Skip to main content

For the week ending Sept.22, the Department of Labor reported Thursday, seasonally adjusted first claims for unemployment benefits fell to 359,000. That was down 26,000 from the previous week's revised claims of 385,000. The figure for the comparable week in 2011 was 393,000. The four-week running average that analysts prefer because it flattens volatility in the weekly number fell 4,500 to 374,000 from the previous week's revised average of 378,500.

The weekly number was the best it's been since July, a month whose claims figures were distorted by seasonal adjustments related to expected temporary layoffs in the auto industry that were considerably lower than in the past.

For state and emergency federal extended programs, the total number of Americans claiming benefits for the week ending Sept. 8 was 5,173,586, a decrease of 11 from the previous week. Last year, 6,983,307 people were claiming benefits in all programs for the comparable.

Meanwhile, the Bureau of Economic Analysis reported its third and final estimate of seasonally adjusted growth in gross domestic product on an annualized basis for the second quarter was a weak 1.3 percent. That is down from the 1.7 percent and 1.5 percent reported jn the August and July estimates, respectively. The third estimate is based on better data than were available for the August and July estimates.

Growth in gross domestic product for the first quarter was 2 percent. In December and January, many analysts had forecast that GDP growth would fall in the 2.5-3.0 percent range for all of 2012.

The revision came about mostly as a consequence of lower rates of consumer and business spending than the earlier estimates had shown. Residential construction spending was also less than had been estimated previously.

The increase in real GDP in the second quarter primarily reflected positive contributions frompersonal consumption expenditures (PCE), exports, nonresidential fixed investment, and residential fixed investment that were partly offset by negative contributions from private inventory investment and state and local government spending.  Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP in the second quarter primarily reflected decelerations in PCE, in nonresidential fixed investment, and in residential fixed investment that were partly offset by smaller decreases in federal government spending and in state and local government spending and an acceleration in exports.

In a third report released today by the Census Bureau, orders for durable goods in August fell 13.2 percent, far more than the 5 percent a consensus of experts surveyed by Bloomberg had expected. Durable goods are those meant to last at least three years. The sharp drop, the largest in more than three years, followed three months of modest increases. The bureau revised July orders from an increase of 4.1 percent to an increase of 3.3 percent. Among the reasons for the drop was a decline in civilian aircraft orders and decreased orders for motor vehicles and parts, which fell 10.9 percent.

The durable goods report reflected decreased activity in the manufacturing sector of the economy that has been reported in many regions of the United States the past couple of months.

Originally posted to Daily Kos Labor on Thu Sep 27, 2012 at 06:42 AM PDT.

Also republished by Daily Kos Economics and Daily Kos.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Great Unemployment Report! (4+ / 0-)
    Recommended by:
    Roadbed Guy, DaveV, glorificus, thomask

    I wonder if it will get front paged?!?!

    In addition the durable goods report actuallly was pretty good if you take away transportation (boeing stuff). Not bad at all and great news for the president heading into the election!

    •  See my link (2+ / 0-)
      Recommended by:
      grrr, shoeless

      http://www.marketwatch.com/...

      Subtracting transportation, orders fell a much smaller 1.6% in August.

      On the brighter side, an even more critical number, known as core capital goods, rose 1.1% in August after falling 5.2% in July and 2.7% in June.

      Bookings for these goods, which strip out defense and transportation, tend to provide a clearer idea of how well the broad manufacturing sector is doing. The increase might suggest that demand is stabilizing.

      •  There is the punch line in your article (1+ / 0-)
        Recommended by:
        shoeless
        The weaker level of orders reflects a global economic slowdown — U.S. exports to Europe and China have softened — and fresh worries about the U.S. government going off a so-called “fiscal cliff” in 2013.

        Deep spending cuts and big tax increases are slated to take effect Jan. 1 unless a divided Washington acts to change current law. Defense contractors could be hard hit if planned reductions in military spending occur. Read more on what executives say about fiscal cliff.

        I work for a DoD contractor and the fiscal cliff has put major orders that usually come through the pipeline on hold.

        Project Managers don't know what kind of budgets they will have so they order in dribs and drabs just to get by. Manufacturers don't know how many products to build or parts to buy to assemble. It costs them money to have inventory sit on the shelves.

