Ooops. Jobs? What Jobs?

[GRG55]

Looks like most of the bailed out Wall Street "analysts" were wildly off the mark with their forecasts...

From the Bureau of Laboured Statistics:

Employment Situation Summary

THE EMPLOYMENT SITUATION -- JUNE 2011

Nonfarm payroll employment was essentially unchanged in June (+18,000), and the
unemployment rate was little changed at 9.2 percent, the U.S. Bureau of Labor
Statistics reported today. Employment in most major private-sector industries
changed little over the month. Government employment continued to trend down.

Household Survey Data

The number of unemployed persons (14.1 million) and the unemployment rate (9.2
percent) were essentially unchanged over the month. Since March, the number of
unemployed persons has increased by 545,000, and the unemployment rate has
risen by 0.4 percentage point. The labor force, at 153.4 million, changed
little over the month...

... The number of long-term unemployed (those jobless for 27 weeks and over)
was essentially unchanged over the month, at 6.3 million, and accounted for 44.4
percent of the unemployed...


From Calculated Risk:

[GRG55]

Re: Ooops. Jobs? What Jobs?

Same chart as above, but from start of recession. Sets a new standard for "jobless recovery", non?

From Calculated Risk:

[c1ue]

Re: Ooops. Jobs? What Jobs?

but but but - Obama, Geither, and Bernanke fixed the global financial crisis... /sarc

[lektrode]

Re: Ooops. Jobs? What Jobs?

and it only cost 2 or 3 trillion?
what a smashing success!
sarcasm, what sarcasm - we're _serious_ sez slugman and the rest of the bankster/keynesian apologists....

[don]

Re: Ooops. Jobs? What Jobs?

from Jessie's Cafe:

08 July 2011

Pictures From a Non-Farm Payrolls Report - There Is No Such Thing As 'Free Trade'


A weak report, but not as tragically dramatic as the silly revisions higher that preceded it based on the ephemeral ADP report.

Traders and politicians like the volatility that emotions bring to the decision making process. Jolting the herd from here to there serves to distract them while moving them along in the desired direction.

The recovery is weak, returning to the weak job growth that was evident prior to the crash of 2008, within the bounds of 2005-2006 for those wearing their Bush goggles. The economy is sick, and could possibly take a turn for the worse. It badly needs a structural reworking, and unfortunately that discussion is not even on the table. The monied interests are setting the agendas and shaping the news.

Simple short term stimulus will not 'fix it,' and fiscal austerity is snake oil from the same con men and grifters that brought you the financial crisis with a sick, unbalanced economy on its way to third world status. What is the 'industrial policy' of the US. I would submit that it is still deregulation, the deification of ideal markets that do not exist, and the shifting of more capital to the few in hopes of a trickle down effect that never really occurs. The funds are used to further bind the real economy with artificial impediments and rents.

From budget surplus to death spiral in a little more than a decade. Gee, where did we go wrong?

You all know what needs to be done. But there is not nearly enough to slake the greed of the powerful. So down this road we must go.

Here's one for those who favor giving tax breaks on offshore funds for multinationals who use accounting gimmicks and loopholes to realize their income in tax haven countries. The program allows corporations like GE to repatriate their stashed cash on the cheap, and pay it out in tax free dividends to wealthy shareholders and bonuses for their executives.

It is a powerful incentive to send even more employment and economic activity offshore, and for countries to engage in state directed mercantilism. There are no Porterian 'natural competitive advantages' involved, but there is a strong artificial disincentive to allow domestic consumption and advancement of the mercantilist's own middle class. There is, at the end of the day, the least common denominator of the health and freedom of the many as the unifying corporate objective, and the principle of one world government.

Trickle down is a canard. Globalization and 'free trade' is a means of beating down all independent public policy and local sovereignty. There is no purely objective macroeconmics without major policy assumptions as to the public 'good.' Naturally efficient and rational markets are the economic equivalent of Piltdown Man.

And there is no such thing as sustainable 'free trade' between independent political entities under fiat currency regimes, without assuming a perfectly rational system run by angels. The game is rigged and the regulators and politicians are bought, always and everywhere, under this type of artificial construct, with a nationless oligarchy as its ultimate objective.

Is this all one needs to know:

[Starving Steve]

Re: Ooops. Jobs? What Jobs?

America: no jobs, no income, no healthcare, no retirement, no equity, no savings, no deflation; no stability, no growth, no planning, no energy, no manufacturing, no exports, no future, and no hope.

But in America, here is what you do get: gangs, crime, drug-dealing, the gulag, guns, gun-toting, anger, corruption, taxes, waste, fiat money, debt, decline, despair, halkers, hoaxes, rust, re-inflation, executions, English-only, nationalism, flag-waving, cowboy capitalism, bail-outs, uncertainty, volatility, rigged markets, inside-information, bribes, pay-offs, a worthless education, the eco-frauds, elitism, complexity, inequality, privilege, trickle-up, corporatism, conservatism, constipation, dollar de-valuation, deception, zero interest rates, foreign adventures, memories, the past, the space shuttle, the religious-right, border walls, decline, decay, drift, depression, grid-lock, Greenspan and Bernanke.

[don]

Re: Ooops. Jobs? What Jobs?

this just fell out of the Bloomberg spin cycle . . .

2011-07-08 — bloomberg.com


"Vacancies at U.S. shopping centers rose for the first time in a year in the second quarter as retail properties lagged behind the rebound by offices and apartments, according to Reis Inc. Regional mall vacancies climbed to the highest level on record."

Since when have retail space and an increase in renters been symbiotic

[lektrode]

Re: Ooops. Jobs? What Jobs?

from Jessie's Cafe:
Is this all one needs to know:

Ah yes, proving once again that a Picture IS Worth a 1000 pages of BS theories

[flintlock]

Re: Ooops. Jobs? What Jobs?

You should see the retail ghost towns around Atlanta where I live. Fancy strip malls sitting empty, by the hundreds. Who has money to shop anymore?

[lektrode]

Re: Ooops. Jobs? What Jobs?

You should see the retail ghost towns around Atlanta where I live. Fancy strip malls sitting empty, by the hundreds. Who has money to shop anymore?

could not believe how many empty storefronts eye saw up in the white mtns region of NH when i was over there in mar/apr

even the local wendy's didnt make it, altho dunkin donuts seemed to be doing quite well, having moved from one location and opening up several more....

and while there's quite a few vacancies out here these daze, esp the outer islands, waikiki seems to be humming along, tho from what i've heard, they aint spendin as much as they used to.

my POV? the double dip began in feb.