So, Mitt Romney thinks he is unemployed too

The New York Times: TAMPA, Fla. — Mitt Romney sat at the head of the table at a coffee shop here on Thursday, listening to a group of unemployed Floridians explain the challenges of looking for work. When they finished, he weighed in with a predicament of his own.

“I should tell my story,” Mr. Romney said. “I’m also unemployed.

He chuckled. The eight people gathered around him, who had just finished talking about strategies of finding employment in a slow-to-recover economy, joined him in laughter.

“Are you on LinkedIn?” one of the men asked.

“I’m networking,” Mr. Romney replied. “I have my sight on a particular job.” [MORE]

HA-HA, very funny, we get. But you know what? This type of joke leaves the same bad taste in the mouth as Obama's shovel ready joke. Everyone on the planet knows that Romney's heart aches for the job of POTUS. Everyone also knows that Romney is a very rich man and unemployment for him isn't quite  the same affair as the average Joe. Joking about unemployment, jobs and the economy at a time like this always takes away from the real struggle real people are facing.

If I were Mitt, I would start doing a little more listening at these coffee stops and fine tune that tin ear of his. Otherwise Mitt will find himself giving Obama the perfect soundbite he is looking for.

Via: Memeorandum
Via: The New York Times

Attack of The Machines: Obama blames ATMs for high unemployment

Visit msnbc.com for breaking news, world news, and news about the economy

Fox Nation: President Obama explained to NBC News that the reason companies aren't hiring is not because of his policies, it's because the economy is so automated. ... "There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM, you don't go to a bank teller, or you go to the airport and you're using a kiosk instead of checking in at the gate."

First of all, ATMs replaced tellers like 20 years ago, so it is complete BS to say it is a factor of today's high unemployment. Second of all, isn't this the same guy who is saying we need to invest (i.e. waste more borrowed money) on new technology in order to "Win The Future" (WTF)? Did he think about what will happen to all those gas station attendants if his electric car wet dream comes true? Let me guess, he will just have a nice laugh about how Green Jobs weren't so green after all.

Get the hook, this clown is done.

Via: Memeorandum
Via: Fox Nation

Here we go again with the "unexpected" jobless claims theme

Bloomberg: U.S. initial jobless claims unexpectedly rose last week, a sign that the labor market is struggling to gain traction.

Jobless claims increased by 1,000 to 427,000 in the week ended June 4, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected a drop in claims to 419,000, according to the median forecast. The number of people on unemployment benefit rolls and those receiving extended payments decreased.

Some employers are cutting staff as demand slows because of elevated energy prices, falling house prices and tight credit. The economy generated the fewest jobs in May in eight months and theunemployment rate rose, a report showed last week.

“The labor market is obviously struggling,” Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York, said before the report. “I expect claims to stabilize and eventually come down.”

It was the ninth consecutive week that claims were above 400,000. They reached a two-year low of 375,000 in February.

The median forecast was based on a survey of 49 economists. Estimates ranged from 400,000 to 430,000. The Labor Department revised the prior week’s figure to 426,000 from the 422,000 initially reported.

Payrolls grew by 54,000 workers last month after increasing by 232,000 in April, Labor Department data showed last week. The jobless rate rose to 9.1 percent from 9 percent.

Once the Obama administration is nothing more than a bad aftertaste in America's mouth, I will welcome the day when we no longer hear the word "unexpected". Whenever this administration gets bad economic news, the media uses the word "unexpected" to cover for Obama's failed policies.

What I do not understand about this strategy is that it goes against the media's well crafted meme that Obama is an intellectual heavyweight. How can such a "brilliant" president constantly be caught off guard with so much "unexpected" bad news.

The truth is there is no speed-bump in the road to recovery, there is a very solid brick wall and it is called Obama.

Via: Memeorandum
Via: Bloomberg

Via: The Washington Times

And they call this "economic recovery"?

America's economic outlook is looking extra bleak these days. This week we have seen some disappointing and in some cases quite alarming news. Let's run down the list, shall we?

In addition to rising gas and food prices, we can now add the following:

• Unemployment back up to 9.1%.

• An anemic 54,000 jobs created last month.

• Moody's again looking at downgrading out credit rating.

• China divest 97% of its holdings of US Treasury bills.

• The Feds are actually contemplating QE3.

To make matters worse, we have a president who is in love with stale old leftist polices from the 1970's who sees all this economic turmoil as a mere "bump in the road" to recovery. In short, we are screwed.

As far as the 2012 elections go, Obama's reelection does not hinge on who the Republicans field. Rather his reelection hinges on a game of beat the clock. Economic poop is about to hit the proverbial fan. The question for Obama is will it happen before November 2012?