        Most Americans have no idea how big the military manufacturing supply chain is, but it is a very big deal, nor do they appreciate China's hard landing that seems imminent or the impact of the financial chaos in the Eurozone on our GDP.

        It is good that the unemployment filing numbers have dropped... but new  jobs created may be flat lining. We have two jobs reports before the election and two low ones would be disastrous for Obama.

        •  I saw that too. (1+ / 0-)
          Recommended by:
          Flint

          Pretty ominous for next month's job report. Not holding my breath for much improvement... Bracing myself actually. Hopefully it won't be too much of a game changer but knowing politics... Argh, November is too damn far away.

          "If these Republicans can't stand up to Rush, how can they stand up to the Iranians?" - Redmond Barry

          by xsonogall on Thu Sep 27, 2012 at 07:28:57 AM PDT

          [ Parent ]

          •  I think the jobs reports would have to... (5+ / 0-)

            ...be substantially lower than they have been recently to have much impact on the election. People's lowered expectations on that score are "built in," already and nobody is counting on a stellar report. Except for the first two months of the year, the jobs numbers have been weak. Chances are they will fall into the 75,000-125,000 range in October and November. But even if they are 50,000, that, I think, won't have a detrimental impact to Obama's chances. Those might, however, hurt Democrats down-ticket, where some of the big money on the right is now concentrating. They are fighting the long war, just as they have done since 1964.

            Don't tell me what you believe, show me what you do and I will tell you what you believe.

            by Meteor Blades on Thu Sep 27, 2012 at 07:44:09 AM PDT

            [ Parent ]

            •  Merit to your arguments (1+ / 0-)
              Recommended by:
              xsonogall

              But my concern is that the low information voters will react negatively to the jobs reports if they are substantially low. We are all policy wonks at D-Kos and tend to work with certain assumptions based on what we know... but the herd reacts viscerally.

              I pray your are right in your assessment for Obama... but the down ticket picture is worrisome as the battle for congress is as important as the battle for the White House.

              GOP obstructionism has caused the recovery to stall, I agree with Krugman on this. Roubini on the other hand is downright pessimistic because he sees gridlock in congress continuing.

              The long term picture actually looks brighter for  the economy but most people aren't trends analyst and in politics... perception is everything.

              Here is an interesting trend note:

              Re-Made in America: 5M Jobs Are Coming Back, Report Says

              •  low information voters (0+ / 0-)

                pay attention to monthly job reports?

              •  Depends how hard Romney hits Obama (1+ / 0-)
                Recommended by:
                George Hier

                with these numbers in the debates.

                And as far as manufacturing goes.. 5 million sounds nice..  but by 2020?  Tell your average voter things will be better if they just wait 8 years....  that'll go over big.

                And this sounds very pie-in-the-sky considering the global slowdown happening at this point.

                •  and... (1+ / 0-)
                  Recommended by:
                  Flint

                   just who in the hell is going to listen to "Mr 47% don't pay taxes" about those numbers?

                •  Some other stats... (0+ / 0-)

                  1. Manufacturing jobs have begun being added to the economy for the first time since 1998, mostly in the auto and steel industry sectors. That is a simple fact.

                  I expect to hear that factoid in the debates.

                  2. The transportation bill that was delayed for over a year until late July of this year will if the CBO report is correct... produce 1.1 million new jobs.

                  The bad news for the Obama Campaign is that funding for  that won't become available until after the election in 2013.

                  I called the Committee Chairs for Ways and  Means as well as Transportation in the House and verified it.

                  As to...

                  And this sounds very pie-in-the-sky considering the global slowdown happening at this point.
                  Many of the CEO's I've been talking to have been making many of the same points that were referenced in that report, especially about shipping costs and oddly enough the role of natural gas prices.

                  However... it is just one trend report and I tend to look at them all and they all have one phrase in common... "Fiscal Cliff"

                  Factchecker: Romney’s ’12 million jobs’ promise

                  Excerpt:

                  But, in fact, the number is less impressive than it sounds. This pledge amounts to an average of 250,000 jobs a month, a far cry from the 500,000 jobs a month that Romney claimed would be created in a “normal recovery.” In recent months, the economy has averaged about 150,000 jobs a month.

