadily on the road to recovery and is now accelerating.
As for everyone's dream etc.. The largest sector of the US economy is, far and away, the service sector and that is why this growth number is of such significance.
this is just one more reason to re-elect obama. Private companies added 201,000 jobs in august, up from 173,000 in july. Comapnies are hiring more and laying off less. Are we better of than 4 years ago? Yes. The economy was in a free fall shedding jobs. The jobs report tomorrow could reveal this on the heals of the democratic national convention.
Anyone watching the Democratic National Convention on Tuesday night heard the number 4.5 million several times.
The number Castro cites is an accurate description of the growth of private-sector jobs since January 2010, when the long, steep slide in employment finally hit bottom. But while a total of 4.5 million jobs sounds great, it's not the whole picture.
Nonfarm private payrolls hit a post-recession low of 106.8 million that month, according to the U.S. Bureau of Labor Statistics. The figure currently stands at 111.3 million as of July.
While that is indeed a gain of 4.5 million, it's only a net gain of 300,000 over the course of the Obama administration to date.
Conclusion:
The figure of 4.5 million jobs is accurate if you look at the most favorable period and category for the administration. But overall, there are still fewer people working now than when Obama took office
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