U.S. stocks drop on disappointing jobs report; Apple down slightly

Apple Online Store“U.S. stocks slid Friday as Wall Street showed disappointment over the government’s July jobs numbers, leading investors to scramble into safer positions,” Kristina Peterson reports for MarketWatch.

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“The Dow Jones Industrial Average (DJIA 10,524, -150.83, -1.41%) fell and risk-averse investors moved into Treasurys, with the yield on the 10-year note touching its lowest level in more than a year,” Peterson reports “The highly anticipated employment snapshot dealt a double blow to wary investors: The U.S. economy lost more jobs than expected last month and even more than previously thought in June. The Labor Department report added to a stream of economic data over the past few weeks that indicate the U.S. recovery continues to weaken, and stoked fears the country could still fall back into a recession.”

Peterson reports, “Compounding worries is that consumer spending, which makes up 70% of economic activity, could further erode in the face of persistently high unemployment rates.”

Read more in the full article here.

Ben Rooney reports for CNNMoney, ” The Labor Department reported that the economy lost 131,000 jobs last month, as the government shed 143,000 temporary workers hired for the decennial census. Economists polled by Briefing.com were expecting 87,000 job losses during the month.”

“The report showed that private sector added 71,000 jobs, less than the 83,000 gain economists were looking for,” Rooney reports. “The unemployment rate was unchanged at 9.5%… Investors were also disappointed by the revision to the losses in June. The report showed that the economy lost 221,000 jobs in June, far more than the 125,000 the government previously reported.”

Rooney reports, “Fannie Mae said it lost $1.2 billion in the second quarter, down significantly from an $11.5 billion loss in the prior quarter. The government-run mortgage finance company said that its financial condition has vastly improved over previous quarters, but it still requested more government assistance.”

Read more in the full article here.

22 Comments

  1. 1. “Common sense tells us that the government’s attempts to solve large problems more often create new ones. Common sense also tells us that a top-down, one-size-fits-all plan will not improve the workings of a nationwide health-care system that accounts for one-sixth of our economy.”

    2. “Washington has got to, across the board, lower taxes for small businesses so that our mom and pops can reinvest and hire people, so that our businesses can thrive.”

    3. “To reduce deficit spending and our enormous debt, you reign in spending. You cut the budget. You don’t take more from the private sector and grow government with it. And that’s exactly what Obama has in mind with this expiration of Bush tax cuts proposal of his. His commitment to let previous tax cuts expire are going to lead to even fewer job opportunities for Americans, because it’s the job creators who will be taxed. The fewer dollars that they have to reinvest in their own businesses and hire more people, the worse it is for all Americans… The Obama administration and the Democrats in Congress — they’re all wet on this idea. It’s idiotic to think about increasing taxes at a time like this.”

    Who said all of the above?

  2. We tried trickle down, we tried spending, we tried everything. Face it, nobodies got a cure all for a crummy economy. Our problem is we killed the middle class in this country.

    Before anybody goes and blames Obama for this mess you can’t get around who created it. Bush. There is no way to sugar coat it and lie about it, you can’t blame Clinton, he left Bush with a TRILLION DOLLAR SURPLUS and Bush blue it all.

    Forget the politics of it, or your hatreds or whatever, simply look it at like this> Joe gave Tom a million dollars, Tom blew it all at some fancy restaurant and when Jack came by to join in, nothing was left but a huge bill that Jack got stuck with while Tom skipped out leaving Jack cleaning the dishes.

    True, Obama is no saint, he’s not perfect and he’s no FDR.

    But he’s the one stuck cleaning up the mess left by the dumbass who screwed us all, Republicans and Democrats.

    I would vote for anybody who actually knew how to fix the economy without making things worse. Short term fixes are not the answer if they will create further problems down the road. The Republicans don’t want the economy to improve, that’s how you get their party elected. They will fight anything that might help things out NOW. The Democrats would do the same if the positions where reversed.

    It’s sickening politics from people that put their own interests before their countries. They are not looking out for you, they are looking out for their themselves.

    TERM LIMITS.

    George Washington:

    … I have already intimated to you the danger of parties in the state, with particular reference to the founding of them on geographical discriminations. Let me now take a more comprehensive view, and warn you in the most solemn manner against the baneful effects of the spirit of party, generally.

    This spirit, unfortunately, is inseparable from our nature, having its root in the strongest passions of the human mind. It exists under different shapes in all governments, more or less stifled, controlled, or repressed; but, in those of the popular form, it is seen in its greatest rankness, and is truly their worst enemy.

    The alternate domination of one faction over another, sharpened by the spirit of revenge, natural to party dissension, which in different ages and countries has perpetrated the most horrid enormities, is itself a frightful despotism. But this leads at length to a more formal and permanent despotism. The disorders and miseries, which result, gradually incline the minds of men to seek security and repose in the absolute power of an individual; and sooner or later the chief of some prevailing faction, more able or more fortunate than his competitors, turns this disposition to the purposes of his own elevation, on the ruins of Public Liberty.

    Without looking forward to an extremity of this kind, (which nevertheless ought not to be entirely out of sight,) the common and continual mischiefs of the spirit of party are sufficient to make it the interest and duty of a wise people to discourage and restrain it.

    Parties will kill this country if they let them. They are their to serve us, not their party. They seem to have forgotten that or simply don’t care.

  3. Maul- trickle down has NOT been tried. Government recklessly spending money on union gifts is NOT trickle down economics. Obama has done nothing to help this situation and everything to amplify it.

    W

  4. What happened to the jobs:

    Globalization of manufacturing since 1965. Globalization of labor since 1990. Conversion to a service economy. Debt overburden since 1980. Debt funded govt programs. Debt funded tax cuts. Debt funded (unnecessary) wars. Debt funded banker welfare. In the meantime, there’ve been overlooked opportunities to deploy new technologies for renewable energy, transportation, and efficient medical treatments, especially stem cell therapies.

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