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Unemployment Numbers Improve, Growth Still Stalled

August 5, 2011 by  

Unemployment Numbers Improve, Growth Still Stalled

Against all expectations, the unemployment rate fell slightly in July, to 9.1 percent, according to the Bureau of Labor Statistics, with 117,000 nonfarm jobs added. However, experts are still concerned.

“While I do not think this sounds the all-clear signal, it does quell some of the conversation that the U.S. is falling back into a recession,” Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York, told Reuters. “There are still plenty of headwinds, like Europe. This report pulls us back from the ledge a little bit.”

However, the article also noted that U.S. growth has “stalled,” and “[e]conomists estimate that the budget cuts and expiring stimulus — including a payroll tax cut and emergency unemployment benefits — could subtract more than a percentage point from GDP growth next year.”

“Until recently, most observers believed the American economy was in a slow recovery, albeit one with very disappointing job growth,” read a news analysis for The New York Times.

“Then last week the government announced its annual revision to the numbers for the last several years. New government surveys indicated Americans had spent less than previously estimated in 2009 and 2010 on a wide range of things, including food, clothing and computers. Tax returns showed Americans even cut back on gambling. The recession now appears to have been deeper — a top-to-bottom fall of 5.1 percent — and the recovery even less impressive. The economy is still smaller than it was in 2007.”

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  • Michael J.

    The Bureau of Labor Statistics may be reporting 9.1%, but just like in weather forecasting when the temp is 90 degrees but the “feels like” temp is 104, the same holds true in unemployment. When the stated unemployment rate is 9.1%, to those that are not working it “feels like” 20% with nothong but dark clouds on the horizon and the rumble of thunder on Wall Street.

  • s c

    Marcy, heavy reliance on ‘expectations’ is probably THE best way to describe the space cadet approach the boobs in the W H are using to “create” new jobs. They DO seem to have am obviously childish perspective on reality, don’t they?
    If anyone still needs PROOF that the W H Peter Pan/useful idiot/utopian dreamer (whatever he is) doesn’t now have and NEVER had a clue, now you have all you need. This guy is a fraud.
    His credentials were probably purchased for him, and it was just a matter of time until he made so many stupid mistakes that he can no longer hide the FACT that he’s not presidential material.
    Remember, friends don’t let friends go to Haavid.

  • TIME

    And the band played on, few had noted that they were then standing in 6 feet of bull Crap, yet the band played on Hail to the Moreoff.

    Then when the crap got to be 10 feet high the band still playing, the people were no longer visible, yet the tune remained the same, Hail to the Moreoff.

    Soon even the band stand was covered in ten feet of Bull Crap, and no longer could the band play, as even they were under the mounds of Bull Crap.

    Will you all PLEASE – Wake up people, open your eyes go around and look at how many store fronts are EMPTY, how many folks are just weeks away from loosing their jobs, yet the same old BS from the Government, 9.1% UE ___ — Right sure, hey you want to buy a bridge?

    Hell, even restrurants are slowing down by leaps and bounds.
    We had dinner out the other night, this place always has a waiting list of no less than 45 minutes.
    Yet we walked in and were sat down in just a few seconds, we were one of the nine other tables during our two hour dinner. We know the waiter, he asked if we needed any help as he was not making enough to pay his rent and he can’t go on much longer, it’s now two months that he has only paid part of his rent so as to strech out what he has in cash.

    Wake up! “””Obomanomics are not working,”””

    L@@K – this trickle up poverty crap is of no value to anyone.

  • Dan az

    Sense they passed this new budget deal there will be NO MORE UNEMPLOYMENT EXTENSIONS get it?Now again how many people fell off the rolls this week?The last I heard was that the true numbers are about 22% not 9.1 and if thats not scary enough for ya give it another week and another and another.The amount of people that will lose their checks per week is in the high thousands.BS is just that and when they speak the stench is embareable.

  • Raggs

    “create” jobs is a CODE word for giving money to the unions.

    oblama will never get it… JOBS come from the private sector.

  • simian pete

    I doubt the Bureau of Labor Statistics counted the 99ers. The true unemployment rate is above 20 percent….

  • jeanelane

    If the percentage of those unemployed is measured by those receiving unemployment benefits, you know that the number is grossly understated. I know many many people who are unemployed but not receiving unemployment benefits. Then how about the thousands or more who are underemployed. And no one cares. The companies still outsource to other countries, build new plants in other countries, and the CEO’s make millions. Yet so many don’t have enough food to eat. Obamacare and increasing the debt limit will not take care of this inequity. Only by making it more attractive for companies to build here and hire here will anything improve.

  • jopa

    With the Bush tax cuts still in place and this trickle down economics still in play why is anyone complaining.Or is it that the Bush tax cuts really do not work.The millionaire’s are still buying Lamborghinis and Rolls Royce’s and they park them in front of their Italian and Spanish villas laughing at the suckers in America that have to pay higher tax rates than they do.

    • Michael J.

      Obama disciple, What say thee to the riddle of economic prosperity?

      Answer is: What is the strength of an economic recovery compared to the hand that wields it, for 2 1/2 years?

      Contemplate thyne cranial deficiencies on the tree of woe.

      • Dan az

        Very good michael! :)

    • Thinking About

      Very true, too much focus on a few areas and Congress has to have the ability to prepare a “meal” and not to just put salt and pepper on the table. A family will not function on a meal of salt and pepper but must have nutritio
      To have a balanced meal. Employment is the entree and we have to get jobs going.

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