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Thread: White House on weak jobs report: Don’t ‘read too much’ into it

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    Dolphins9954's Avatar
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    White House on weak jobs report: Don’t ‘read too much’ into it

    The White House urged Americans unsettled by the latest weak jobs figures—just 80,000 added to the payrolls in June—not to "read too much" into any single monthly report. President Barack Obama, chasing votes on a bus tour in Ohio, was expected to address the latest sign of an anemic recovery that threatens his shot at re-election.

    "While the economy is continuing to heal from the worst economic downturn since the Great Depression, much more remains to be done to repair the damage from the financial crisis and deep recession that followed," Alan Krueger, chairman of Obama's Council of Economic Advisers, said in a statement.

    Obama kicked off his day by sitting down to breakfast with three tire workers from a Goodyear facility in Akron, Ohio. His re-election campaign underlined that the plant had benefited from the president's decision two years ago to impose tariffs on Chinese tire imports. "The president's action on Chinese tires was supported by manufacturing workers and companies, but was labeled as 'decidedly bad for the nation and our workers' by Mitt Romney," the campaign said in a statement emailed to reporters. (Obama ordered two eggs, over medium, with bacon and wheat toast. The waitress offered him grits, and he accepted.) Obama opened his two-day bus tour through Ohio (plus one scheduled stop in Pittsburgh) with an announcement that his administration had taken formal action against Chinese duties targeting American-made cars and SUVs. The move won a warm welcome in electorally pivotal Ohio, home to plants that make some of the affected vehicles. The decision was so popular in the Buckeye State that Republican Sen. Rob Portman, frequently featured on shortlists of potential Romney running mates, welcomed it.

    But the dismal new jobs report landed like a political body blow on Obama: Employers added just 80,000 jobs in June, leaving the national unemployment rate at 8.2 percent four months before the election.
    It was the third straight month that the Labor Department reported poor hiring.

    http://news.yahoo.com/blogs/ticket/w...143227446.html


    Not that it matters who wins. (They Both Suck 2012) If these numbers continue Obama is in a lot of trouble.





    "Politics is the Art of Looking for Trouble, Finding it Everywhere, Diagnosing it Incorrectly, and Applying the Wrong Remedies"
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    jared81's Avatar
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    Nothing to see here. We suck. It's bush's fault
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    Nearly A Third Of Private Sector Jobs Added Were Temporary

    The private sector added just 84,000 jobs in June, a big miss from some projections that had it topping 100,000 for the month. More than 25,000 of those jobs came in temporary "help services" positions.Overall, private-sector hiring is down both sequentially and from the year-ago period. Last month, the private sector added 105,000 positions, including revisions upward this month. And in June 2011, the private sector added 102,000 jobs.

    The staggering temporary hiring represents both good and bad in the report. On one hand, the temporary health services industry added almost 33,000 more jobs compared with June 2011. It's also a nearly 7,000 month-over-month increase.

    But the fact that nearly a third of the total jobs added were temporary means that they might not become permanent. For comparison's sake, 17.7 percent of the new private-sector jobs in May were of a temporary nature. The estimate for June would make it so 31.5 percent of jobs added were temporary.

    Job losses in manufacturing of non-durable goods, general merchandise stores and information services contributed most to the decline. Some of the notables:


    • Manufacturing of non-durable goods dropped 3,000 jobs in June.
    • Information service jobs plunged 8,000.
    • Retail trade positions dipped about 5,400.
    • One of the biggest increases was in a temporary category — temporary help services, which flew up more than 25,000.
    • Meanwhile, government hiring fell off 4,000 jobs, which is an improvement from the 28,000 government loss in May.

    Alan B. Krueger, the chairman of the council of White House economic advisers, wrote on the White House's official blog that are "no quick fixes to the problems we face that were more than a decade in the making."

    "Employment is growing but it is not growing fast enough given the jobs deficit caused by the deep recession," Krueger wrote.

    Read more: http://www.businessinsider.com/june-...#ixzz1zxVTAAZS
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    jared81's Avatar
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    Quote Originally Posted by Dolphins9954 View Post
    Nearly A Third Of Private Sector Jobs Added Were Temporary




    Read more: http://www.businessinsider.com/june-...#ixzz1zxVTAAZS

    How anyone can campaign for this guy (or Romney for that matter) is beyond me.
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    phins_4_ever's Avatar
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    Awwwwwwwww...we now have to complain about job growth. Not sure what planets you all live on but temporary jobs were always there and made a certain percentage of the overall job growth. Sometimes more - like during tourist seasons - sometimes less.

    One picture is worth a thousand words.

    GDP.jpg
    Unemployment Rate.jpg

    Of course interesting are the numbers with and without the Recovery Act.
    GDP_ARRA.jpg
    Unemployment_ARRA.jpg

    Obama can quite well run on the economy.
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    Dolphins9954's Avatar
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    Quote Originally Posted by phins_4_ever View Post
    Awwwwwwwww...we now have to complain about job growth. Not sure what planets you all live on but temporary jobs were always there and made a certain percentage of the overall job growth. Sometimes more - like during tourist seasons - sometimes less.

