Posts Tagged ‘jobs’

Why Obama’s new jobs created figures are always revised downward later, never upward

JOHN CRUDELE-NEW YORK POST: It’s confession time for the Department of Labor.

This Thursday at precisely 8:30 a.m., Washington will tell us how wrong it has been in calculating new jobs in this country. And, if recent history is any guide, the number could be large.

Officially, what’s coming is called the Current Employment Statistics Preliminary Benchmark Revision. As you can see, snappy titles aren’t the department’s strong suit — so let’s just call it The Truth.
Here’s what happens:

Each month the Labor Department puts out the number of new jobs it thinks were created by American companies.

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Obama’s economists admit: ‘Stimulus’ has cost $278,000 per job

Plus . . . these were not jobs we needed. They were make-work jobs. Now the Stimulus is causing jobs to be lost.

WEEKLY STANDARD: When the Obama administration releases a report on the Friday before a long weekend, it’s clearly not trying to draw attention to the report’s contents. Sure enough, the “Seventh Quarterly Report” on the economic impact of the “stimulus,” released on Friday, July 1, provides further evidence that President Obama’s economic “stimulus” did very little, if anything, to stimulate the economy, and a whole lot to stimulate the debt.

The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.

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Good News: Every job added since 2000 has been wiped out

MORT ZUCKERMAN: The Great Recession has now earned the dubious right of being compared to the Great Depression. In the face of the most stimulative fiscal and monetary policies in our history, we have experienced the loss of over 7 million jobs, wiping out every job gained since the year 2000. From the moment the Obama administration came into office, there have been no net increases in full-time jobs, only in part-time jobs. This is contrary to all previous recessions. Employers are not recalling the workers they laid off from full-time employment.

The real job losses are greater than the estimate of 7.5 million. They are closer to 10.5 million, as 3 million people have stopped looking for work. Equally troublesome is the lower labor participation rate; some 5 million jobs have vanished from manufacturing, long America’s greatest strength. Just think: Total payrolls today amount to 131 million, but this figure is lower than it was at the beginning of the year 2000, even though our population has grown by nearly 30 million.

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DOUBLE DIP? Private sector added just 38,000 jobs in May – way less than expected

BLOOMBERG: Companies in the U.S. added fewer workers than forecast in May, a sign that job growth is struggling to gain momentum, data from a private report based on payrolls showed today.

Employment increased by 38,000 last month, the smallest increase since September, from a revised 177,000 in April, according to figures from ADP Employer Services. The median estimate in the Bloomberg News survey called for a 175,000 advance for May.

Such gains in employment are insufficient to help the world’s largest economy accelerate after a surge in food and fuel costs earlier this year. Businesses added 207,000 jobs last month after a 268,000 gain in April and the jobless rate dipped to 8.9 percent from 9 percent, economists project a Labor Department report to show in two days.

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McJobs: Economy added 244,00 jobs in April — but 62,000 of those jobs were at McDonald’s

1,000,000 Americans applied for these 62,000 McJobs.

Is this the “hope and change” you were looking for?

ALL GOV: The world’s biggest restaurant chain reported that it received one million applicants for open positions, which resulted in 62,000 people gaining employment. Another 900,000 plus were turned down.

A McDonald’s spokeswoman said the company had planned to hire only 50,000 new employees. But the intense demand prompted it to take on an additional 24% in staff.

75,000 Applied for 2,000 Local McJobs in Chicago

NBC CHICAGO: A McJob looked mighty appealing to tens of thousands of people in the Chicago area.

More than 75,000 job-seekers applied for 2,000 area positions with McDonald’s during the fast food king’s first-ever “National Hiring Day” on April 19.

Applicants packed franchises in Illinois, Southern Wisconsin and Northwest Indiana. McDonald’s filled all 2,000 jobs, including more than 1,000 posts in the Chicago area alone, a McDonald’s spokesperson said.

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1 in 188 of all Florida residents applied for a job a McDonald’s at “Hiring Day” event

4 percent were hired.

In Florida, McDonald’s received more than 100,000 applications from its hiring day event and wound up hiring 4,337 people.

[snip]

In all, 1 in every 188 Florida residents applied for a job at the hamburger giant during its hiring event.

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Layoffs At Pre-Recession Level; Job Openings Down 30%

INVESTORS BUSINESS DAILY: Twenty months after the worst recession in decades, job creation remains anemic, weighing on economic growth and making it even harder for the long-term jobless to find work.

Don’t blame layoffs. They spiked in 2009 but have returned to pre-slump levels, according to Labor Department data. But job openings remain 30% below their level when the downturn hit in December 2007. Gross hiring is down by 843,000 jobs.

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Obamanomics Update: Job openings fall for second straight month

ASSOCIATED PRESS: Employers posted fewer job openings in December, the second straight month of declines. That’s a sign hiring is still weak even as the economy is gaining strength.

The Labor Department said Tuesday that employers advertised nearly 3.1 million jobs that month, a drop of almost 140,000 from November. That’s the lowest total since September.
Openings have risen by more than 700,000 since they bottomed out in July 2009, one month after the recession ended. That’s an increase of 31 percent.

But they are still far below the 4.4 million available jobs that were advertised in December 2007, when the recession began.

The figures follow a mixed jobs report released last week, which showed the unemployment rate fell sharply to 9 percent in January from 9.4 percent the previous month. But it also found that employers added a net total of only 36,000 jobs, far below what’s needed to consistently reduce unemployment.

There are far more unemployed people than there are job openings. Nearly 14.5 million people were out of work in December. As a result, on average there were 4.7 people competing for each available job. That’s below the ratio of 6.3, reached in November 2009, the highest since the department began tracking job openings in 2000.

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