“The US economy created no jobs and the unemployment rate held steadily higher at 9.1 percent in August, fueling concerns that the US is heading for another recession,” Jeff Cox reports for CNBC.
“It was the first time since World War II that the economy had a net zero jobs created for a month,” Cox reports. “Markets had been closely watching the August report in hopes that the employment picture would begin to show signs of recovery.”
Cox reports, “Stocks have slumped more than 10 percent since the beginning of May as concerns grew that the debt and deficit problem was beginning to overwhelm hopes of a recovery following the depths of the financial crisis in 2008 and 2009.”
MacDailyNews Note: Shares of Apple Inc. (AAPL) are currently down $5.96, or -1.56% to $375.07. The NASDAQ Composite (IXIC) is down 43.31 (-1.70%) to 2,502.73.
“Stocks sold off sharply following the report, while bond prices rose and the US dollar fell nearly 2 percent against the Swiss franc,” Cox reports. “The unemployment rate that counts those not looking for work rose to 16.2 percent, tied for the highest in 2011… Among the more disturbing numbers: the amount of people “marginally attached to the labor force” rose to 2.6 million from 2.4 million. These are workers not included in the unemployment count because they had not sought work in the past four weeks but have looked in the past year.”
Read more in the full article here.
[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]
Bush’ fault.
I’ll second that!
Third!
Bwahahahaha!
What we really need is another nice speech from Obama. That seems to do oh so much for the chronically unemployed.
All talk and no action makes for a one-termer.
2010: Mission Accomplished. 2012: Oh, boy, I can’t wait!!!
You’re right! We need more tax cuts for the “job creators”. It’s been working so well.
To be accurate, Bush was just a drunken sod of a puppet for the real perpetrators:
The Neo-Conservatives. And yes, the ‘Tea Party’ is another puppet of the Neo-Conservatives.
Note that I am NOT slamming ACTUAL Conservatives, whom I respect. It’s the Neo-Conservatives who belong in jail for their traitorous activities. Note that I did say traitorous. Now send out your troll army to attempt to justify your screwups and deceit, you scumbag blithering idiots.
100% right.
It really makes conservatives angry when you tell them that they’re in fact neo-liberals. (look it up)
Ignorant. The Neo-conservatives (big government conservatives who believe in a strong foreign policy to the point of imposing American “values” on other countries like Iraq) and Tea Partiers (isolationist, libertarians with strong xenophobic and racist streaks) are about opposite one another as you can get in the Republican Party.
It’s the collective fault of Americans. Americans are gluttonous, wasteful and nonchalantly lax to the machinations of the politicians for destroying its own and the world resources.
Is this surprising? Tax, condem, and complain- our government. Then they have the nerve to say only the government can fix this. Yet, they ask the businesses to hire and the middle to rich to accept an ever growing fee, surcharge and tax increases.
They really expect these to spend? Yea, try that at home and see what happens.
@NCG598
Almost looks intentional, huh?
Yup, same where ever it is applied.
Just imagine how bad things would be if our taxes weren’t currently lower then they’ve been in decades.
I for one would have more to spend for me and less money for any particular party to grease there voting block by excessive waste and duplicated beaurcarcy.
Imagine if the government was audited by us and told to cut the waste- how many hundreds of billions less would be required in taxes?
Rising taxes with gross spending negligence a good idea? Tried that at home lately?
Very droll. The only problem with that is this:
The people who are keeping more of ‘their own money’ (“the rich”, i.e., not you or me or anyone we know) aren’t spending it on the economy. They’re tying it up in capital investments and keeping it at the top of the economy. It’s not trickling down. So bully for you, brave American Consumer, you Rugged Individualist, you. You’ve bought the tax myth and ate it hungrily. Enjoy. And be sure to vote Republican. They’re looking out for you.
How droil.
Too many people feel the answer is the wealthy should pay for everything, I totally agree. We wealthy American should be willing to live with out our new cars, food that has so many calories that our arse get fat while other starve. We should devote more to the poor of the world instead of living in this paradise of wealth where even our poor have few worries coated to the starving kids digging through harabade to live.
