Stronger U.S. economy adds 195,000 jobs

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Stronger U.S. economy adds 195,000 jobs

Post by Troglodyte » Sat Jul 06, 2013 9:46 am

The headlines blare....

Stronger U.S. economy adds 195,000 jobs
Published OC Register: July 5, 2013 Updated: 10:34 a.m LINK
By CHRISTOPHER S. RUGABER / ASSOCIATED PRESS ECONOMICS WRITER

WASHINGTON — U.S. employers added a robust 195,000 jobs in June and many more in April and May than previously thought. The job growth suggests a stronger economy and makes it more likely the Federal Reserve will slow its bond purchases before year's end.

The economy has added an average 202,000 jobs a month for the past six months, up from 180,000 in the previous six. Hiring and consumer confidence have risen despite higher taxes and federal spending cuts that kicked in this year.

Friday's report showed the economy added 70,000 more jobs in April and May than the government had previously estimated — 50,000 in April and 20,000 in May. Average hourly pay rose 10 cents to $24.01, 2.2 percent higher than a year ago.

Then we get down to the fine print.

The unemployment rate is derived from a survey of households, which found that 177,000 more people started looking for jobs in June. (Giving a net gain of 25,000 jobs --:-- )

Many of the new jobs were part time. The number of Americans who said they were working part time but would prefer full-time work jumped 322,000 to 8.2 million — the most in eight months.

Despite the solid pace of hiring in June, the economy is growing only sluggishly. It expanded at a 1.8 percent annual rate in the January-March quarter. Most analysts expect growth at roughly the same subpar rate in the April-June quarter.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by Wabash » Sat Jul 06, 2013 9:57 am

Still better than the economy he inhertited that was hemorraging 500K jobs per month.

Here's another factoid for you.

The DJIA closed yesterday above 15K.

The Friday after his inauguration, the DJIA closed at 8077.

It's sad that conservatives view positive news about the economy as a negative.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by Troglodyte » Sat Jul 06, 2013 10:50 am

Wabash wrote:Still better than the economy he inhertited that was hemorraging 500K jobs per month...
And we have a winner, folks... Wabash post # 1.. =D> =D> :lol:
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Re: Stronger U.S. economy adds 195,000 jobs

Post by Wabash » Sat Jul 06, 2013 10:56 am

Thank you. I gladly accept these awards from you.

They are more than enough affirmation that your arguments lack merit.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by John Q. Public » Sat Jul 06, 2013 11:22 am

What arguments? He posted a news story. Do you have anything to say about it?
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Re: Stronger U.S. economy adds 195,000 jobs

Post by Wabash » Sat Jul 06, 2013 11:34 am

I did. I stated my opionon that the economy is doing well when compared to where it was when Obama took office.

I believe that perspective is needed when reading articles that make statements like "sluggish" and "subpar" as descriptors.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by John Q. Public » Sat Jul 06, 2013 1:18 pm

And that's why we can't even give tickets away. It's the same "discussion" over and over and over. And over, yet again.

The economy IS sluggish and it has nothing to do with Bush at this point. How 'bout we discuss the present situation and not six years ago's?
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Re: Stronger U.S. economy adds 195,000 jobs

Post by Wabash » Sat Jul 06, 2013 1:29 pm

Bush is no longer president. But many of the policies he left behind still plague the economy.

I'm not the one claiming the economy is "sluggish" or "subpar." Those using those terms never put forth a standard of what be considered a "good" or "robust" economy.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by John Q. Public » Sat Jul 06, 2013 1:58 pm

Those using the terms "sluggish" and "sub-par" are looking at reality, not playing politics. A 1.8% growth rate is sluggish. It didn't move the unemployment number. Government and manufacturing hiring rates are both down, as are exports. Australia's 3.8% growth rate is robust; our 1.8% isn't. There are a number of valid explanations for our current state but Bush isn't one of them.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by Wabash » Sat Jul 06, 2013 2:04 pm

Those using those terms in the context of criticizing the president's fiscal policy have yet to put forth an alternative solution that has been proven to work.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by 18echo » Sat Jul 06, 2013 3:20 pm

Image
"Hoc spatium adsuesco assuesco pro profunda rhetoricam."

