US jobless rate at four-year high

Liebling:-))) · 08-04-2008, 12:44 AM

US jobless rate at four-year high

The US unemployment rate climbed to 5.7% in July official figures show, its highest in more than four years.

Firms cut workers for a seventh month in a row, but the losses were fewer than analysts had been expecting.

The economy lost 51,000 non-farm jobs the US Labor Department said, the same as the newly-revised figure for June, when unemployment was at 5.5%.

Economists had been expecting about 75,000 jobs to go, but said July's data still indicated the economy was weak.

It's not a good number but it's not as bad as expected

Marc Pado, Cantor Fitzgerald.

US companies have been reluctant to add staff amid higher oil and food prices, and slowing economic growth.

The only major sectors showing job creation were government, hospitality, education and health services.

About 22,000 jobs went in the construction sector while factories cut 35,000 jobs.

'Mild, long recession'

The Labor Department also heavily-revised figures for the previous two months.

It said that 47,000 jobs were cut in May instead of the 62,000 previously stated, and that 51,000 were cut in June rather than 62,000.

"People really thought the non-farm payrolls number (for July) was going to be bad number," said Marc Pado, a market strategist at Cantor Fitzgerald.

"So not only was the latest number 20-25,000 better-than-expected but the prior two months were revised up. So it's not a good number but it's not as bad as expected."

However, while layoffs were limited, there was no sign of firms going on a "hiring binge" either, said Brian Gendreau of ING Investment, who feared a "mild, but longer recession" than the US saw in 2001-2002.

"This figure might not be as weak as expected but it is still painful," he said.

"I don't think this will change anyone's perceptions on slow economic growth."

http://news.bbc.co.uk/2/hi/business/7537463.stm

JeepGirl · 08-04-2008, 12:55 AM

its not very surprising. the businesses around where I live, people are getting laid off everyday. The unemployment office is packed with people waiting outside in line. My husband is at a place where there's no production for the next 3 months but still working like cleaning, painting and upgrading machines at the plant. Its really scary right now, especially people having to pay their bills or they'll end up losing their house or car, no food.. etc. that sucks.

the economy here sucks.

Foxrac · 08-04-2008, 03:39 AM

Yup, we are in recession but not official by US economy right now.

Remember about recession in 2001, there's alot of job loss due dot-com burst and 9/11.
http://en.wikipedia.org/wiki/Early_2000s_recession
http://money.cnn.com/2001/11/26/economy/recession/
http://www.incontext.indiana.edu/200...spotlight.html

Liebling:-))) · 08-04-2008, 08:44 AM

To my POV - lack of Economic knowledge... Spend unnecassary billions on Iraq war to neglect his people and country.

THE ECONOMIC COSTS OF THE IRAQ WAR:

shel90 · 08-04-2008, 08:48 AM

Interesting that the only sectors showing growth were govt, hospitality, education, and health services.

It seems like the private business sector is the hardest hit.

Foxrac · 08-04-2008, 08:48 AM

Quote:

Originally Posted by Liebling:-)))

To my POV - lack of Economic knowledge... Spend unnecassary billions on Iraq war to neglect his people and country.

THE ECONOMIC COSTS OF THE IRAQ WAR:

Iraq war isn't majority to cause economic issue in US, we had been in war for 5 years now, majority of economic issue was from skyrocketing of oil price and food price and real estate/mortgage crisis.

shel90 · 08-04-2008, 08:51 AM

Quote:

Originally Posted by Pacman

Iraq war isn't majority to cause economic issue in US, we had been in war for 5 years now, majority of economic issue was from skyrocket of oil price, increase of food price, real estate crisis and mortgage crisis.

Do u think those rising prices and RE crises were offsetted by the war?

Of course economic woes wont happen overnight once a country gets in war. It takes years to see the effects...

For WWII, jobs were created but it seems like with this war, job are lost.

