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Unemployment back on the way down

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Not by much but its headed down.... yeah I know it would only mean something if it went up...rolleyes.gif

 

NEW YORK — Stock futures are sharply higher after a new report showed July job losses were less than anticipated and the unemployment rate unexpectedly dipped.

 

In the latest sign the economy could be recovering faster than expected, the Labor Department says companies shed 247,000 jobs in July. Economists had expected 320,000 job cuts.

 

The unemployment rate dropped to 9.4 percent from 9.5 percent in June. Economists forecast the rate would rise to 9.6 percent.

 

Dow Jones industrial average futures are up 61, or 0.7 percent, at 9,290. Standard & Poor's 500 index futures are up 8.30, or 0.8 percent, at 1,003.20, while Nasdaq 100 index futures are up 16.50, or 1 percent, at 1,617.75.

 

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

 

NEW YORK (AP) — Stock futures were moderately lower Friday ahead of a key report on the nation's employment.

 

Overseas, European markets fell modestly, while Asian markets were mixed ahead of the reading on jobs in the world's largest economy.

 

In the U.S., the Labor Department's report is expected to show job losses moderated in July as the worst recession since World War II eases. The slowdown in job cuts comes as companies are likely done with their largest cost-cutting initiatives that have helped offset declining sales and revenues.

 

Stocks had been rallying for most of the past five months as investors have been encouraged by signs the ongoing recession is winding down. Market gains have slowed in recent days leading up to the employment report as investors try to determine how far the economy has bounced back from its bottom.

 

The data is expected to say job losses slowed in July to a pace of around 320,000. Employers shed 467,000 jobs in June.

 

The unemployment rate is expected to rise to 9.6 percent from 9.5 percent in June. It is widely anticipated the unemployment rate, which tends to lag a recovery in the economy, will eventually eclipse 10 percent. Employers typically do not start adding jobs until they are fully confident an economic recovery will last.

 

The report is due out at 8:30 a.m. EDT.

 

Ahead of the report, Dow Jones industrial average futures fell 24, or 0.3 percent, to 9,205. Standard & Poor's 500 index futures declined 2.10, or 0.2 percent, to 992.80, while Nasdaq 100 index futures dropped 2.75, or 0.2 percent, to 1,598.50.

 

In corporate news, embattled insurer American International Group Inc. posted its first quarterly profit since 2007. The insurance giant, which is now majority owned by the government, reported a profit of $1.82 billion in the second quarter as some of its businesses stabilized.

 

The government has provided AIG with a loan package worth up to $182.5 billion and received an 80 percent stake in the firm after bailing it out at the peak of the credit crisis last fall.

 

Its shares jumped 71 cents, or 3.2 percent, to $23.24 in premarket trading.

 

Investors were tentative on Thursday ahead of the monthly unemployment report. The Dow fell 25 points and other major indexes posted modest declines. The market has put the latest leg of its rally on hold this week after the Dow surged more than 13 percent over the previous four weeks on a bevy better-than-expected earnings reports.

 

Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, was flat at 3.76 percent compared with late Thursday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.18 percent from 0.16 percent late Thursday.

 

The dollar was mostly higher against other major currencies, while gold prices fell.

 

Overseas, Japan's Nikkei stock average rose 0.2 percent. In afternoon trading, Britain's FTSE 100 declined 1.2 percent, Germany's DAX index fell 0.6 percent, and France's CAC-40 dropped 0.8 percent.

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moreover, with revisions of months past it appears obama saved nearly 200,000 jobs.smile.gificon14.gif

 

Well how much is because of Obama is tough to tell. Im not ready to give anyone props yet, besides us the people highfive.gif

 

 

The recession is on the way out though highfive.gif

 

 

Now lets hope we survive the recovery cwm31.gif

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View PostThe recession is on the way out though highfive.gif

 

No, it's not, and I hardly consider losing 247,000 jobs while slightly more people stopped actively looking for employment a decrease in unemployment - a quarter of a million more people don't have jobs - regardless of the "unemployment rate."

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Technically if we have GDP growth this quarter the recession will be over. And most say we will have GDP growth this quarter. SO my statement is completely true.

 

As is my statement of saying I hope we survive the recovery...

 

Oh and yeah nothing counts or means anythig unless it shows things getting worse...cwm27.gif

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View Post...most say we will have GDP growth this quarter. SO my statement is completely true.

 

You're statement is true because "most" people make a similar prediction?

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View PostYou're statement is true because "most" people make a similar prediction?

 

Yep. But we can wait till the numbers come out.

 

 

But its lookin damn good it goin to happen highfive.gif

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View PostYep. But we can wait till the numbers come out.

 

 

But its lookin damn good it goin to happen highfive.gif

 

Gee, I wonder what 'happens' every year in August, that make 'unemployment' numbers 'look' like they are 'improving'? Care to take a 'shot' at it?????

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Friday, August 07, 2009

blog_dotted_divider.gif

BARACK OBAMA

So What's the Real Unemployment Rate?

Hmm. In June, the Bureau of Labor Statistics said the civilian labor force was 154,926,000 people.

In July, 796,000 of those were taken out of their definition of the workforce, and thus their unemployment calculations for this month, because they have stopped looking for work "because they believe no jobs are available for them." Ten percent of the June workforce would be 15.4 million, 1 percent would be 1.5 million, and so 796,000 is roughly one half of one percent.

In other words, BLS took .5 percent of what you and I would consider unemployed and took them out of their total. And with that, unemployment went down one tenth of one percent.

Of course, if you take the July number of unemployed, 14.5 million, and add that 796,000 of discouraged workers, you get a total of 15,296,000.

In a work force of July's number of 154,504,000, that's an unemployment rate of 9.9 percent.

In a work for of June's number of 154,926,000, that's an unemployment rate of 9.8 percent.

UPDATE: Apparently we're in the Economy of the Beast, with 6.66 million lost jobs over 19 months of contraction.

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View PostGee, I wonder what 'happens' every year in August, that make 'unemployment' numbers 'look' like they are 'improving'? Care to take a 'shot' at it?????

 

Not sure, but didnt the rate went up last year July to Aug?

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