God help us!

Via: The Washington Times
Via: Reuters
Via: Associated Press
Via: CNSNews
Via: The Guardian
Via: The Telegraph

The Real Story of the Day: Ben Bernanke - Slower growth, more inflation

Being the cynic that I am, I think Obama finally caved on the birth certificate issue to cover up this major piece of bad news.

CNBC: In his first regular news conference, Federal Reserve Chairman Ben Bernanke said the central bank was continuing its stimulus policy because it was projecting slower growth in the economy with only a modest uptick in inflation.

The Fed cut its growth estimate for 2011 to between 3.1 percent and 3.3 percent from a January forecast of 3.4 percent to 3.9 percent.

The Fed also raised its estimate of inflation this year to a range of 2.1 percent to 2.8 percent, taking into account a recent surge in oil prices. However, it bumped its core inflation forecasts only marginally to a 1.3 percent to 1.6 percent range.

As for unemployment, it lowered its forecast but said it would stay elevated over its three-year forecast period. For 2011, the Fed said it expects the unemployment rate to land in a 8.4-8.7 percent range, better than a range of 8.8-9.0 percent forecast in January. [MORE]

So basically we can look forward to unemployment staying at these level and finally the Fed admits to what we have long known, inflation is here. Bernanke did not take responsibility for fueling inflation with Quantitative Easing (Q.E. 1 & 2).

Bernanke said the Fed would continue with bond buying (buying our own debt).

The statement marked the conclusion — at least for now — of the massive expansion of the Fed's balance sheet that helped pull the economy out of its deep recession.

"On policy, the statement confirms that (the bond buying) is over but otherwise leaves everything on the table subject to regular review 'in light of incoming information,'" said Stephen Stanley, chief economist at Pierpont Securities.

Still, the central bank said it would continue to reinvest proceeds from maturing securities it holds to keep its economic support in place, ensuring it would remain a big buyer in debt markets.

Search across the net and you will have to do some digging to find any real discussion on this matter, even though Bernanke's first press conference was getting a lot of attention days before. You can thanks the birthers and Trump for moving this story to the back pages. Too bad, because this is the real type of issue that will defeat Obama in 2012.

Below are videos from Bernanke's Q and A.

Via: The Blaze
Via: CNBC

John Boehner on Federal Worker job loss: "So be it"

Washington Wire [emphasis mine]: House Speaker John Boehner expressed little sympathy Tuesday for federal workers who lose their jobs as the result of Republican budget cutting.

“In the last two years, under President Obama, the federal government has added 200,000 new federal jobs,” Mr. Boehner told reporters Tuesday morning during a press conference in the lobby of the Republican National Committee, according to various news outlets. “If some of those jobs are lost, so be it. We’re broke.”

Republicans in the House are considering legislation on the floor this week that seeks to slash $62 billion from the federal budget by the end of September. Those reductions – which face significant resistance in the Democratically controlled Senate – would result in drastic reductions at just about every federal agency.

Republicans campaigned on the promise to cut federal spending in the run-up to the 2010 election. That pledge, if enacted, will inevitably result in job losses at the federal and state level. But Mr. Boehner’s “so be it” line marks a coarse reversal from his more sympathetic “Where are the jobs?” mantra from the last election.

The associations that represent government workers are scrambling to minimize the pain as cost-cutting takes hold in Washington.

Ah, but there is a huge difference between private sector jobs and government jobs.  Private sector jobs are paid for by the wealth that is created from free enterprise.  Government jobs are paid for taxpayers and those taxpayers have been taking a beating with forclosures, unemployment and rising prices.  Government employee salaries at this point is just another burden on their backs.

So while no one wants to see anyone lose a job, government jobs at this point come at a very painful price.

Via: Memeorandum

Via: Washington Wire

Dig that crazy math: Unemployment drops to 9%, only 36,000 jobs created

Only government could devise a way to count the unemployed so that despite there being virtually no new jobs created, the unemployment rate still declines.


That is exactly what appears to have happened during the month of January.

Bloomberg:  The U.S. jobless rate unexpectedly fell in January to the lowest level in 21 months, while payroll growth was depressed by winter storms.

Unemployment declined to 9 percent from December’s 9.4 percent, the Labor Department said today in Washington. Employers added 36,000 workers, short of the 146,000 median gain projected by economists in a Bloomberg News survey. [MORE]

So how can the unemployment rate decline so sharply with almost no new jobs being created? Simple, the government stops counting people as unemployed once they give up looking for work, as well as when they actually find work.

Ed Morrissey at Hot Air provides us with clues as to what is really going on behind the numbers.

