U.S. economy lost 63,000 jobs in February

[ericlp]

http://www.iht.com/articles/20...business/07cndecon.php

the fastest falloff in five years and the strongest evidence yet that the nation is headed toward - or may already be in - a recession.


Ya think????


Holy Shit! 63K jobs gone in one month?????????

 

[nageov3t]

sounds like a robust economy at work.

 

[jpeyton]

Don't worry, blackangst and LK will fix the situation with an anecdotal forum post in 3...2...1...

 

[babylon5]

All you negative people keep spreading rumors. US dollar will be currency of the world again just a matter of time. Manufacturing sector is so strong, generating so many jobs just like the 80s, don't you see??

 

[StageLeft]

Stop saying recession. It's "slow growth". Bush told us just today, why don't you believe him?

 

[Genx87]

Oh wow we are entering a recession period and saw negative job growth?

Quick, somebody call the press!

Here is a hint. We will continue to see job loss for months to come as we enter into the recession.

63,000 jobs out of the ~150 million workforce is barely a statistical blip. When this is all said and done. We will probably see job loss in the hundreds of thousands per month.

 

[LegendKiller]

Originally posted by: Genx87
Oh wow we are entering a recession period and saw negative job growth?

Quick, somebody call the press!

Here is a hint. We will continue to see job loss for months to come as we enter into the recession.

63,000 jobs out of the ~150 million workforce is barely a statistical blip. When this is all said and done. We will probably see job loss in the hundreds of thousands per month.

You mean, the economy is cyclical? HOLY CRAP, GET THE GUNS AND AMMO, ANOTHER DOWN CYCLE IS COMING!

So what?

People act like it's the end of the world when a downcycle hits.

jpeyton, remind me again where I have ever stated that we won't go into a recession?

Keep looking troll.

 

[ericlp]

Hey, people don't get your panties all in a wad... I am just reporting this crap... Not like I'm making it up as I go along...

This was the best part...

President George W. Bush acknowledged Friday afternoon that it was "clear our economy has slowed." But he said he was confident that the recently enacted stimulus package, which will soon put checks in the mail for millions of Americans, would indeed be the "booster shot" the economy needs.

The president, who appeared briefly outside the White House and took no questions, said nothing had shaken his faith in his "pro-growth, low-tax policies that put faith in the American people."

The White House also released a "fact sheet" asserting that the economy remains "structurally sound for the long term."

If he think mailing out 600 bucks to everyone is going to help the dude is brain dead.... Gotta love the faith in American People BS... What the hell is that??? Get down on your hands and knees... Sheesh... What a moron.. Better start praying for money to start falling from the sky!!!!

I'm sure glad that the economy is structurally sound for the LONG term...I wonder what they mean by "LONG TERM"? 2 Months?

 

[LegendKiller]

Originally posted by: ericlp
Hey, people don't get your panties all in a wad... I am just reporting this crap... Not like I'm making it up as I go along...

This was the best part...

President George W. Bush acknowledged Friday afternoon that it was "clear our economy has slowed." But he said he was confident that the recently enacted stimulus package, which will soon put checks in the mail for millions of Americans, would indeed be the "booster shot" the economy needs.

The president, who appeared briefly outside the White House and took no questions, said nothing had shaken his faith in his "pro-growth, low-tax policies that put faith in the American people."

The White House also released a "fact sheet" asserting that the economy remains "structurally sound for the long term."

If he think mailing out 600 bucks to everyone is going to help the dude is brain dead.... Gotta love the faith in American People BS... What the hell is that??? Get down on your hands and knees... Sheesh... What a moron.. Better start praying for money to start falling from the sky!!!!

I'm sure glad that the economy is structurally sound for the LONG term...I wonder what they mean by "LONG TERM"? 2 Months?

10 years? 20 years? Is it that hard to imagine what "long term" means?

 

[rchiu]

Yeap, keep telling people you got a recession when you have 4.8/4.9 percent unemployment and you will have a self fulling prophecy.

 

[BeauJangles]

Originally posted by: jpeyton
Don't worry, blackangst and LK will fix the situation with an anecdotal forum post in 3...2...1...

