Friday, September 05, 2008

STILL Not a Recession?!

Not according to the Idiot in the White House and his cronies. AP article published today: 

Jobless rate jumps to 5-year high of 6.1 percent

JEANNINE AVERSA, AP Economics Writer

WASHINGTON - The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.
The Labor Department's report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy.

The report rattled Wall Street again. The Dow Jones industrial averagewas down nearly 100 points in morning trading. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there's growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year.

The jobless rate jumped to 6.1 percent in August, from 5.7 percent in July. And, employers cut payrolls for the eighth month in a row. Job losses in June and July turned out to be much deeper. The economy lost a whopping 100,000 jobs in June and another 60,000 in July, according to revised figures. Previously, the government reported job losses at 51,000 in each of those months.

So far this year, job losses totaled 605,000.

The latest snapshot was worse than economists were forecasting. They were predicting payrolls would drop by around 75,000 in August and the jobless rate to tick up a notch, to 5.8 percent. The grim news comes as the race for the White House kicks into high gear. The economy's troubles are Americans' top worry.

"With the unemployment rate over 6 percent, it is a clear warning sign that this economy is continuing to soften faster than we thought. It is a real concern," said Joel Naroff, president of Naroff Economic Advisors. "Businesses have decided to hunker down. They are not hiring, and they are paring workers where they can. That is making things pretty tough out there."

Wachovia Corp., Ford Motor Co., Tyson Foods Inc. and Alcoa Inc. were among the companies announcing job cuts in August. GMAC Financial Services this week said it would lay off 5,000 workers.

Job losses in August were widespread, the government report showed.

Factories cut 61,000 jobs, with housing-related manufacturers and automakers among the hardest hit. Construction firms eliminated 8,000 jobs, retailers axed 20,000 slots, professional and business services slashed 53,000 positions and leisure and hospitality got rid of 4,000. Those losses swamped employment gains in the government, education and health.

Job losses at all private employers — not including government — came to 101,000 in August.

The government said workers age 25 and older accounted for all the increase in unemployment in August.

All told, the number of unemployed rose to 9.4 million in August, compared with 7.1 million a year ago. Economists predict more job losses ahead, pushing the jobless rate to 7 percent by the fall, according to some projections.

Nearly ten MILLION jobless people. In large part because of the housing crash. You know, the bubble? The one they said couldn't pop but did?

It's time to start facing reality. This economy is not, as McFantasyland said, fundamentally strong, unless you're talking about the religious Right. Yeah, those nuts are fundamentally strong (get the pun?).

But the economy SUCKS. The Reps have caused it. Now it's time for the Democrats to clean up the mess.


SBVOR said...

When your Bush Derangement Syndrome subsides enough to allow you to examine the quantitative facts, take a peek.

Unemployment is one of the more troubling areas of the relevant economic data. But, even that metric does not meet the standard for a recession.

Am Kshe Oref - A Stiff-Necked People said...

You should read the comments on your post. Also, cold numbers NEVER tell the whole story. And ten million people out of work, inflation going crazy, prices going nuts tell a very different story.

SBVOR said...

I have read (and rebutted) the comments.

Facts are facts and the FACT is that this is a slowdown and NOT a recession.

The data prove it.

Am Kshe Oref - A Stiff-Necked People said...

And yes. I hate Bush. He effed up the country in so many ways, on so many levels, that it'll take ages to recover. He and his Republican Congress have done a real number on this country. And I know you're going to say that Congress has had a Democratic majority for nearly two years now and have a lower approval rating than Bush and are doing nothing.

Except that's only half the story. The other half is that Bush vetoes every bill he doesn't like that WOULD get this country back on track (where's he now, at like 95 vetoes?) and the Democrats don't have enough of a majority to overturn the veto.

Yet another example of Bush effing up this country.

Am Kshe Oref - A Stiff-Necked People said...

You've rebutted in YOUR opinion. Interestingly, I have a source within the Fed. He's had staff meetings with Bernanke. And, quietly within the Fed, they're not only admitting it's a recession, they're actually saying we're on the verge of, if not already in, an actual DEpression. They just won't admit it to the public.

Bernanke actually said a lot more than that, and had dire predictions, but I'm not allowed to tell. Guy swore me to secrecy.

And THAT tells ME the whole story.

SBVOR said...

Can't handle the facts? Had to delete them?

I did not previously notice that you had selected JEANNINE AVERSA as your preferred “journalist” to support your thesis.