                  The Congressional Budget Office is required to consider the effects of the so-called “fiscal cliff” if a year-end budget deal is not reached, which many experts believe would push the country into a recession. But even with that caveat, the nonpartisan agency assumes 9.6 million jobs will be created in the next four years. (This is a revision downward; CBO had estimated 11 million in January.)

                  But Moody’s Analytics, in an August forecast, predicts 12 million jobs will be created by 2016, no matter who is president. (See page 51.) And Macroeconomic Advisors in April also predicted a gain of 12.3 million jobs.

                  http://www.washingtonpost.com/...

                  I tend to put great stock in Roubini's assessment but like any prognosticator his analysis, although right more than he is wrong, hasn't been perfect either:

                  US Economy Going from Bad to Worse: Roubini

                  Excerpt:

                  Roubini believes the U.S. economy will slow further this year and next as expectations of the “fiscal cliff” keep spending and growth lower — and uncertainty about the outcome of the presidential election dogs markets.

                  The fiscal cliff could knock 4.5 percent off 2013 growth if all tax cuts and transfer payments were allowed to expire and spending cuts where triggered, according to Roubini.

                  “Of course, the drag will be much smaller, as tax increases and spending cuts will be much milder. But, even if the fiscal cliff turns out to be a mild growth bump — a mere 0.5 percent of GDP — and annual growth at the end of the year is just 1.5 percent, as seems likely, the fiscal drag will suffice to slow the economy to stall speed: a growth rate of barely 1 percent,” he wrote.

                  The U.S. consumer, which drives plenty of the global economy as well as the U.S., will not be able to keep spending when $1.4 billion worth of tax cuts and extended transfer payments come to an end according to Roubini.

                  More...
                  http://www.cnbc.com/...

                  Which leads me back to my initial post on the fiscal cliff and its impact as to how it is resolved and impact of the the results of the election.

                  From my perspective it is essential that Obama win from just an economic stand point... the economy needs stimulus and the Romnoid 2012 is only offering "austerity budgets" which have been tried in Greece and all over Europe and are turning the streets flaming battle zones.

                  There is so much riding on the outcome of these elections... it appears we are really at the tip of the fulcrum... the turning point on so many fronts and not just economics.

                  •  meh.. government stimulus has been shown to do (0+ / 0-)

                    very little and affect the economy very short term.

                    His Jobs act was more stimulus, but only about half as big as the 2009 stimulus.  We got very little bounce from the last one.  I hold out no hope a much smaller one will be much more than a blip.

                    We need private sector jobs, not public sector ones.  And the private sector is holding back for a variety of reasons.

                    Gallup: Health Costs, Gov't Regulations Curb Small Business Hiring

                    Among other reasons:

                    nearly half of small-business owners point to potential healthcare costs (48%) and government regulations (46%) as reasons
                    66% in that study were worried about the "current state of the US economy".  It's a vicious circle.

                    President Obama simply asks us to wait.. things will get better.. maybe they will, but maybe they won't.  If we go into a stall (and it looks more and more likely we will with many more quarters of GDP below 2%) , no one will want to hire.

                    I'm not saying Romney will do better, but a recession is not the time to be instituting a bunch of regulatory burdens on businesses.  And when you want businesses to hire, it would do well to get rid of the fiscal cliff hanging over the heads of all Americans.

                    I don't know what your crystal ball shows you that makes you think another 4 years of Obama's policies will help this economy.  Higher taxes on top earners and a big cut in defense spending (which contributes to the GDP ).

    •  Depends on how you look at it . . . (8+ / 0-)

      for example, once we're ALL unemployed, the next week the number of new unemployment claims will drop to zero.

      Yes zero!  Great news, right?

      And this number isn't that great, either:

      For state and emergency federal extended programs, the total number of Americans claiming benefits for the week ending Sept. 8 was 5,173,586, a decrease of 11 from the previous week.
      11 out 5 plus million is something like 0.0002% - IOW just statistical noise.
    •  What. You haven't found the silver lining... (5+ / 0-)

      ...yet in the GDP report?

      As for the Marketwatch story, you missed the lead paragraph:

      Even after subtracting the volatile transportation sector, however, orders were weak. Bookings also fell for machinery, computers and primary metals in another sign that the U.S. manufacturing sector has softened considerably after a more than two-year hot streak.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Thu Sep 27, 2012 at 06:37:01 AM PDT

      [ Parent ]

      •  Still Growing (3+ / 0-)
        Recommended by:
        Supavash, DaveV, bridav58

        even at 1.3%. Using the Washington Post election predictor at 1.3% GDP and 50% approval, President has 84% chance of winning. I'll take it.

