'U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dousing hopes the economy would regain momentum in the second half of the year. Non-farm payrolls rose only 18,000, the weakest reading since September, the Labor Department said on Friday, well below economistsÂ’ expectations for a 90,000 rise. The unemployment rate climbed to a six-month high of 9.2 per cent, even as jobseekers left the labor force in droves, from 9.1 per cent in May.' http://www.theglobeandmail.com/repo.../jobs/us-jobs-picture-darkens/article2090852/
Good thread title. This is grim news. Following two months of almost universally grim econ news. It looks as if we may be edging into a global depression. But this too could pass.
But how much hiring has GE done?... Immelt: Businesses need to do more on jobs July 11, 2011 -- The head of General Electric told a jobs summit at the U.S. Chamber of Commerce Monday that businesses needed to take the lead on job creation.
While corporate earning skyrocket, unemployment raises. It's almost as if our current deregulatory regime is a failure and we need industrial policy. But in fact there is a simpler explanation for the "grim" employment news: the oil price hikes. Oil is now declining steeply. The smart money is on good job figures for next month.
There won't be any truly good job figures in the US until the baby boomers retire from the workforce and our wages decline toward parity with the BRIC nations. Even then it seems impossible that industry will invest the money to develop industry here unless we go whole hog and streamline the costs and resistance of/to doing business here. What's the price of oil got to do with the price of tea in China?
Oil has been declining steeply since late April when it was $112/113 a barrel. And the unemployment rate has been rising since April. It's not about oil, IMO. It's about terrible fundamentals as the massive Keynesian-style stimuli over the last few years are having to be slowly clawed back and the economy's weaknesses are becoming more exposed. But it will have less impact then QE2 did. And QE4 will have less then QE3 and so on. I believe the unemployment rate will continue to rise, off and on - though mostly on - until QE3 (or whatever they end up calling it).
BTW - this line should be on the end: But it will have less impact then QE2 did. And QE4 will have less then QE3 and so on.
gee i wonder why when our elected continue to let this behavior go unchecked.http://www.rollingstone.com/politics
