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Unemployment Rate Rises to 8.3%
Posted: Fri Aug 03, 2012 5:04 am
by brotherplanet
I'm sure they'll be a fake, made up graph as a reply to this post...
Economy Creates 163,000 New Jobs but Rate Rises to 8.3%
The U.S. economy closed out an otherwise weak second quarter by creating more jobs than expected, with 163,000 new positions added, but the unemployment rate rose to 8.3 percent.
Markets reacted positively to the announcement, with stock futures indicating gains at the Wall Street open. Economists had been expecting 100,000 new jobs.
As the country struggles to gain growth traction, the unemployment rate held above 8 percent for the 41st consecutive month, according to the latest report from the Bureau of Labor Statistics.
"While the monthly gain is still relatively small by historical standards, it might help spark somewhat higher consumer optimism and spending," Kathy Bostjancic, director of macroeconomic analysis at The Conference Board, said in response to the report.
Despite the seemingly good news, the report's household showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments in the establishment survey. The birth-death model, which approximates net job growth from newly added or closed businesses, added 52,000 to the total.
The household survey also showed 150,000 fewer Americans in the workforce.
In all, the government said private payrolls added 172,000 positions — about in line with Wednesday's report from ADP and Macroeconomic Advisors — while government subtracted 9,000.
Professional and business services led the job gains with 49,000 new positions, while the hospitality industry added 29,000 and manufacturing grew by 25,000.
The average work week held steady at 34.5 hours while average hourly earnings rose 2 cents to $23.52.
June's anemic 80,000 gain was revised down to just 64,000.
The first quarter of the year saw an average of 225,000 new positions a month, a figure that has dropped off considerably in the second quarter and helped fuel the political debate over which candidate — President Obama or Republican Mitt Romney — is better suited to bring the economy out of its malaise.
While the figures themselves have been gloomy enough, there is considerable debate over whether the Labor Department's headline numbers present the true picture.
A measure that takes into account those who have stopped looking for jobs as well as those working part-time for economic reasons has hovered near 15 percent. The so-called "real" unemployment rate, or U-6 measure, is above 20 percent in Nevada and California.
On a national level, that more encompassing rate edged higher to 15.0 percent.
Unemployment for blacks fell from 14.4 percent to 14.1 percent, while the rate for Latinos slid from 11 percent to 10.3 percent.
http://www.cnbc.com/id/48480887
Re: Unemployment Rate Rises to 8.3%
Posted: Fri Aug 03, 2012 8:08 am
by DEATH ROW JOE
brotherplanet who is sludge's biggest idiot wrote:I'm sure they'll be a fake, made up graph as a reply to this post...
LMFAO, prove any graph posted has been "fake" or "made up."
Brotherplanet, you are a complete fucking moron and a gutless cunt.
Seriously, you have some kind of emotional problem that you can't get over the fact that you were wrong about what the word "recession" means. You're obviously still butt hurt over that embarrassing fact.
The numbers you post here prove the economy is growing and creating jobs (Economy Creates 163,000 New Jobs). So you are merely proving yourself wrong with this "bad news."
Most of the time, you post economic data that is summarized inaccurately by conservative media outlets. Economic data is posted to discuss the article that you post. Nothing is "made up." It comes from the same sources relied on by the articles you post, the labor department, commerce department etc.
The article you post here here merely summarizes the Employment Situation Summary which is a very easy to read document published by the labor department. You could have simply posted a link to the Employment Situation Summary and summarized it's contents yourself rather than require someone else read it to you.
So once again you prove:
1) You are wrong about the end of the recession (Economy Creates 163,000 New Jobs)
2) you can't read simple economic data and need someone else to spoon feed it to you.
Employment Situation Summary
Transmission of material in this release is embargoed
until 8:30 a.m. (EDT) Friday, August 3, 2012
THE EMPLOYMENT SITUATION -- JULY 2012
http://www.bls.gov/news.release/empsit.nr0.htm/
Re: Unemployment Rate Rises to 8.3%
Posted: Fri Aug 03, 2012 8:31 am
by BigDrewHalenite
Aw, cut him some slack, DRJ. He's just pissed because McDonald's, Burger King, AND Wendy's all told him, "Don't call us; we'll call you."
Re: Unemployment Rate Rises to 8.3%
Posted: Fri Aug 03, 2012 11:59 am
by Danzig in the Dark
brotherplanet wrote:I'm sure they'll be a fake, made up graph as a reply to this post...
That's a serious accusation. Do you care to back it up?
Re: Unemployment Rate Rises to 8.3%
Posted: Fri Aug 03, 2012 1:59 pm
by Luminiferous
BigDrewHalenite wrote:Aw, cut him some slack, DRJ. He's just pissed because McDonald's, Burger King, AND Wendy's all told him, "Don't call us; we'll call you."
And Chik-Fil-A don't like him either..
Re: Unemployment Rate Rises to 8.3%
Posted: Fri Aug 03, 2012 3:02 pm
by RATTdrools
Great post DR Joe!
A Romney economy will raise taxes on us all and cause companies to be gutted and lose employees and benefits!
