U.S. Payrolls Drop 51,000 Jobs; Jobless Rate Rises

By Shobhana Chandra

Aug. 1 (Bloomberg) -- The U.S. unemployment rate rose to the highest
level in more than four years as employers cut jobs again in July,
increasing the threat of a deeper economic slowdown.

Payrolls fell by 51,000, less than forecast, after a decline of 51,000
in June, the Labor Department said today in Washington. The jobless rate
rose to 5.7 percent, from 5.5 percent the prior month. As recently as
April, the jobless rate was 5 percent.

``This is further evidence the economy is in a recession, probably a
shallow recession,'' said Nariman Behravesh, chief economist at Global
Insight Inc. in Lexington, Massachusetts. ``It will be a major drag on
consumer spending.''

The last time the unemployment rate climbed so much in four months was
in 2001, when the U.S. was last in a recession. Job losses have combined
with decreasing property values, stricter lending rules and near-record
energy prices to send consumer confidence levels close to the weakest in
16 years in July.

Cutbacks at UAL Corp. and Starbucks Corp. signal firings are spreading
beyond builders and manufacturers as raw-materials costs soar. General
Motors Corp., which today announced a second- quarter loss of $15.5
billion, may eliminate about 5,000 U.S. jobs by year-end, people
familiar with the plan said this week.

Today's report reinforces the case for the Federal Reserve to hold off
on any interest-rate increase until next year, economists said.

`Hands Are Tied'

The Fed's ``hands are tied, there is nothing they can do with regard to
this,'' said Kathleen Stephansen, director of global economics at Credit
Suisse Holdings USA Inc. in New York in an interview with Bloomberg Radio.

"hk" wrote in message
. ..

U.S. Payrolls Drop 51,000 Jobs; Jobless Rate Rises

By Shobhana Chandra

Aug. 1 (Bloomberg) -- The U.S. unemployment rate rose to the highest level
in more than four years as employers cut jobs again in July, increasing
the threat of a deeper economic slowdown.



Look at it this way. Of course we are in an economic downturn cycle.
Employers are doing what they need to do in order to stay in business.

If they didn't .... there would be fewer companies around, hiring and
helping to fuel the recovery, when it comes ... and it will.

See? There's always a silver lining.

Eisboch

Eisboch wrote:
"hk" wrote in message
. ..

U.S. Payrolls Drop 51,000 Jobs; Jobless Rate Rises

By Shobhana Chandra

Aug. 1 (Bloomberg) -- The U.S. unemployment rate rose to the highest level
in more than four years as employers cut jobs again in July, increasing
the threat of a deeper economic slowdown.



Look at it this way. Of course we are in an economic downturn cycle.
Employers are doing what they need to do in order to stay in business.

If they didn't .... there would be fewer companies around, hiring and
helping to fuel the recovery, when it comes ... and it will.

See? There's always a silver lining.

Eisboch




*My* concern is that the social safety net has been so decimated in the
last few years that there will be millions more Americans suffering
through long-term unemployment without extended benefits or access to
health care, and many American families will be tossed out of their homes.

While the rich get richer.

"hk" wrote in message
. ..


*My* concern is that the social safety net has been so decimated in the
last few years that there will be millions more Americans suffering
through long-term unemployment without extended benefits or access to
health care, and many American families will be tossed out of their homes.

While the rich get richer.


The "cure" will not come from government.

It will come from a re-vitalization of business.
That's where the jobs are.

Eisboch

"hk" wrote in message
. ..
Eisboch wrote:
"hk" wrote in message
. ..

U.S. Payrolls Drop 51,000 Jobs; Jobless Rate Rises

By Shobhana Chandra

Aug. 1 (Bloomberg) -- The U.S. unemployment rate rose to the highest
level in more than four years as employers cut jobs again in July,
increasing the threat of a deeper economic slowdown.



Look at it this way. Of course we are in an economic downturn cycle.
Employers are doing what they need to do in order to stay in business.

If they didn't .... there would be fewer companies around, hiring and
helping to fuel the recovery, when it comes ... and it will.

See? There's always a silver lining.

Eisboch


*My* concern is that the social safety net has been so decimated in the
last few years that there will be millions more Americans suffering
through long-term unemployment without extended benefits or access to
health care, and many American families will be tossed out of their homes.

While the rich get richer.

I guess they could always join the army for yet another MidEast adventure.