You are so right, the wealthy, all Americans, should pay far more!
Oh wait, I bet you believe you are not wealthy?! Maybe are. car is a few years old as others on the planet have none or for that matter food to eat. Before you beside yourself maybe you should PAY more because you owe.
Oh and try to vote fore the liberals that decides to take food and convert it to fuel and cause food prices to soar. How about the party that is going to give illegals public tax money and grants will the citizens fend for themselves- the other party sure does not to clean up ther act too.
I do not believe either party- appeared you drink some serious kool aid.
🙂 peace!
Thought this was an Apple site.
You have a point. But MDN frequently flame bait political arguments. Note MDN’s frequent Rush Bimbaugh posts, including this past week. The idea is to rile up the natives and start a flame war, resulting in mega comment posting. It’s not exactly ethical, but it can be fun and profitable.
In all the eulogies I’ve seen several writers say that Steve Jobs would do a very efficient job as Prez. Can you imagine his management powers reshaping the USA to success? Steve probably has zero interest in being Prez but it’s nice to see ppl finally recognizing his brilliant unique talents. I would certainly vote for Steve Jobs for Prez. *sigh*
Imagine Steve Jobs looking out at nothing except clones of Micheal Dell, Bill Gates, and Steve Ballmers.
I would like to think of the 1984 commercial on that image.
Steve at least understands that one invests with the expectation of returns on those investments. And he’s very careful where he invests. Not this government. Consider:
About a year ago the government pushed through $535 million in government loan guarantees for a solar panel manufacturer in California (whose owner happens to be a major Obama bundler). A year later, that company – Solyndra – filed for Chapter 11 bankruptcy protection, a thousand workers lost their jobs, and the government’s on the hook for the loan. There are over $30 billion in other such loans to promote “green jobs”, many of them in similar straits.
I’ve got a radical idea for those kooks in government. How about taxing less and speeding less instead of pouring dollars into entitlement programs.
How about bloviating more loudly and typing more pithy, meaningless sentences of truthy nonsense full of paranoid buzzwords?
Why, Chrissy, your high truthiness index is showing…
Give it a rest.
They can drop the tax rate on corporations all they want, it’s still not going to get them hiring in the US. Corporations are raking in record profits, and they still aren’t hiring. Why? The jobs have moved on overseas and they aren’t coming back.
Actually as the dollar weakens more it can have a add job benefit. Cost more to operate overseas since the dollar can buy less. Then labor cost can be somewhat offset here and hiring can be generated. Even foreign companies can find labor here a better deal, depending on various factors.
But, yes- a weak dollar is not always a bad thing. Even bad has good.
Im aware of the benefits of the falling dollar. One of my clients is getting killed importing from Europe because of the Euro’s gain vs the dollar over the last decade.
But it still doesn’t address the fact that US companies are making record profits and not hiring.
Agree
e.g. Apple decides to open a US factory to employee 2000 people. Fist they have to pay $5000 or so a year per employee or so for health care.insurance or pay a “guvment”. Then they have to worry about how many employees show up on a given day. How to find 2000 “iPhone assemblers” , they have to deal with TSA on making sure they don’t hire illegal aliens, etc. Once they are all set up, the union comes in and wants to unionize the employees. Why would they bother.
Apple just adds to employment by opening new stores and employing sales people without the headaches of a massive factory.
Yea, but would Americans accept lower wages?
Thanks, Obama. Change. Ha.
It doesn’t matter what end of the 1 dimensional political spectrum you come from. You have to agree. Obama has turned out to be an incredible wimp to the self-destructive status quo.
It’s a shame he turned out to be a Republican after all.
Well, if Apple would build a couple factories in the US for their high margin items (almost all), it might actually make a 0.1% dip. I love Apple, but shouldn’t we hold their feet to the fire more about this issue?
Are you ready to pay twice as much for a MacBook Pro?
