US Has To Create 250K Jobs A Month For 66 Months To Return To December 2007 Unemployment By End Of Obama’s Second Term
Great news today: Unemployment rose to 9.1% and now take a look at this chart via zerohedge.com:
“The simple math indicates that for the US to return to its December 2007 unemployment, when factoring in the natural growth of the labor force of 90k people a month, the economy will need to add 250k jobs a month for the next 66 months or until the end of Obama’s second term (please no!).”
Private firms added just 83,000 jobs last month, the fewest in 11 months. Nonfarm jobs rose by a net 54,000. And on Friday, the major indexes all dropped and ended down for the week, as the S&P 500 extended its losing streak to 5 straight weeks. Add to that the fact that China just dumped 97% of its U.S. Treasury holdings.
Hows that “hopeandchange” working for you now?
So how’s that “hopeandchange” working for you? The private sector job growth in May rose only 38,o0o, and the Dow Jones sank more than 200 points on Wednesday as investors and employers worry about this so-called “economic recovery”.
Peter Yastrow, market strategist for Yastrow Origer, told CNBC that “Wall Street is having a hard time figuring out what to do now that the U.S. economy appears to be sputtering and yields are so low.”
“What we’ve got right now is almost near panic going on with money managers and people who are responsible for money,” he said. “They can not find a yield and you just don’t want to be putting your money into commodities or things that are punts that might work out or they might not depending on what happens with the economy.”
“Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything,” Yastrow said. “We’re on the verge of a great, great depression. The [Federal Reserve] knows it.”
We are facing a double-dip recession, falling home prices, the fact that the government will lose $14B on auto bailout funds, and a record $14.4T in in US national debt. Then I saw this bumpersticker on a car tonight:
No wonder we are in a panic!
Last month Tom in NC blogged about the “sticky note campaign” where people are leaving notes around town with various sayings, including “how’s that hopeandchange” working? Tom reported:
The Sticky Note Campaign is making deliveries in Georgia Supermarkets now. Super-Charged with Conservative ideals REAL Americans all over the country and even an awakened Democrat or two are now participating in this grass roots initiative. It’s not a partisan issue either, no one can afford these rising prices at the gas pump or the grocery store.
Have you been leaving sticky notes? I’ve left them at Safeway and the gas station. See my pics below:
Let’s keep the sticky note campaign alive!
How's that "hopeandchange" working out?
From Oregon (and the Associated Press), a state (and “journalist outfit”) known to be 99.99% democrat:
Oregon unemployment rate hits lowest level since 2008
Wow! Good news! Time to celebrate – woo hoo! Well, if you are not part of the 9.6% (or those no longer counted) unemployed:
The unemployment rate in Oregon has finally fallen below the double-digit mark. The Oregon Employment Department said Tuesday the seasonally adjusted jobless rate fell to 9.6 percent in April, the lowest rate since 9.2 percent in December 2008.
The rate had been hovering in the mid-10 percent range for about a year after hitting a high of 11.6 percent in June 2009. In April, the state added 1,600 jobs after a net loss of 2,000 jobs in March.
Governor John Kitzhaber
(Democrat who is a career politician
), said on Tuesday that the dip in unemployment and creation of about 16,000 jobs since he took office means Oregon’s economy is recovering
He said when you look at the past year, Oregon ranks seventh in the nation for fastest job growth. Manufacturing showed strength by adding 700 jobs in April when a loss of 500 is typical for the month, while the leisure and hospitality sector gained 4,600 jobs when 1,600 is typical.
The growth this year has been all thanks to private sector jobs. Since December, Oregon has lost 1,600 government jobs. The state also revised the March jobless figure down slightly from 10 percent to 9.9 percent.
So let me get this straight: 1) The growth is “all thanks to private sector jobs” (sorry Obama and Biden) and 2) An unemployment rate that dropped .01% is an indication of a “recovery”? Wow, this math is amazing! Something I never learned! I hope this 9.9% or 9.6% or even 9.2% continues…because that is “hopeandchange” we can all believe in!