    One picture is worth a thousand words.

    GDP.jpg
    Unemployment Rate.jpg

    Of course interesting are the numbers with and without the Recovery Act.
    GDP_ARRA.jpg
    Unemployment_ARRA.jpg

    Obama can quite well run on the economy.

    In Bizarro World this will be your alter-ego





    There are many criticisms of Obama that aren't legit at all. Things like he's a muslim, wasn't born in America, or he's a communist. All BS partisan politics. But one thing that is legit is his economic, monetary and fiscal policies. Which go hand and hand. Just like Romney he's a Keynesian through and through. We've had plenty of time and plenty of debt to judge the result of all these keynesian policies from Obama, Bush and Romney to say it sucks. Painting a picture of Obama as "running the economy quite well" is either delusional or partisan. I bet the latter. The economy under Obama has sucked. Simple as that.
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    jared81's Avatar
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    Quote Originally Posted by phins_4_ever View Post
    Awwwwwwwww...we now have to complain about job growth. Not sure what planets you all live on but temporary jobs were always there and made a certain percentage of the overall job growth. Sometimes more - like during tourist seasons - sometimes less.

    One picture is worth a thousand words.

    GDP.jpg
    Unemployment Rate.jpg

    Of course interesting are the numbers with and without the Recovery Act.
    GDP_ARRA.jpg
    Unemployment_ARRA.jpg

    Obama can quite well run on the economy.
    Its hard to trust estimates from the government, this was the same government that told us the economy and housing market were great, right before it crashed. I'm not sure a president adding trillions of dollars in debt and a stagnant economy is a good platform to run on. Oh well, it's not like Romney is much better, Obama looks better on jay Leno and on Enrertainment Tonight, that is a good enough reason to vote for him. that and people don't want to be thought of as racist.
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    Dolphins9954's Avatar
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    Bad jobs numbers leave Obama battling history.

    A fading recovery and weak jobs growth mean President Barack Obama must defy history to win reelection, while Republican Mitt Romney has a fresh chance to market his candidacy.
    An economic dip has come at just the wrong time for Obama, just four months before he asks Americans already doubtful over his economic management for a second White House term.

    Dreary government jobs data published Friday played right into Romney's hands as he argues that Obama's presidency is a bust, and that he should get the chance to nurse the economy back to health.
    No president in more than 70 years has won reelection with the unemployment rate at higher than 7.4 percent. Barring a miracle, that milestone is now out of reach for Obama.

    An anemic 80,000 added jobs were all the economy could manage in June, leaving the unemployment rate stubbornly stuck at 8.2 percent, according to Labor Department statistics.

    After a power surge at the beginning of the year, the economy, amid slowing growth, is now heading back to the doldrums, having created an average of only around 75,000 jobs over the last three months.
    Monthly numbers would have to consistently hit over 160,000 jobs to bring down the unemployment rate: so Obama may even face voters with the top line figure above eight percent.

    And with only four monthly jobs reports until the election, time is running out and without an improvement in jobs growth, Obama will come under more and more political pressure each month.

    Despite Obama's economic travails, the race has appeared almost frozen in recent months, with the president leading by a few points in national polls and faring better than Romney on the state-by-state political map.

    The Supreme Court's validation of his health law and his advantage among crucial Hispanic voters have also boosted Obama's hopes and there are signs his assault on Romney's business record is damaging the Republican.
    But Dr. Paul Harrington of the Center For Labor Markets and Policy at Drexel University wonders whether Obama can defy political gravity much longer.

    "Given the deteriorating jobs (data) and the likelihood we are going to have a poor second quarter in terms of GDP growth, you have to believe this is going to have a substantial impact on how voters turn out and vote in November," Harrington said.
    http://www.google.com/hostednews/afp...adf897f192.3b1
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    Locke's Avatar
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    I hate these "first time in history" arguments. Nothing has ever happened before, until it does. The Saints never won a Super Bowl in the history of the NFL, until they did a few years ago. A black man had never been elected President of the United States, until Obama did. Tyler never had sex with a tranny, until he got drunk last weekend. These things make for interesting reads, and they entertain, which is why they are written, but they don't hold much water. Most people in this forum realize that, but it sucks because it gets the hard-line Fox Newsies all riled up and letting their mouth participate in that verbal diarrhea that comes with the illness...

    If I could take your pain and frame it, and hang it on my wall,
    maybe you would never have to hurt again...

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    Dolphins9954's Avatar
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    It shows what Obama is up against. That it's not going to be as easy as it seems for him to win. Even though Romney is a douche. So is Obama. As Carville made famous "It's the economy, stupid". History shows that voters usually don't re-elect presidents with crappy economies. And with Obama it's been sh!tty one. From a political standpoint these numbers need to change fast for him. Not saying that Romney would turn things around. He would have done all the same things as Obama. If anything it's shows how screwed we are on the economy when it comes to these 2 candidates.
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