You know, I just think you guys who hate LK are just afraid of the fact that he has an education and a background in economics. All I ever see are posts bashing him and never any real answers to his questions.

 

[SoundTheSurrender]

600 dollars is barely a mortgage payment. Fuck anyone who thinks it's gonna "boost" the economy.

 

[will889]

^I'm thinking about using it to get a PS3 to stimulate the economy, or maybe that Esteban guitar set on HSN. Or maybe i'll use it for another widescreen HD TV so I can see my favorite pres on the tube talkin' about Merca's thrivin' conomy.

 

[Deleted member 4644]

Just heard on TV -- if you dont count an increase in government sector jobs, the private sector actually lost OVER 100,000 jobs last month. Not a record or anything, but still, not looking good.

 

[CaptnKirk]

Originally posted by: Genx87
Oh wow we are entering a recession period and saw negative job growth?

Quick, somebody call the press!

Here is a hint. We will continue to see job loss for months to come as we enter into the recession.

63,000 jobs out of the ~150 million workforce is barely a statistical blip. When this is all said and done. We will probably see job loss in the hundreds of thousands per month.

In a country where the entire population is 300 million, i seriously doubt that half of the people, especially the women and children are working.

150 million would be approximately 1/2 of the total, or every male (or female) in the country.
The entire working sector would most likely be around 80 million - and many of them have to hold 2 or more jobs just to make ends meet.

 

[charrison]

Originally posted by: CaptnKirk

Originally posted by: Genx87
Oh wow we are entering a recession period and saw negative job growth?

Quick, somebody call the press!

Here is a hint. We will continue to see job loss for months to come as we enter into the recession.

63,000 jobs out of the ~150 million workforce is barely a statistical blip. When this is all said and done. We will probably see job loss in the hundreds of thousands per month.

In a country where the entire population is 300 million, i seriously doubt that half of the people, especially the women and children are working.

150 million would be approximately 1/2 of the total, or every male (or female) in the country.
The entire working sector would most likely be around 80 million - and many of them have to hold 2 or more jobs just to make ends meet.

only a few percent hold more than 1 job.

 

[imported_dna]

Originally posted by: rchiu
Yeap, keep telling people you got a recession when you have 4.8/4.9 percent unemployment and you will have a self fulling prophecy.

Unemployment dropped because of a shrinking labor force:

Payrolls fell by 63,000, the most in five years, after a revised decline of 22,000 in January, the Labor Department said today in Washington. The jobless rate dropped to 4.8 percent, reflecting a shrinking labor force as some people gave up looking for work.

It's not because things are looking better.

Originally posted by: SoundTheSurrender
600 dollars is barely a mortgage payment. Fuck anyone who thinks it's gonna "boost" the economy.

We'll be paying for those 600 dollars a whole lot more, as it will be good for nothing.

 

[PrinceofWands]

Originally posted by: CaptnKirk

Originally posted by: Genx87
Oh wow we are entering a recession period and saw negative job growth?

Quick, somebody call the press!

Here is a hint. We will continue to see job loss for months to come as we enter into the recession.

63,000 jobs out of the ~150 million workforce is barely a statistical blip. When this is all said and done. We will probably see job loss in the hundreds of thousands per month.

In a country where the entire population is 300 million, i seriously doubt that half of the people, especially the women and children are working.

150 million would be approximately 1/2 of the total, or every male (or female) in the country.
The entire working sector would most likely be around 80 million - and many of them have to hold 2 or more jobs just to make ends meet.

According to year 2000 census data 129.7 million people were employed that year.

 

[charrison]

Originally posted by: dna

Originally posted by: rchiu
Yeap, keep telling people you got a recession when you have 4.8/4.9 percent unemployment and you will have a self fulling prophecy.

Unemployment dropped because of a shrinking labor force:

Payrolls fell by 63,000, the most in five years, after a revised decline of 22,000 in January, the Labor Department said today in Washington. The jobless rate dropped to 4.8 percent, reflecting a shrinking labor force as some people gave up looking for work.