Re: Unemployment Rate Rises to 8.3%
Posted: Fri Aug 03, 2012 3:04 pm
by RATTdrools
Actually more jobs were added than expected. They only expected about 100K.
Re: Unemployment Rate Rises to 8.3%
Posted: Fri Aug 03, 2012 3:21 pm
by FullMetalWhackit
RATTrules wrote:
A Romney economy will raise taxes on us all!
Amazing.
Re: Unemployment Rate Rises to 8.3%
Posted: Sat Aug 04, 2012 2:51 am
by RATTdrools
FullMetalWhackit wrote:RATTrules wrote:
A Romney economy will raise taxes on us all!
Amazing.
Well 98% of us! The super rich assholes like Romney would get a tax break while the rest of us pay MORE!
Re: Unemployment Rate Rises to 8.3%
Posted: Sat Aug 04, 2012 11:16 am
by FullMetalWhackit
Amazing that you have been made to believe that the Republicans want tax increases and Democrats do not. Very effective campaigning.
Re: Unemployment Rate Rises to 8.3%
Posted: Sat Aug 04, 2012 3:44 pm
by RATTdrools
FullMetalWhackit wrote:Amazing that you have been made to believe that the Republicans want tax increases and Democrats do not. Very effective campaigning.
It's true!
A NON PARTISAN tax group has said Romney would raise taxes on the average American by $500 each while Obama's plan gives most Americans a tax cut!
Re: Unemployment Rate Rises to 8.3%
Posted: Sat Aug 04, 2012 6:04 pm
by DEATH ROW JOE
DOW responds to this employment report:
13,096.17
+217.29 (1.69%)
RATTrules wrote:
It's true!
A NON PARTISAN tax group has said Romney would raise taxes on the average American by $500 each while Obama's plan gives most Americans a tax cut!
Exactly, Tax Policy Center, who Romney has relied on in the past for analysis, released a report last week. Cutting rates and closing loopholes raises taxes on the bottom 95% (everyone making less than 200k).
If you make less than 200K, expect your after tax income to fall by 1.2%. If you make more than 1 million, expect your after tax income to rise by 4%.
On the Distributional Effects of Base-Broadening Income Tax Reform
http://www.taxpolicycenter.org/publicat ... ID=1001628
Samuel Brown, William G. Gale, Adam Looney
Published: August 01, 2012
This paper examines the tradeoffs among three competing goals that are inherent in a revenue-neutral income tax reform—maintaining tax revenues, ensuring a progressive tax system, and lowering marginal tax rates—
drawing on the example of the tax policies advanced in presidential candidate Mitt Romney’s tax plan. Our major conclusion is that any revenue-neutral individual income tax change that incorporates the features Governor Romney has proposed would
provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers.
Re: Unemployment Rate Rises to 8.3%
Posted: Sat Aug 04, 2012 7:42 pm
by FullMetalWhackit
I am aware of the one recent tax policy analysis. I was simply commenting on the fact that Obama is the only candidate in the race proposing tax hikes, yet effective campaigning has made some people believe the exact opposite. Somebody is doing their job, exceedingly well.
Re: Unemployment Rate Rises to 8.3%
Posted: Sat Aug 04, 2012 8:28 pm
by Danzig in the Dark
FullMetalWhackit wrote:I am aware of the one recent tax policy analysis. I was simply commenting on the fact that Obama is the only candidate in the race proposing tax hikes, yet effective campaigning has made some people believe the exact opposite. Somebody is doing their job, exceedingly well.
Really? Romney has done a far better job of convincing you of the exact opposite of reality.
Would Mitt Romney actually raise taxes on 95 percent of Americans?
A nonpartisan think tank crunches the numbers, and they're not pretty: Under Romney, middle-class families could see their tax bills jump by hundreds of dollars.
Mitt Romney's tax plan would cost the typical U.S. family earning between $50,000 and $75,000 a year an extra $641 in taxes, according to a non-partisan think tank.
This week, the Tax Policy Center, a nonpartisan think tank run by the Brookings Institution and the Urban Institute, released a provocative report showing that Mitt Romney's tax plan would raise taxes on 95 percent of Americans. The Republican has promised a raft of specific tax cuts as well as a balanced budget, a feat that would be impossible to accomplish without drastically increasing tax revenue, severely cutting spending, or both. Romney has refused to explain in detail how he would avoid a massive deficit, only vaguely suggesting that he could make the numbers work by scrapping other tax benefits and loopholes. The Tax Policy Center crunched the numbers for all the loopholes that could possibly be closed, and came to a conclusion that many tax experts have long suspected: Romney's plan would result in a huge break for the rich, and burden the middle and lower tax brackets with a bigger bill. Here, a guide to the ins and outs of Romney's tax plan:
What is Romney's tax plan, exactly?
Romney has promised to cut taxes for all Americans by reducing individual income tax rates by 20 percent across the board. He favors eliminating taxes on capital gains and other income earned from investments, ending the estate tax, repealing the alternative minimum tax, and overturning ObamaCare, which includes tax increases on the wealthy.
And what did the study find?