Foxrac · 08-04-2008, 08:56 AM

Quote:

Originally Posted by shel90

Do u think those rising prices and RE crises were offsetted by the war?

Of course economic woes wont happen overnight once a country gets in war. It takes years to see the effects...

For WWII, jobs were created but it seems like with this war, job are lost.

I don't think so in big time, majority of increase in oil price were caused by demand/supply, such as China and India are using more oil as we does, demand has increased but supply isn't increase until last month, supply of oil hasn't increase since 1981.

If Iraq war ended then gas price wouldn't go down, just maybe few dozens of cents off.

Reba · 08-04-2008, 12:57 PM

Just to put things in perspective:

Quote:

Germany unemployment is up

AP
Thursday 31st July, 2008

BERLIN (AP) – Unemployment in Germany rose slightly in July amid slumping business confidence in Europe’s largest economy, the federal employment office said Thursday.

The unemployment rate was 7.7 percent, up 0.2 percent from June, the agency said. It said 50,000 more Germans without work in July, for a total of 3.21 million unemployed on a seasonally unadjusted basis.

The upward blip came after a general decline in Germany’s unemployment rate, which fell below 8 percent in May for the first time in almost 16 years. The unemployment rate was 8.9 percent at this time last year...

The rise in unemployment comes following a report earlier in July showing that German business confidence fell to its lowest point in nearly three years. The Munich–based Ifo institute’s business climate index showed a decline in current business confidence, and also the anticipation of weaker business in the coming six months.

Analysts at the time noted that high oil prices were eating into consumer purchasing power and slowing exports – a key motor of the German economy....

Cayman Islands - Cay Compass News Online - Germany unemployment is up

So, American unemployment is 5.7 but Germany's 7.7 is worse.

PowerON · 08-04-2008, 01:03 PM

in 1982, US was the worst which was nearly 10% unemployee

PowerON · 08-04-2008, 01:04 PM

Quote:

Originally Posted by Reba

Just to put things in perspective:

Cayman Islands - Cay Compass News Online - Germany unemployment is up

So, American unemployment is 5.7 but Germany's 7.7 is worse.

nice finding the info about German!

Reba · 08-04-2008, 01:14 PM

Quote:

Originally Posted by PowerON

in 1982, US was the worst which was nearly 10% unemployee

It still doesn't beat this:

Quote:

German Unemployment Worst in Former East Germany
By Jim Randle
Zwickau, Germany
17 August 2005
...Economists say German unemployment recently hit its highest level since World War II, with five million people out of work. The situation has improved slightly, but the jobless rate is still over 11 percent nationwide and stands at 18 percent or higher here in the former East Germany....

German Unemployment Worst in Former East Germany

Reba · 08-04-2008, 01:15 PM

Quote:

Originally Posted by PowerON

nice finding the info about German!

Liebling:-))) · 08-04-2008, 02:54 PM

Quote:

Originally Posted by Reba

Just to put things in perspective:

Cayman Islands - Cay Compass News Online - Germany unemployment is up

So, American unemployment is 5.7 but Germany's 7.7 is worse.

I´m glad that you posted that article about German unemployment rate because I do not feel like to post first to brag about drop from 13% to 7,0 % unemployment rates for past years...

Unemployment rate was 13,% drop to 7.7...

which is great...

for post that article... then you can see yourself it´s not bad to drop from 13% to 7.7... Yes I know very few % go up but it is still not bad than 13%.

Dated 1st April 2008 was 8,6% to 8,4% between January and April 2008...

Strong Jobs Growth: German Unemployment Drops to New Low of 3.5 Million - International - SPIEGEL ONLINE - News

Now July 2008, 7,7% June 2008 was 7,6%...
Germany's economic prospects brighten further - Business - International Herald Tribune

Dated 3rd January 2007
German ILO Unemployment Rate Falls to 7.3% in June | CEP News

Again,

for post German unemployment rate for me.