Frankly, this doesn’t make a lot of sense. If only 36,000 jobs were added and 600,000 people stopped being unemployed, then the labor force should show a significant contraction. The lower overall rate makes sense if 600,000 people left the workforce, but not if the workforce remained the same. Otherwise, we’d have to conclude that 36,000 jobs represents 0.4% of all employment in the US.

Looking at the A-6 table, which compares numbers January 2010 to January 2011 (not seasonally adjusted), we can see that the unemployment rate for those without disabilities has dropped from 10.4% to 9.7%. The number of non-disabled adults outside the work force has grown substantially in that period, from 62.8 million to 64.7 million. That far outstrips population growth and indicates that people are still leaving the work force in large numbers. In the A-16 table for the same period (not seasonally adjusted), the number of people outside the workforce has grown from 83.9 million to 86.2 million, again showing a large increase.

The topline rate number looks better, but it also looks increasingly irrelevant. The Department of Labor shows that the average monthly growth of jobs over the last 12 months has been 97,000, not enough to keep up with population growth. That’s the key measure, and it’s simply not getting any better, nor any more consistent. [MORE]

The administration will no doubt tout the decline (even if it is crazy math).  The danger for the administration is that risk appearing very out of touch. This is because unemployment is a real thing that can be quite painfully felt and pointing to a bunch of facts and figures won't make that pain go away.

Via: Memeorandum

Via: Bloomberg

Via: Hot Air

More “Unexpected” Unemployment Claims

I don’t know about you, but I have grown very tired of the word “unexpected”. I am especially tired of hearing that word in conjunction with “unemployment”! Just last week unemployment claims “unexpectedly” topped 484k and now this: 

CNBC: New U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, yet another setback to the frail economic recovery.

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said on Thursday.

Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000 in Thursday's report. [MORE]

Michelle Malkin says that the use of the word “unexpected” has now reached the point of parody.  Sorry, Michelle, it has gone way beyond that to the point of being a cruel joke.

Via: Memeorandum

Via: CNBC

Via: Michelle Malkin

Recovery Summer my foot! New unemployment claims jumps to 484k

When you look at this story and the last one about deficit spending, you get the feeling the wheels are really coming off America. No wonder almost two thirds of Americans think we have not hit bottom yet. 

WASHINGTON (AP) — The employment picture is looking bleaker as applications for jobless benefits rose last week to the highest level in almost six months.

It’s a sign that hiring is weak and employers are still cutting their staffs.

First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. Analysts had expected a drop. That’s the highest total since February.

Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January. The four-week average, which smooths volatility, soared by 14,250 to 473,500, also the highest since late February.

Analysts said that the unexpected rise in claims suggests hiring in August won’t be much better than July. The economy added a net 12,000 jobs last month after excluding the loss of temporary census positions.

The jobless claims report “represents a very adverse turn in the labor market, threatening income growth and consumer spending,” Pierre Ellis, an economist at Decision Economics, wrote in a note to clients.

Recovery Summer is looking more like a Cruel Summer. Cue Bananarama.

Via: Memeorandum

Via: Associate Press

Via: The Wall Street Journal

Via: Politico 

Unemployment rises to 9.9% even though 290,000 jobs were added

This is a pretty amazing feat. America’s job market picked up 290,000 jobs, yet the unemployment rate still rose to 9.9%. 

Washington Post: U.S. employers added 290,000 jobs in April, blowing past analysts’ expectations and giving a potential indication that the labor market is strengthening.

That figure was boosted by temporary hiring for the 2010 Census, but there were also jobs added in the private sector, according to Labor Department data released Friday.

Analysts had expected the report to show that the country added 162,000 jobs.

So how is this possible?  This situation comes about because for too long we have been ignoring the underemployment rate. Those people who have given up looking or who are working part time when they really need fully time work are still out there.  As more real jobs become available, the underemployed are there to snap them up.

Buried in today’s job report is the fact that the underemployed number isn't budging:

The Wall Street Journal: The comprehensive gauge of labor underutilization, known as the “U-6? for its data classification by the Labor Department, accounts for people who have stopped looking for work or who can’t find full-time jobs. Though the rate is still 0.3 percentage point below its high of 17.4% in October, its continuing divergence from the official number (the “U-3? unemployment measure) indicates the job market has a long way to go before growth in the economy translates into relief for workers.

America’s private sector cannot produce enough jobs under a climate of higher taxation and heavy regulation. Until this administration chooses to stop making so many demands on the private sector, don’t expect the unemployment rate to significantly move away from 10%.

Via: Memeorandum

Via: The Washington Post

Via: The Wall Street Journal