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Re: Stronger U.S. economy adds 195,000 jobs

Post by Wabash » Sat Jul 06, 2013 3:46 pm

Lol.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by Fordama » Sat Jul 06, 2013 7:43 pm

As long as the Federal and state governments continue policies to reduce debt (raise tax revenues and minimize spending) the economic growth will be slow.

The question is whether we have the discipline to keep the growth small while getting the government on the right fiscal track. I doubt if we do.

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Re: Stronger U.S. economy adds 195,000 jobs

Post by 18echo » Sun Jul 07, 2013 6:31 am

I seem to recall an eight year stretch coming off a recession where we raised taxes and curbed spending enough to create a "budget surplus", while bringing unemployment down from over 7% to under 4% and averaging 3.8% GDP growth.

So why are we making excuses now?
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Re: Stronger U.S. economy adds 195,000 jobs

Post by Troglodyte » Sun Jul 07, 2013 9:08 am

This could be an answer to your question, Echo..

Temporary jobs becoming a permanent fixture in US
Published OC Register: Jul. 7, 2013 10:48 AM ET
By CHRISTOPHER S. RUGABER, AP Economics Writer LINK

WASHINGTON (AP) — Hiring is exploding in the one corner of the U.S. economy where few want to be hired: Temporary work.

From Wal-Mart to General Motors to PepsiCo, companies are increasingly turning to temps and to a much larger universe of freelancers, contract workers and consultants. Combined, these workers number nearly 17 million people who have only tenuous ties to the companies that pay them — about 12 percent of everyone with a job.

Hiring is always healthy for an economy. Yet the rise in temp and contract work shows that many employers aren't willing to hire for the long run.

The number of temps has jumped more than 50 percent since the recession ended four years ago to nearly 2.7 million — the most on government records dating to 1990. In no other sector has hiring come close.

Driving the trend are lingering uncertainty about the economy and employers' desire for more flexibility in matching their payrolls to their revenue. Some employers have also sought to sidestep the new health care law's rule that they provide medical coverage for permanent workers. Last week, though, the Obama administration delayed that provision of the law for a year.

The use of temps has extended into sectors that seldom used them in the past — professional services, for example, which include lawyers, doctors and information technology specialists.

Temps typically receive low pay, few benefits and scant job security. That makes them less likely to spend freely, so temp jobs don't tend to boost the economy the way permanent jobs do. More temps and contract workers also help explain why pay has barely outpaced inflation since the recession ended.

The trend toward contract workers was intensified by the depth of the recession and the tepid pace of the recovery. A heavy investment in long-term employment isn't a cost all companies want to bear anymore.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by John Q. Public » Sun Jul 07, 2013 9:43 am

I think Trog answered 18e's question. Part time, temp, contract and gig work has become the norm with a whole lot of people. And there's a new one. I haven't heard a name for it but I'll call it "occasional" - full-time for 2 weeks, off for a month, full-time for 2 weeks, off for 3 weeks, etc. Don't ask how anybody could work a schedule like that but some companies are trying it.

It's a different world today.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by John Q. Public » Sun Jul 07, 2013 9:48 am

Oh. And there's no "uncertainty" about it, except for the workers. It's simple cost cutting for the employers. The writer's dreaming if he thinks it's going to change when the economy improves.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by Troglodyte » Sun Jul 07, 2013 9:52 am

I worked that schedule for 30 years, John.. 3 months "on" 6 weeks "off"..
Well being "on" for 24/7 for three months might have had something to do with it. :mrgreen:
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Re: Stronger U.S. economy adds 195,000 jobs

Post by Troglodyte » Sun Jul 07, 2013 10:05 am

John Q. Public wrote:Oh. And there's no "uncertainty" about it, except for the workers. It's simple cost cutting for the employers. The writer's dreaming if he thinks it's going to change when the economy improves.
Henry Ford changed from the then standard 12 hour workday to 8 hours in 1913. He found that even doubling the wages, this increased productivity and doubled his profits.
There has been floating around the idea of converting to a 6 hour workday would increase available jobs another 20% and virt6ually eliminate the unemployment problem. Unfortunately there was no talk about increasing wages to compensate. --:-- Oh well, maybe that's why it is a hard sell idea.
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Re: Stronger U.S. economy adds 195,000 jobs

Post by John Q. Public » Sun Jul 07, 2013 10:23 am

I wouldn't be surprised if that starts becoming common. Especially considering the cutoff for "full time" benefits (Obamacare, mainly) is 32 hours.
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