Reba · 08-04-2008, 04:20 PM

Quote:

Originally Posted by Liebling:-)))

I´m glad that you posted that article about German unemployment rate because I do not feel like to post first to brag about drop from 13% to 7,0 % unemployment rates for past years...

Unemployment rate was 13,% drop to 7.7...

which is great...

for post that article... then you can see yourself it´s not bad to drop from 13% to 7.7... Yes I know very few % go up but it is still not bad than 13%.

Dated 1st April 2008 was 8,6% to 8,4% between January and April 2008...

Strong Jobs Growth: German Unemployment Drops to New Low of 3.5 Million - International - SPIEGEL ONLINE - News

Now July 2008, 7,7% June 2008 was 7,6%...
Germany's economic prospects brighten further - Business - International Herald Tribune

Dated 3rd January 2007
German ILO Unemployment Rate Falls to 7.3% in June | CEP News

Again,

for post German unemployment rate for me.

Now you understand that the American unemployment rate is not bad when compared to the German rate. You think 7.3% is something to brag about for Germany even though it is a lot worse than the American rate.

It proves that even when America's rate increases, it is still way below, and better, than Germany's unemployment rate.

Liebling:-))) · 08-04-2008, 04:31 PM

Quote:

Originally Posted by Reba

Now you understand that the American unemployment rate is not bad when compared to the German rate. You think 7.3% is something to brag about for Germany even though it is a lot worse than the American rate.

It proves that even when America's rate increases, it is still way below, and better, than Germany's unemployment rate.

US jobless rates goes up and up for past 4 years due weak economy which is no good. German jobless rates was 13% which is no good but it drops to 7,7% from 13% for past 3 years. I guess that you deny to see the difference.

I care about Americans who have family, pets and home... that´s why I want to show you how important to boost the enoconmy than worry about war issues.

Reba · 08-04-2008, 04:50 PM

Quote:

Originally Posted by Liebling:-)))

US jobless rates goes up and up for past 4 years due weak economy which is no good. German jobless rates was 13% which is no good but it drops to 7,7% from 13% for past 3 years. I guess that you deny to see the difference.

I guess you missed all the positive mentions in this article:

Quote:

The US unemployment rate climbed to 5.7% in July official figures show, its highest in more than four years.

Firms cut workers for a seventh month in a row, but the losses were fewer than analysts had been expecting.

The economy lost 51,000 non-farm jobs the US Labor Department said, the same as the newly-revised figure for June, when unemployment was at 5.5%.

Economists had been expecting about 75,000 jobs to go, but said July's data still indicated the economy was weak.

It's not a good number but it's not as bad as expected

Marc Pado, Cantor Fitzgerald.

US companies have been reluctant to add staff amid higher oil and food prices, and slowing economic growth.

The only major sectors showing job creation were government, hospitality, education and health services.

About 22,000 jobs went in the construction sector while factories cut 35,000 jobs.

'Mild, long recession'

The Labor Department also heavily-revised figures for the previous two months.

It said that 47,000 jobs were cut in May instead of the 62,000 previously stated, and that 51,000 were cut in June rather than 62,000.

"People really thought the non-farm payrolls number (for July) was going to be bad number," said Marc Pado, a market strategist at Cantor Fitzgerald.

"So not only was the latest number 20-25,000 better-than-expected but the prior two months were revised up. So it's not a good number but it's not as bad as expected."

However, while layoffs were limited, there was no sign of firms going on a "hiring binge" either, said Brian Gendreau of ING Investment, who feared a "mild, but longer recession" than the US saw in 2001-2002.

"This figure might not be as weak as expected but it is still painful," he said.

"I don't think this will change anyone's perceptions on slow economic growth."

Quote:

I care about Americans who have family, pets and home... that´s why I want to show you how important to boost the enoconmy than worry about war issues.

Thank you for your concern but maybe you should concern yourself with Germany's unemployed people; I assume they also have families, pets, and homes.