On Aug 1, 10:54*am, "Don White" wrote:
"hk" wrote in message

. ..





Eisboch wrote:
"hk" wrote in message
m...

U.S. Payrolls Drop 51,000 Jobs; Jobless Rate Rises

By Shobhana Chandra

Aug. 1 (Bloomberg) -- The U.S. unemployment rate rose to the highest
level in more than four years as employers cut jobs again in July,
increasing the threat of a deeper economic slowdown.

Look at it this way. *Of course we are in an economic downturn cycle..
Employers are doing what they need to do in order to stay in business.

If they didn't .... there would be fewer companies around, hiring and
helping to fuel the recovery, when it comes ... and it will.

See? *There's always a silver lining.

Eisboch

*My* concern is that the social safety net has been so decimated in the
last few years that there will be millions more Americans suffering
through long-term unemployment without extended benefits or access to
health care, and many American families will be tossed out of their homes.

While the rich get richer.

I guess they could always join the army for yet another MidEast adventure..- Hide quoted text -

- Show quoted text -

Wow, another productive flame fest.. too bad Chuckies place didn't do
better....

wrote in message
news
On Fri, 1 Aug 2008 10:26:15 -0400, "Eisboch"
wrote:


"hk" wrote in message
m...


*My* concern is that the social safety net has been so decimated in the
last few years that there will be millions more Americans suffering
through long-term unemployment without extended benefits or access to
health care, and many American families will be tossed out of their
homes.

While the rich get richer.


The "cure" will not come from government.

It will come from a re-vitalization of business.
That's where the jobs are.

Eisboch


Trickle down economics failed and failed badly. The people who
actually built this country and created the wealth by doing the real
work didn't like being trickled upon.



The only other alternative is massive government backed programs that have
an even worse track record.

Eisboch

Eisboch wrote:
"hk" wrote in message
. ..

*My* concern is that the social safety net has been so decimated in the
last few years that there will be millions more Americans suffering
through long-term unemployment without extended benefits or access to
health care, and many American families will be tossed out of their homes.

While the rich get richer.


The "cure" will not come from government.

It will come from a re-vitalization of business.
That's where the jobs are.

Eisboch



I'm not sure the unemployed Americans can afford to relocate to where
the multinationals have sent the jobs.

Don White wrote:
"hk" wrote in message
. ..
Eisboch wrote:
"hk" wrote in message
. ..

U.S. Payrolls Drop 51,000 Jobs; Jobless Rate Rises

By Shobhana Chandra

Aug. 1 (Bloomberg) -- The U.S. unemployment rate rose to the highest
level in more than four years as employers cut jobs again in July,
increasing the threat of a deeper economic slowdown.


Look at it this way. Of course we are in an economic downturn cycle.
Employers are doing what they need to do in order to stay in business.

If they didn't .... there would be fewer companies around, hiring and
helping to fuel the recovery, when it comes ... and it will.

See? There's always a silver lining.

Eisboch

*My* concern is that the social safety net has been so decimated in the
last few years that there will be millions more Americans suffering
through long-term unemployment without extended benefits or access to
health care, and many American families will be tossed out of their homes.

While the rich get richer.

I guess they could always join the army for yet another MidEast adventure.




No doubt that is part of the GOP masterplan. :)

wrote:
On Aug 1, 10:54 am, "Don White" wrote:
"hk" wrote in message

. ..





Eisboch wrote:
"hk" wrote in message
. ..
U.S. Payrolls Drop 51,000 Jobs; Jobless Rate Rises
By Shobhana Chandra
Aug. 1 (Bloomberg) -- The U.S. unemployment rate rose to the highest
level in more than four years as employers cut jobs again in July,
increasing the threat of a deeper economic slowdown.
Look at it this way. Of course we are in an economic downturn cycle.
Employers are doing what they need to do in order to stay in business.
If they didn't .... there would be fewer companies around, hiring and
helping to fuel the recovery, when it comes ... and it will.
See? There's always a silver lining.
Eisboch
*My* concern is that the social safety net has been so decimated in the
last few years that there will be millions more Americans suffering
through long-term unemployment without extended benefits or access to
health care, and many American families will be tossed out of their homes.
While the rich get richer.
I guess they could always join the army for yet another MidEast adventure.- Hide quoted text -

- Show quoted text -

Wow, another productive flame fest.. too bad Chuckies place didn't do
better....


Sorry you are taking this so personally.