Job Growth Anemic, Markets Stunned

[Reciprocity]

This seems to undercut Bush assertion that the job front is improving.

Fri Aug 6, 2004 04:09 PM ET
By Tim Ahmann

<snip>
"It's a huge disappointment, a big surprise," said Scott Brown, chief economist at Raymond James in St. Petersburg, Fla.
Economists said the data, coming only days before the Federal Reserve's next meeting, showed the economy had yet to regain momentum after a speed bump in June. Expectations on Wall Street had centered on a 228,000-job gain.
<snip>
Analysts said the report spelled trouble for Bush, who is locked in a close battle for the White House with Democratic Sen. John Kerry in which the economy, and job creation in particular, are commanding the spotlight.
<snip>
The jobs report, however, raised doubts over how quickly the economy might bounce back.
Factories added 10,000 workers in July, after cutting 1,000 in June, while construction firms hired just 4,000 new workers. The service side of the economy put in a poor showing as well, creating only 14,000 new jobs.
For more..
http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=5900705

[Beetwasher]

1. So, Why Was Someone Like Me, W/ No Economics Degree

Totally NOT surprised at this?

Idiots...

[trumad]

2. Jeeees... Oil at an all-time high...

Jobs being shipped to Mars.... You're right Beetwasher... Why the fuck anyone's surprised is er surprising...

[DCdem87]

4. i mean really!!

Democrats, including myself, have predicted this stuff for months and all these dumb ass bush loving prick network-economists are soooo surprised. They should be ashamed for believing the bush doctrine that saying something makes it so. They are also fools for believing this fascist fiscal policy had a snowball's chance in hell of working, especially after the '80s. And I'm only 17!!! They must be retarded idiots.

[Beetwasher]

5. Indeed!

You're quite the astute 17yr old!

Welcome to DU!

[shrike]

11. I've always said that the nation's geniuses post at DU

We always seem to outthink the talking heads on every issue.

And welcome to DU, too.

[fizzana]

13. The "economists" all work for large brokerage houses and

investment banks so they're going to be optimistic to the bitter end no matter what or no matter which party is in the White House. I know a few people in the investment world and they're not exactly enamored with Bush these days.

[calimary]

22. Welcome to DU!

GREAT insights. Already! My, my, my, our country is gonna be in good hands when kids like you reach adulthood. This post is MOST gratifying!

[HuckleB]

21. Exactly. At least we know Krugman was right on the money.

That guy knows his stuff.

[Cronus Protagonist]

3. Burger King needs to open more "factories"

So that these numbers don't turn out to be a total lie.

SHOVE IT! - Drop Bush Not Bombs! - Hero Kerry AWOL Bush
http://brainbuttons.com/home.asp?stashid=13

[Medical Speaking]

6. 14,000 Jobs

Where McDonalds, Wall-Mart.
It has been said that these new jobs pay 30%to 40% less than the jobs that are being outsourced. God help us all if this idiot gets 4
more years. Get the word out VOTE

Kerry/Edwards 2004

[joeunderdog]

7. GW does create jobs

...for other countries.

F-s up our tax base, puts people in need of tax-funded resources and gives the competitive advantage to our competition.

Sure. Outsourcing is good for us.

[calimary]

23. Well, I'm sure he's created a few jobs for American grave-diggers.

About 900-and-some, if I'm not mistaken.

[mhr]

8. Look At How Bush Has Destroyed The Dallas, TX Economy!

[leftchick]

10. mhr... That is unfuckingbelievably horrible......

How the hell any rational middle income person, or anyone else not a Millionaire, in Texas could vote for that POS is beyond my reasoning.

[stevedeshazer]

16. It's not Bush's fault.

It's government regulation and taxes and unions and gays and Clinton and liberal media and Jane Fonda and welfare and trial lawyers.

You obviously didn't get the memo! :)

[Mountainman]

25. Yep, the graph dramatically shows that's it's all Clinton's fault yeseree

[Career Prole]

9. True, only 32,000 jobs created is disappointing. On the bright side...

...that's 32,000 jobs JK won't have to create next year! :bounce:

[daleo]

15. If there are 64000 jobs next month,

It will be trumpeted as a 100% increase! Then, if the heady heights of 128,000 are created it will be a 400% increase! And so on.

[Career Prole]

19. And he *still* wouldn't have created enough jobs to even cover

the 150,000 or so he needs per month just to break even with the first-time jobseekers.

[Reciprocity]

12. Looks like this report has an domino effect across the board.

Dollar Takes a Beating After Jobs Report
By Jamie McGeever
Fri Aug 6, 2004 04:28 PM ET

NEW YORK (Reuters) - The dollar slumped across the board on Friday as a far weaker than expected U.S. employment report cast doubt over the health of the economy and the pace at which the Federal Reserve will raise interest rates.
<snip>
U.S. non-farm payrolls added only 32,000 jobs in July and, adding to the surprise, the Labor Department cut its tally of job growth for May and June by 61,000. Markets had expected 228,000 new jobs in July, according to a Reuters poll.However, the unemployment rate, which is based on a different survey that the Fed considers less reliable than the payrolls survey, fell in July to 5.5 percent from 5.6 in June.
<snip>
"Clearly, the outlook is uniformly negative for the dollar," said Michael Woolfolk, senior currency strategist at Bank of New York in New York. "The bond market is starting to question the chances of a rate hike in September."
http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5900825

[Downtown Hound]

14. Who cares?

That whopping $75.00 tax cut I got will keep me living high as a hog until retirement. Who needs good paying jobs, social security, or health care? Thanks to Bush I'm a rich man.

[Jack from Charlotte]

17. The gas price increased has sucked much out of the economy....

How much more in gas are you paying with gas prices going from just over 1.15 per gallon to today's $1.80 (in Charlotte)?

If your family is paying $20 to $60 more per month for gas some other business is not getting that money.

I'd loved to see an analysis with the Bush tax cuts weighted against these gas price increases. See if the tax cut amount exceeds the gas price increase amount.

[calimary]

24. It's $2.39/gallon at its cheapest, in L.A. - at least what I've found.

[fob]

18. Why doesn't bush* support the troops? When these guys/gals

return don't they deserve WELL-PAYING JOBS? Why does bush* hate America?

[HuckleB]

20. How is this a big surprise?

There were no indications that anyone was hiring in July, meanwhile stocks were hurting, crude futures were going through the roof, people weren't spending. Umm. Why would anyone be surprised by this?

Ridiculous. This is exactly what I expected, having noted the rest of the picture, and the slowdown in jobs in June.

How do these people get their jobs again? I don't get it.