I'm sure that my fellow Americans appreciate foreigners pointing out to them that war is expensive. Where would we be without your help?

Liebling:-))) · 08-04-2008, 05:22 PM

[quote]

Quote:

Originally Posted by Reba

I guess you missed all the positive mentions in this article:

Well it says US unemployment rate rises to 5.1% from 4.8% - Last Modified Date: April 04, 2008

haroldchorneypoliticaleconomist it explains the reason is economy.

Quote:

Thank you for your concern but maybe you should concern yourself with Germany's unemployed people; I assume they also have families, pets, and homes.

Yes I also care about Germany´s unemployed people, too but it shows that Government work hard to reduce unemployment rates. I

them for do their best to reduce unemployment rates and take care of the people and country.

Quote:

I'm sure that my fellow Americans appreciate foreigners pointing out to them that war is expensive. Where would we be without your help?

What do you mean?

Foxrac · 08-04-2008, 05:24 PM

Quote:

Originally Posted by PowerON

in 1982, US was the worst which was nearly 10% unemployee

Yup, USA was in recession in 1982.
Early 1980s recession - Wikipedia, the free encyclopedia

Liebling:-))) · 08-04-2008, 05:27 PM

List of countries by unemployment rate

% unemployment rate and date of information.

List of countries by unemployment rate - Wikipedia, the free encyclopedia

PowerON · 08-04-2008, 05:50 PM

lot of African need improve. tsk.

HorseRace · 08-04-2008, 08:32 PM

wow! interesting! thank for link world umployment rank! i learn something new!

Foxrac · 08-05-2008, 08:53 AM

Quote:

Originally Posted by HorseRace

wow! interesting! thank for link world umployment rank! i learn something new!

The unemployment rate in July 2008 is similar to 2001, 5.7% in Nov 2001 when US was in recession.

lol, don't have enough money to buy cute redesign iBook G3 or Power Mac G4, or upgrade to Mac OS X from Mac OS 9.

Buffalo · 08-06-2008, 03:00 AM

Quote:

Originally Posted by Liebling:-)))

I´m glad that you posted that article about German unemployment rate because I do not feel like to post first to brag about drop from 13% to 7,0 % unemployment rates for past years...

Unemployment rate was 13,% drop to 7.7...

which is great...

for post that article... then you can see yourself it´s not bad to drop from 13% to 7.7... Yes I know very few % go up but it is still not bad than 13%.

Do you know why the Germany unemployment was so high in the first place? Also, do you know what brought it down? I would have thought that Germany unemployment would have been much lower as it was my understanding that Europe have the low birth rates.

Today, I bought a book "Take This Job and Ship It" written by Senator Byron L. Dorgan (Democrat - South Dakota). He was complaining that the corporations were greedy so they shipped jobs overseas (especially China and the Asian countries) so they can pay much lower wages. Where are the jobs for the Americans? He made a good point there - if we don't have a job, how can we pay for products? I am not finished reading this book (I am on page 15).