It's not because things are looking better.

Originally posted by: SoundTheSurrender
600 dollars is barely a mortgage payment. Fuck anyone who thinks it's gonna "boost" the economy.

We'll be paying for those 600 dollars a whole lot more, as it will be good for nothing.

While things could be looking better, unemployment is still below 5% so things are not bad at this point.

 

[imported_dna]

Originally posted by: charrison
While things could be looking better, unemployment is still below 5% so things are not bad at this point.

Are you being sarcastic, or did you miss that part about people giving up on looking for work?

As far as I know the US doesn't count people who drop out of the workforce as unemployed, which seems rather ridiculous.

 

[Rainsford]

Guys, we can talk about unemployment and all that as much as we want, but casually throwing around the word "recession" misses the point that it means something very specific...2 consecutive quarters of negative economic growth. We're not even close to that, as since we're not, that tells me this is a bump in the road, not a huge crash. There are certainly problems, but nothing is falling apart as far as I can see. The problem is that recession fear feeds on itself, the more it's reported, the more people talk about it, the more it gets reporter, the more real the problem seems. But what we have here is basically a stock market dip, not a problem with the fundamental foundation of the economy. People are freaking out, but they'll get over it soon enough.

 

[Rainsford]

The other thing worth keeping in mind is that, serious economists wearing ugly suits on TV aside, you probably care more about economic slowdowns than you should. Unless you personally lose your job, very little of this matters to you at all. In fact, if you're investing, things like this can be GOOD for long term capital growth. Everyone gets worried about "the economy", but I've noticed that very few average people can put their finger on how it really impacts their daily lives.

 

[charrison]

Originally posted by: dna

Originally posted by: charrison
While things could be looking better, unemployment is still below 5% so things are not bad at this point.

Are you being sarcastic, or did you miss that part about people giving up on looking for work?

As far as I know the US doesn't count people who drop out of the workforce as unemployed, which seems rather ridiculous.

You do realize that 5% unemployment is considered by economist to be full employment?

And if you are not at least looking for job, how can you be considered part of the workforce? And yes these people are counted in a different stat.

 

[charrison]

Originally posted by: Rainsford
Guys, we can talk about unemployment and all that as much as we want, but casually throwing around the word "recession" misses the point that it means something very specific...2 consecutive quarters of negative economic growth. We're not even close to that, as since we're not, that tells me this is a bump in the road, not a huge crash. There are certainly problems, but nothing is falling apart as far as I can see. The problem is that recession fear feeds on itself, the more it's reported, the more people talk about it, the more it gets reporter, the more real the problem seems. But what we have here is basically a stock market dip, not a problem with the fundamental foundation of the economy. People are freaking out, but they'll get over it soon enough.

There are more than few economist saying by the time we actually know were are in recession, we will probably be out of it. It will be at least 6-8 months before we know if we have had 2 quarters of negative growth.

 

[Rainsford]

Originally posted by: charrison

Originally posted by: Rainsford
Guys, we can talk about unemployment and all that as much as we want, but casually throwing around the word "recession" misses the point that it means something very specific...2 consecutive quarters of negative economic growth. We're not even close to that, as since we're not, that tells me this is a bump in the road, not a huge crash. There are certainly problems, but nothing is falling apart as far as I can see. The problem is that recession fear feeds on itself, the more it's reported, the more people talk about it, the more it gets reporter, the more real the problem seems. But what we have here is basically a stock market dip, not a problem with the fundamental foundation of the economy. People are freaking out, but they'll get over it soon enough.

There are more than few economist saying by the time we actually know were are in recession, we will probably be out of it. It will be at least 6-8 months before we know if we have had 2 quarters of negative growth.

I've heard that, and I suspect that's more than likely the worst thing that will happen. The point I take from things like that is that the way the economy really works (ie, you have to judge things over a long period of time) is quite the opposite of how people and the media view it (ie, OMG, the recession is starting on Tuesday). Things are never as good as they seem or as bad as they seem, because people are EXTREMELY prone to overreacting to any and all economic indicators.