Wait, is this Marketwatch.com or Mac Daily News?
Oh that’s right, they want to stir the pot and get all the political trolls out for page hits.
Ah, stirring the pot … yawn. Mac news? Anyone?
Like it or not, the U.S. economy is germane to Apple Inc.
“The (expletive deleted) Germans don’t have nothin’ to do with this” – Sheriff Buford T. Justice of Texas (1977)
MDN:
Please stay away from economic topics. Other sites do it better, and when you do it, all that happens is the trolls come out from under their bridges.
The Liberals/Democrats/Progressives flip out over economic articles (written by CNBC, by the way, not MDN) because they know that with an economy in the crapper, Obama won’t be around to wreck the USA for four more years. Why they hate the greatest country the world has ever known is beyond even Me, but there you have it.
You’re right about one thing. Something being ‘beyond you’. I think most concepts and ideas are beyond you.
MOre tax cuts for “job creators?”
Funny how all the tea baggers blame Obama when their poliical ideology claims the government cannot create jobs.
The problem is the uncertainty Obama has introduced. He was a blank slate when elected and the more the job creators see from him — the Obamacare debacle alone would kill this country if allowed to run its course — the less inclined the job creators are to do anything more than hunker down and wait him out.
Not much longer now.
Are you really that simple, or are you just trolling for responses?
Government jobs are created from tax and borrowing. Who is paying the taxs and whom is lending the money. Then consider the debt with interest that the nongovernmental worker have to pay back.
Yes, the tea party is correct on that. These are not sustainable. If your economic base decreases and the lending is reduced or what happens to these jobs?
Look at social security, it started with 5-1 ratio. Now it is approaching 3 or 2-1 for retirement. This money must come from taxes, borrowing, sudden population increase, or they have shorter lives to balance it. Until then it is a lot of negative money flow.
Tax or borrow is how governments get money. Other make the base.
First business then government. Business collapses government fails. Business recovers government grows or shrinks by business economics.
A true leader doesn’t go one blaming everyone. A true leader looks to lead – come up with solutions. And if they don’t work, admit it and try a different approach.
• Obama has just halted proposed new EPA regulations that would have been damaging to the industry.
• Virtually every one of his green jobs stimulus projects have failed.
• His health care regulation has been toxic to hiring as businesses take defensive positions against what it may end up costing them.
• His moratorium on energy expansion has cost over 1.2 million jobs. •
• Shovel ready projects were a joke. Most of the stimulus went to bail out local gov’t’s and labor unions.
• His approach to business has been to tax, demonize, and punish (e.g. Boeing being sued for opening a plant with non-union labor in SC rather than expanding in Seattle)
But your answer is “blame Bush”?
The housing melt-down was not Bush’s fault. It was a democratic congress that protected Freddie Mac and Fannie Mae when Bush’s administration warned them that they were taking on too much subprime debt but a democratically controlled congress refused to do anything about it.
You can say “blame Bush” all you want but the day that Obama took office – it became his economy and after 2 years.
That’s what a real leader does. Own the situation. Blaming everyone else is just cover for your own ineptitude.
Finally someone with some common sense, thanks.
I know of no business that for 3 straight years spends 1.5 trillion more than it takes in and doesn’t fail. Even if you taxed the rich at a full 100% it is not enough money to cover the deficit spending going on for the last 3 yrs under the Obama admins.
We were told 2 1/2 yrs ago we needed to spend more to create jobs, where are they? Where are the jobs the 800 billion of tax payer money was supposed to get us? Thanks to Obamacare my health ins. went up 15%, I thought it was suppose to go down or least stay the same. One of my wifes prescriptions use to cost us $25 now costs us $50, but somehow that’s ‘Bush’s fault’ when 67% of Americans said we don’t won’t Obamacare.
Obama could have turned a bad situation around when took office almost 3yrs ago, instead he has exponentially made things much worse for most everyone in this country. Is he to blame for everything, of course not, but he should man up, stop blaming others.