08-04-2008, 12:44 AM	#1 (permalink)
Liebling:-))) My 3 darling princesses Join Date: Jan 2004 Location: Germany Posts: 26,842	US jobless rate at four-year high US jobless rate at four-year high The US unemployment rate climbed to 5.7% in July official figures show, its highest in more than four years. Firms cut workers for a seventh month in a row, but the losses were fewer than analysts had been expecting. The economy lost 51,000 non-farm jobs the US Labor Department said, the same as the newly-revised figure for June, when unemployment was at 5.5%. Economists had been expecting about 75,000 jobs to go, but said July's data still indicated the economy was weak. It's not a good number but it's not as bad as expected Marc Pado, Cantor Fitzgerald. US companies have been reluctant to add staff amid higher oil and food prices, and slowing economic growth. The only major sectors showing job creation were government, hospitality, education and health services. About 22,000 jobs went in the construction sector while factories cut 35,000 jobs. 'Mild, long recession' The Labor Department also heavily-revised figures for the previous two months. It said that 47,000 jobs were cut in May instead of the 62,000 previously stated, and that 51,000 were cut in June rather than 62,000. "People really thought the non-farm payrolls number (for July) was going to be bad number," said Marc Pado, a market strategist at Cantor Fitzgerald. "So not only was the latest number 20-25,000 better-than-expected but the prior two months were revised up. So it's not a good number but it's not as bad as expected." However, while layoffs were limited, there was no sign of firms going on a "hiring binge" either, said Brian Gendreau of ING Investment, who feared a "mild, but longer recession" than the US saw in 2001-2002. "This figure might not be as weak as expected but it is still painful," he said. "I don't think this will change anyone's perceptions on slow economic growth." http://news.bbc.co.uk/2/hi/business/7537463.stm __________________

08-04-2008, 03:39 AM	#3 (permalink)
Foxrac o_O Join Date: Mar 2005 Posts: 14,190	Yup, we are in recession but not official by US economy right now. Remember about recession in 2001, there's alot of job loss due dot-com burst and 9/11. http://en.wikipedia.org/wiki/Early_2000s_recession http://money.cnn.com/2001/11/26/economy/recession/ http://www.incontext.indiana.edu/200...spotlight.html __________________

08-04-2008, 08:44 AM	#4 (permalink)
Liebling:-))) My 3 darling princesses Join Date: Jan 2004 Location: Germany Posts: 26,842	To my POV - lack of Economic knowledge... Spend unnecassary billions on Iraq war to neglect his people and country. THE ECONOMIC COSTS OF THE IRAQ WAR: __________________

08-04-2008, 08:48 AM	#5 (permalink)
shel90 Sun Whorshipper Join Date: Sep 2006 Location: A Desert Rat that has found herself in Maryland Posts: 15,929 Blog Entries: 1	Interesting that the only sectors showing growth were govt, hospitality, education, and health services. It seems like the private business sector is the hardest hit. __________________ ~Shel~ "A child educated only at school is an uneducated child." -George Santayana

08-04-2008, 01:03 PM	#10 (permalink)
PowerON Please don't click me! D: Join Date: Mar 2007 Location: Would like to live at Fort Davis, TX Posts: 4,724 Blog Entries: 1	in 1982, US was the worst which was nearly 10% unemployee __________________ • [Illustrator.Blog-alloon.com] • Don't shoot me! I'm only blogger!

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08-04-2008, 12:55 AM	#2 (permalink)
JeepGirl Registered User Join Date: Oct 2004 Location: In the South Posts: 6,288	its not very surprising. the businesses around where I live, people are getting laid off everyday. The unemployment office is packed with people waiting outside in line. My husband is at a place where there's no production for the next 3 months but still working like cleaning, painting and upgrading machines at the plant. Its really scary right now, especially people having to pay their bills or they'll end up losing their house or car, no food.. etc. that sucks. the economy here sucks.

08-04-2008, 05:27 PM	#20 (permalink)
Liebling:-))) My 3 darling princesses Join Date: Jan 2004 Location: Germany Posts: 26,842	List of countries by unemployment rate % unemployment rate and date of information. List of countries by unemployment rate - Wikipedia, the free encyclopedia __________________

08-04-2008, 05:50 PM	#21 (permalink)
PowerON Please don't click me! D: Join Date: Mar 2007 Location: Would like to live at Fort Davis, TX Posts: 4,724 Blog Entries: 1	lot of African need improve. tsk. __________________ • [Illustrator.Blog-alloon.com] • Don't shoot me! I'm only blogger!

08-04-2008, 08:32 PM	#22 (permalink)
HorseRace Registered User Join Date: Apr 2008 Location: Austin TX Posts: 1,273	wow! interesting! thank for link world umployment rank! i learn something new!