The Tax Policy Center calculated that Romney's proposals would result in a $360 billion shortfall by 2015. How would he make up for that lost cash? The think tank tried eliminating every single tax loophole for households earning more than $200,000 a year, and found that Romney would still come up short. So that means turning to other tax benefits — often related to health care, mortgages, and college tuition — that tend to be used by middle- and lower-income households. Eliminating those benefits would help Romney close the gap — but would also cost most Americans more money than they'd save under Romney's reduced tax rates. For example, a household earning between $50,000 and $75,000 would pay an extra $641 in taxes a year under President Romney. A household earning more than $1 million would get an $88,000 tax cut.
Hold on. Couldn't Romney just cut spending?
Yes. But government spending also "tends to benefit low- and middle-income households," says Derek Thompson at The Atlantic. Because a GOP president is unlikely to slash military spending, "the cuts would focus even more on programs that provide services or cash to the poor, sick, and elderly." That isn't hyperbole: "Poor, sick, and old is simply where the vast majority of non-combat government spending goes." So even if Romney cut spending instead of raising taxes, it would still hit the pocketbooks of middle- and low-income families.
What does Team Romney say?
Unsurprisingly, the Romney campaign dismissed the study's findings as a liberal hatchet job, noting that one of the study's three authors had been on President Obama's Council of Economic Advisers. However, another author of the study had been an economic adviser to George W. Bush, and the Romney campaign has cited the Tax Policy Center as an "objective, third-party" think tank in the past. What's astonishing is "the complete and utter inability of the Romney campaign to respond to today's study with appropriate facts and figures revealing why, in their judgment, the study gets it wrong," says Rick Ungar at Forbes.
How has President Obama responded?
Obama is, of course, all over the study. Romney is "asking you to pay more so that people like him can get a tax cut," Obama said at a rally in Mansfield, Ohio. "And you don't have to take my word for it."
http://theweek.com/article/index/231457 ... -americans
Re: Unemployment Rate Rises to 8.3%
Posted: Sat Aug 04, 2012 9:29 pm
by FullMetalWhackit
FullMetalWhackit wrote:I am aware of the one recent tax policy analysis.
Re: Unemployment Rate Rises to 8.3%
Posted: Sun Aug 05, 2012 6:52 am
by Danzig in the Dark
FullMetalWhackit wrote:FullMetalWhackit wrote:I am aware of the one recent tax policy analysis.
Do you believe it is inaccurate?
Re: Unemployment Rate Rises to 8.3%
Posted: Sun Aug 05, 2012 11:43 am
by FullMetalWhackit
It very well could be an accurate analysis, I would have to see how they came up with their results. What I was saying is how interesting it is that Romney has only proposed tax rate cuts with Obama being the only candidate actually proposing letting a tax rate increase on many Americans. Yet having said all of that, some believe the exact opposite. Which is amazing, and impressive actually.
Re: Unemployment Rate Rises to 8.3%
Posted: Sun Aug 05, 2012 6:45 pm
by tin00can
FullMetalWhackit wrote:It very well could be an accurate analysis, I would have to see how they came up with their results. What I was saying is how interesting it is that Romney has only proposed tax rate cuts with Obama being the only candidate actually proposing letting a tax rate increase on many Americans. Yet having said all of that, some believe the exact opposite. Which is amazing, and impressive actually.
Amazing and impressive what some people will believe.
http://www.washingtonpost.com/business/ ... story.html
http://finance.yahoo.com/blogs/daily-ti ... 32248.html
Re: Unemployment Rate Rises to 8.3%
Posted: Sun Aug 05, 2012 6:55 pm
by Danzig in the Dark
FullMetalWhackit wrote:It very well could be an accurate analysis, I would have to see how they came up with their results.
Here it is:
http://www.taxpolicycenter.org/publicat ... ID=1001628
FullMetalWhackit wrote:What I was saying is how interesting it is that Romney has only proposed tax rate cuts with Obama being the only candidate actually proposing letting a tax rate increase on many Americans. Yet having said all of that, some believe the exact opposite. Which is amazing, and impressive actually.
What is amazing is that you actually believe this shit. Romney is claiming he will cut everyone's taxes when in reality he can't and you believe him.
Re: Unemployment Rate Rises to 8.3%
Posted: Tue Aug 07, 2012 1:14 pm
by brotherplanet
Wasn't Joey and Danzig bragging about the unemployment rate dropping down to 8.2% a few months ago as if it was the beginning of a new elevation in employment?
What happened?
Re: Unemployment Rate Rises to 8.3%
Posted: Fri Aug 24, 2012 11:22 pm
by Heenan Snuka
Re: Unemployment Rate Rises to 8.3%
Posted: Fri Aug 24, 2012 11:23 pm
by Heenan Snuka
Re: Unemployment Rate Rises to 8.3%
Posted: Fri Aug 24, 2012 11:23 pm
by Heenan Snuka
Re: Unemployment Rate Rises to 8.3%
Posted: Sat Aug 25, 2012 2:45 am
by Moggio
Great comebacks!
Re: Unemployment Rate Rises to 8.3%
Posted: Sat Aug 25, 2012 10:48 am
by Heenan Snuka