        •  As I noted Wednesday in my post (2+ / 0-)
          Recommended by:
          Eric Nelson, PorridgeGun

          ...Bloomberg poll shows Romney's economic 'vision' fails to resonate:

          But the response to another question plays havoc with the Romney campaign's supposed zinger originally posed by Ronald Reagan to taunt Jimmy Carter in 1980, "Are you better off today than when Obama took office?” In fact, 43 percent in the Bloomberg poll say they are better off now, compared with 33 percent who say they are worse off and 23 percent who say things for them are about the same.[...]

          It would take a sharp shift in the situation to change the views reflected in this poll to give Romney an overall edge on economic issues. With less than six weeks left, there is little chance of a major change in the official statistics or in the average person's personal circumstances, both of which have been making steady but excruciatingly slow progress the past two years.

          Don't tell me what you believe, show me what you do and I will tell you what you believe.

          by Meteor Blades on Thu Sep 27, 2012 at 07:22:56 AM PDT

          [ Parent ]

        •  might as well call it a recession.. (0+ / 0-)

          1.3 is growth?

      •  Capital Goods (0+ / 0-)

        The fact is capital goods rising after drops in July and June is an excellent sign.  Airplane and Machine orders will come back, they tend to ebb and flow.

    •  Um this was horrible news today. (2+ / 0-)
      Recommended by:
      George Hier, belzaboo

      "Meanwhile, the Bureau of Economic Analysis reported its third and final estimate of seasonally adjusted gross domestic product on an annualized basis for the second quarter was a weak 1.3 percent. That is down from the 1.7 percent and 1.5 percent reported jn the August and July estimates, respectively."

      A significant number of jobs are not created at 1.3%  gdp growth.

      "In a third report released today by the Census Bureau, orders for durable goods in August fell 13.2 percent, far more than the 5 percent a consensus of experts surveyed by Bloomberg had expected. Durable goods are those meant to last at least three years. The sharp drop, the largest in more than three years, followed three months of modest increases."

      This is horrible news.

  •  This is excellent news.... (2+ / 0-)
    Recommended by:
    humanistique, JeffW

    for John McCain!

  •  I think the downward revisions in GDP (9+ / 0-)

    and durable goods is just a reflection of the state of not just the economy in this country but the GLOBAL economy; China and India's growth slowing, and of course the Eurozone's mess. This is why the Congress needs to its job by dealing with the coming fiscal cliff and they need to pass the American Jobs Act. I wish the President would be mentioning the AJA more often on the stump.

  •  The GDP number is scary. (5+ / 0-)
    Recommended by:
    Supavash, bridav58, JeffW, nextstep, chisel34

    We are slipping into a Japanese style stagnation.  If we don't take back the house, we're going to be in big trouble.

    I don't expect much at all from QE3, as neither does Sheila Blair and others, which means we desperately need an Alt-E targeted big stimulus program.  The Dems are going to be under a lot of pressure to do something, and they better do it right this time.

    •  Yeah, we need another trillion injected. (0+ / 0-)

      For if there is a sin against life, it consists perhaps not so much in despairing of life as in hoping for another life and in eluding the implacable grandeur of this life. - Albert Camus

      by Anne Elk on Thu Sep 27, 2012 at 08:24:06 AM PDT

      [ Parent ]

  •  You had me going there for a minute with that (3+ / 0-)
    Recommended by:
    Supavash, superscalar, nextstep

    headline.

    I sometimes forget that the signal-to-noise ratio at a partisan site like DK tends to slump badly as elections draw near.

    As crappy as the economic news remains, it does seem a little bit less crappy than it was. Still, I can't shake the sense that Democrats are thanking whatever they thank for the gift of Mitt Romney.

    LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

    by dinotrac on Thu Sep 27, 2012 at 06:41:23 AM PDT

  •  And the cries of electioneering from the Rmoney (2+ / 0-)
    Recommended by:
    Supavash, Meteor Blades

    campaign are coming in 3, 2, 1...