Ms. Aversa is, IMO, the worst of the worst among a “profession” where hardly anybody has ANY integrity. Her economic “reporting” throughout at least the last year has been a sad, pathetic, laughable joke (except for the damage she has done with her blatant propaganda)!

But, you stand as a stark reminder of what happens when people blindly accept the propaganda offered by the worst of the worst among so-called “journalists”.

P.S.) Nice to see you found SOMETHING you liked at my blog (the electoral vote widget). Prepare to lose come 11/4/08.

SBVOR said...


Looks like Obama got NO BOUNCE from his Roman Emperor style Invesco Field theatrics.

By contrast, McCain/Palin are already gaining on the Obama Nation (I just LOVE the phonetics of that phrase). With only VERY rare exceptions, as goes the popular vote, so goes the electoral vote.

We’ll know more on Monday. But, the only poll that really matters will be conducted (without pollster bias) on 11/4/08.

Meantime, when we consider the statistically insignificant lead which Obama has in most swing states, we find he is not above the 270 required to win.

Prepare to LOOSE (AGAIN)!

SBVOR said...


RCP shows Obama’s lead at a mere 2.6% (and dropping like a rock). Meantime, McCain/Palin is on the ascendancy!

Just wait until this ad gets more exposure. Then, sing goodbye to the Obama Nation!

Prepare to LOOSE (AGAIN)!

SBVOR said...

Shame on me for misspelling lose (TWICE)...


Bad day!

Am Kshe Oref - A Stiff-Necked People said...

Nothing to do with facts. I don't like being called names, especially by right wing nut jobs (hah!) like you.

As for "my choice" in journalists, that just happened to be the reporter who reported that article.

As for your "facts" about a recession, a recession, unless you agree with that schmuck Graeme, is NOT mental, and the economy, despite what the data calls "growth," is in a recession. And my friend at the Fed is quite real. His name is Jeff. He's one of my closest friends.

As for The Idiot in the White House and his vetoes, you're right. I was wrong. My mistake.

It WAS your Republican cronies threatening filibusters every time a bill came up they didn't like and the Democrats hadn't the majority to overrule a filibuster. McClatchy Washington Bureau | 07/22/2007 | Senate tied in knots by filibusters, republican filibusters since 2007 - Google Search. Lots and lots.

As for polls, I'm not that worried. I can't wait to see you rich, Far Right religious, and RWNJ folk lose, God Willing, come November.

Listen, it'll be good for you (unless you ARE Far Right religious or rich or just stupid) if Obama wins. At least YOU'LL have what to complain about.

As for Obama Nation, Corsi has, as far as I'm concerned, completely discredited himself by just repeating stupid, refuted, and idiotic lies about Obama. Good for him. He knows how to lie. As do all you subhuman Republican pieces of shit. :-)

Am Kshe Oref - A Stiff-Necked People said...

Oh. And thanks for a post idea, which will be forthcoming.

And, if you don't like what I say and hate democrats as you seem to, please stay off my blog.


Kylopod said...
This comment has been removed by the author.
Kylopod said...

"Looks like Obama got NO BOUNCE from his Roman Emperor style Invesco Field theatrics"

That's not what the polls have shown:

Note that many commentators weren't expecting the Dems to get a bounce since the conventions were back-to-back--a rare situation.

The recent Rasmussen polls suggest that we may be seeing the beginning of a McCain bounce, though we won't really know the full extent of it till Monday.

Still, there's a reason it's called a "bounce." It usually comes down.

"Prepare to LOOSE (AGAIN)!"

I'm prepared to see the election go either way. The trouble is, I don't think you are.

Am Kshe Oref - A Stiff-Necked People said...

"Prepare to LOOSE (AGAIN)!"

I'm not loose? Are you? Personally, I'm a one-woman guy, and both my wife and I like it that way... :-)

P.S. It's lose. And, Yes, you will... God Willing.

Thanks, Kylopod~ :-)

Am Kshe Oref - A Stiff-Necked People said...

And, oh yeah. As for the journalist, as I mentioned before, that just happens to be the article I chose.

Interestingly, this news has been everywhere and is not her exclusive story, making your comment, SBVOR, stupid and frivolous. But I guess that's just indicatory of your life as a Republican as a whole...

Am Kshe Oref - A Stiff-Necked People said...

And don't forget that the data do not show everything. They don't include the human factor.

But then again, neither does the Republican party.