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WASHINGTON - U.S. private employers stepped up hiring in June and the number of Americans filing new claims for jobless benefits last week fell by the most in two months, hopeful signs for the struggling labor market.
But dark clouds continue to gather over the U.S. economy, with growth in the vast services sector crawling to its slowest in nearly 2-1/2 years in June and retailers reporting sales below expectations, other data showed on Thursday.
The economy has been hit by turbulence from Europe's debt crisis and fears of tax increases at home next year, undermining confidence among businesses and ordinary Americans.
"In terms of employment, they suggest some improvement in the labor market performance relative to the month before, but nonetheless show economic activity is weakening," said Millan Mulraine, senior macro strategist at TD Securities in New York.
Private employers added 176,000 new workers to their payrolls last month, the ADP National Employment Report showed, after increasing 136,000 in May. The government will release its closely watched employment report for June on Friday.
Hopefully, Fridays report including government is similar, but we should be above 250k every month, during a recovery. 150k new jobs just treads water due to new entrants into the job market.
Hopefully, Fridays report including government is similar, but we should be above 250k every month, during a recovery. 150k new jobs just treads water due to new entrants into the job market.
Exactly - thanks for bringing this up since the media tends to gloss over that fact.
I'm also curious about a break-down of these jobs. How many are JOBS, as in "you can live off of them" and how many are "congratulations for getting 10-hours of work a week at minimum wage, now you count as employed." jobs.
I'm ticked about the unemployment rate "probably declining" since, as it's been for many months, that decline is caused by people exiting the workforce vs. gaining jobs. If people were forced to confront the far more accurate U6 unemployment number vs. the short-term and manipulated U3 number, I think there would be a far greater demand for accountability from the idiots who've trashed this economy.
Even the U6 number is optimistic in some ways (since it really shouldn't be declining if job creation is barely keeping up with people entering the work force), but it is the best official number we have.
Average hourly earnings have gone down 1.7% in a year-not enough to say all new jobs pay little. Hours worked has gone up and down, but over 1 or 2 year span, is essentially flat.
Go to NY Times Friday for more detail..They usually include a hyperlink to the full BLS report.
I'm ticked about the unemployment rate "probably declining" since, as it's been for many months, that decline is caused by people exiting the workforce vs. gaining jobs..
The rate declining replaced "Yes, We Can" and is every bit as shallow in substance.
PS, Media only glosses over it with a Democrat in office. Same reason Chris Matthews gets a tingle up his leg. LOL!
Exactly - thanks for bringing this up since the media tends to gloss over that fact.
I'm also curious about a break-down of these jobs. How many are JOBS, as in "you can live off of them" and how many are "congratulations for getting 10-hours of work a week at minimum wage, now you count as employed." jobs.
I'm ticked about the unemployment rate "probably declining" since, as it's been for many months, that decline is caused by people exiting the workforce vs. gaining jobs. If people were forced to confront the far more accurate U6 unemployment number vs. the short-term and manipulated U3 number, I think there would be a far greater demand for accountability from the idiots who've trashed this economy.
Even the U6 number is optimistic in some ways (since it really shouldn't be declining if job creation is barely keeping up with people entering the work force), but it is the best official number we have.
I don't know who funds it, so it's probably biased to an extent. However, it seems any "re-calculation" adjustment done by the BLS always results in lower inflation and unemployment rates.
I don't know who funds it, so it's probably biased to an extent. However, it seems any "re-calculation" adjustment done by the BLS always results in lower inflation and unemployment rates.
Average hourly earnings have gone down 1.7% in a year-not enough to say all new jobs pay little. Hours worked has gone up and down, but over 1 or 2 year span, is essentially flat.
Go to NY Times Friday for more detail..They usually include a hyperlink to the full BLS report.
I don't know who funds it, so it's probably biased to an extent. However, it seems any "re-calculation" adjustment done by the BLS always results in lower inflation and unemployment rates.
And let's not forget that the official method of measuring inflation does not count energy, food, shelter, education, or medical care... at least not in any real sense. So, not only is the "no inflation" statement a lie, they aren't even measuring what really matters! But hey - big screen TV's are cheaper than ever, so everything must be great! Too bad I can't eat them, live in them, or use them as transportation...
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