    Obviously because a lower rate benefits President Obama because it takes away the club (more like a switch) Rmoney has been trying to use on President Obama, it must be rigged by the Democratic election team.  If it were fair, the claims would be in the 500,000 range, at least until the uncertainty about Mitt's ascension were settled in his favor, at which point the job creators would instantly create 12 million new jobs.  It's true - I heard it on a Rmoney commercial and those are never retracted for being untrue.

  •  Consumers can't afford to buy anything and small (2+ / 0-)
    Recommended by:
    Roadbed Guy, George Hier

    businesses can't hire when banks won't lend.

  •  OT: Bill Moyers has a special report on ALEC (0+ / 0-)

    that was aired this morning on Democracy Now. I hope this piece will go viral. It was eye-opening to me with regards to the extend this corporate funded political organization shapes US states' legislation.

  •  Just imagine where we'd be (6+ / 0-)

    If the republicans had not blocked every jobs bill....

    Obama 2012 http://whatthefuckhasobamadonesofar.com/

    by jiffypop on Thu Sep 27, 2012 at 06:54:49 AM PDT

    •  It's astounding that hasn't been made an issue (1+ / 0-)
      Recommended by:
      George Hier

      in this election. Let's assume the Obama campaign expected Romney to be the Republican nominee, even going back as far as 2010, and knew they had the goods on him and that they would put him away by labor day. Why haven't the White House been running against congress? Both congress and the obstructionists in the senate have killed every jobs bill that's came up for vote.

  •  It's economic whack-a-mole... (6+ / 0-)

    ...and focus upon week UI claims is myopic to the point of being about as meaningless as the BLS' U3 Unemployment/Employment Index. (But, I'm preaching to the choir, even when it's inhibited from singin'. Heh.)

    Meanwhile, GDP is so far south of the requisite job creation rate (which is approximately/around 2.25%+/-) necessary to insure sufficient growth/positive job creation, it's beyond being just a harbinger of what's going to happen AFTER the election. Then again, GDP (in and of itself) is simply another deeply flawed faux measurement of our economy, too. (But, again, I'm preaching to the choir.)

    Speaking of which, I cannot wait for the choir to "return" after the election. Because winning that at least eliminates one of the many excuses why our institutionalized political system continues to support the status quo.

    It's amazing how much amnesia there is, even around here.  So, Democrats win. Then, we'll return to the excuses of 2009-2010: "We don't have 60 votes in the Senate." And, of course, there's a fairly high probability that we won't regain the majority status in the House; which--as many fail to recall, correctly--was something Democrats DID have in 2009-2010.

    I've seen this show before. Haven't you? I guess, compared to the other crap that's being served up for public low-info consumption, it's the lesser of the 1% evils.

    Democrat or Republican, our country's politics are grossly failing its citizens...THAT IS THE REAL STORY OF OUR TIME.

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Thu Sep 27, 2012 at 06:59:18 AM PDT

    •  Predicting again I see.... (1+ / 0-)
      Recommended by:
      askew
      it's beyond being just a harbinger of what's going to happen AFTER the election.
      Is that before or after the mortgage reset tsunami ?

      Obama 2012 http://whatthefuckhasobamadonesofar.com/

      by jiffypop on Thu Sep 27, 2012 at 07:10:24 AM PDT

      [ Parent ]

      •  Your fail is mind-boggling, as usual n/t (0+ / 0-)

        "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

        by bobswern on Thu Sep 27, 2012 at 07:30:43 AM PDT

        [ Parent ]

        •  Really? How so? n/t (1+ / 0-)
          Recommended by:
          askew

          Obama 2012 http://whatthefuckhasobamadonesofar.com/

          by jiffypop on Thu Sep 27, 2012 at 07:33:55 AM PDT

          [ Parent ]

          •  Throwing out baseless ad homs and... (0+ / 0-)

            ...then you ask me to elaborate upon my comment? Again, just more fail. I'll bet if you try harder, you could even be more disingenuous than you already are in this thread. More of the same "lame." Have a nice day.

            "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

            by bobswern on Thu Sep 27, 2012 at 07:37:58 AM PDT

            [ Parent ]

            •  Disingenuous ? (2+ / 0-)
              Recommended by:
              askew, MRDFS

              I'm just making a comment as to your history of making predictions that,well, fail.

              It's not that there is anything wrong with making those predictions but when questioned about their validity you get  dismissive.

              The fail rate on your predictions is awfully high. That is not ad hom.

              Obama 2012 http://whatthefuckhasobamadonesofar.com/

              by jiffypop on Thu Sep 27, 2012 at 08:01:40 AM PDT

              [ Parent ]

    •  Nice rant :) GDP output gap is growing (1+ / 0-)
      Recommended by:
      bobswern

      If we don't close the output gap before the next recession, especially after QE3 fails, we're heading into scary and uncharted waters.

      Yes, the Democrats really fucked up what they should have done in 2009, and we can only hope they've learned a lesson.  But that's all we've got.  We know the Republicans will absolutely crush the middle class and literally take away our right to vote and change things.

      So we have to work hard to get the Dems elected, but the real work will come in pushing them to do the right thing (which many here will not agree on).

      •  Until there's tougher regulatory control of... (4+ / 0-)

        ...both Wall Street and large corporations (especially as it relates taxation), and until sweeping change occurs with regard to how we fund our political campaigns, we'll never get a handle on putting a saddle on these matters. (But, you and many others reading this know that, as well.)

        "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

        by bobswern on Thu Sep 27, 2012 at 07:33:50 AM PDT

        [ Parent ]

  •  Check this out Debbie Downers! (2+ / 0-)
    Recommended by:
    gjohnsit, PorridgeGun

    http://www.bls.gov/...

    Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file.  For National CES employment series, the annual benchmark revisions over the last 10 years have averaged plus or minus three-tenths of one percent of Total nonfarm employment. The preliminary estimate of the benchmark revision indicates an upward adjustment to March 2012 Total nonfarm employment of 386,000 (0.3 percent).

    HOLY CRAP, BLS missed an additional 386,000 jobs last year!!!!! President Obama now has a net positive jobs for his first term, after the biggest recession since the great depression. Well done sir.

  •  I Have Been Seeing How The Seasonal Hiring (0+ / 0-)

    is starting to take effect.  If the employment hiring numbers don't go up for Sept. they should go up in October because that is when people start doing their holiday shopping.  

    "Don't Let Them Catch You With Your Eyes Closed"

    by rssrai on Thu Sep 27, 2012 at 08:05:32 AM PDT

    •  BLS numbers are seasonally adjusted... (0+ / 0-)

      ...to take into account extra hiring in October and November as well as lay-offs in January and February.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Thu Sep 27, 2012 at 01:49:16 PM PDT

      [ Parent ]

  •  Contrast these numbers with Europe though. (1+ / 0-)
    Recommended by:
    TheLizardKing

    I think the EU countries wouldn't mind having our numbers. Also look at the latest UK numbers. Without being able to blame the Euro, Britain's economy shrank another 0.4% over the last year. They now have an unbroken record of economic contraction since the Conservatives came to power, a remarkable testament to the soundness of Keynesian theory, if you pursue a deficit-cutting austerity package in a deflationary recession, this is what you get. If Americans want to get an idea of what a Romney Presidency would do, just take a look at the Campbell government across the pond.

    For if there is a sin against life, it consists perhaps not so much in despairing of life as in hoping for another life and in eluding the implacable grandeur of this life. - Albert Camus

    by Anne Elk on Thu Sep 27, 2012 at 08:23:15 AM PDT

  •  Meteor Blades, don't get me wrong, I'm a fan, but (1+ / 0-)
    Recommended by:
    Meteor Blades

    GDP is not 2%.  You are talking about GDP GROWTH, not GDP.  And nowhere do you clarify that.  For those of us with economic work and degrees this is teethe on chalk board writing.  And, no, it is not legitimate shorthand.

    Romney: Wrong on GM. Wrong on bin Laden. Wrong on tax cuts. Wrong on austerity. Wrong on Medicare. Wrong on the 47%. Wrong for America.

    by SGWM on Thu Sep 27, 2012 at 09:44:54 AM PDT

  •  Too many people are too focused (0+ / 0-)

    on the one-week unemployment number.
       The GDP and Durable Goods numbers are much more important, and much more forward looking.

      Thus they will misunderstand what this article truly means.

    ¡Cállate o despertarás la izquierda! - protest sign in Spain

    by gjohnsit on Thu Sep 27, 2012 at 10:16:23 AM PDT

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site