Stop blaming others? Seriously, did you even read your post? Your comments make it seem that Obama raised your wife’s prescription costs by $25.
I don’t live in the USA, so I don’t know how such costs work. Are you suggesting that the government should more heavily subsidise the cost of medicines or that they should put price controls on private business to reduce the cost of your wife’s medication? Or are you suggesting that a marginal increase in governmental health cover and a resulting moderate expansion of the market for medicine caused the company to double what they charge for your wife’s medication? You will have to explain the situation a bit more carefully as your argument seems illogical or disjointed and incomplete.
There was an actual net increase in jobs. The report counts the on strike Verizon employees and the temporarily furloughed MN workers as unemployed. Still not enough, but still a small gain. Further, job gowth continues to grow in the private sector, but the cutbacks in government continue to shed jobs at a rapid rate. This was not the case in previous recessions where government hiring combined with private sector hiring pushed job growth and increased demand for products. This is a demand problem, more money to the wealthy will create few new jobs, especially as more government cutbacks occur.
The wealthy are not static. Have you seen the churn rate. People going from wealthy to poor or poor to wealthy? Well, everything between these two extremes too.
But some seem to think the wealthy are always so. You can have a lotto winner and it counts as wealthy and a year later( with vegas thrown in) they are listed as poor.
The rich/ poor is dynamic.
The government is cutting jobs?
Where??????
The liberals and democrats that are the products of the 60’s grew up in a generation where they were taught that the problems in the world were caused by America’s excesses.
So you have a President trying to make America second rate by leading from behind. Unfortunately, all it has done is spread more misery.
Fact is – what made America great are its success and belief in America’s exceptionalism. Free enterprise and the freedom for an individual to pursue a dream are key virtues of our nation.
This country is doomed if we end up as serfs to the gov’t. Just ask the falafel stands in Greece where they are finally revolting against excessive taxation.
It’s Gil Amelio’s fault!
Remember how Steve Jobs blamed Gil Amelio for Apple’s ills when he took over in 1997? Oh, my mistake. Steve Jobs did exactly opposite of what Obama has done. He blamed no one. He did what a leader does. He did what a CEO does. He took responsibility and got the job done. That’s one way this relates to Apple.
Another example would be a new Commanding Officer for any military unit. You cannot blame those who came before you, you do what a leader does and do your job. Blaming your predecessor doesn’t cut it in any area of leadership–only for our president. It’s time for this president to do his job and lead. The only problem is he’s not a leader and doesn’t have a clue as to what to do next. Talk, talk, talk, talk, talk.
Here’s another perspective from Ben Waldman, who was general manager for the Mac business unit at Microsoft:
“Later, however, in a smaller group, I asked Steve point blank if he’d ever believed in Rhapsody, and be said ‘no,’ adding something about his duty being to NeXT shareholders. (After that, we briefly discussed Amelio, and his book, and Steve said that Amelio ‘had fucked up everything he did, except hire Fred Anderson as CFO.’ He said that if you looked at all of this year’s California graduating high school classes, anyone in the top 10% could have run Apple better than Amelio.
Click to access px02887.pdf
Yes, but then he did something about it! Apple didn’t languish for next few years due to inaction and inept leadership. The iMac was introduced the next year, and the rest is history.
So, one statement by Steve Jobs about Gil Amelio nowhere near approximates Obama’s incessant blame of Bush.
Thanks for posting that up. Reading through the email was very illuminating.
blah blah blah blah blah blah blah blah Obama blah blah blah blah Bush blah blah blah blah Pelosi blah blah blah blah Palin blah blah blah blah.
Actually the unemployment rate is over 11% … the Obama Administration has reduced the size of the workforce calculation in order to reduce the number down to 9.1%. If you take the workforce size at the time Obama became president and perform the calculation you get a much-bigger number. Amazing how the media doesn’t report this. They would if it were Bush!
What’s needed is the govt. to step away and concentrate in what they are good at.
Here in Canada, once they are elected, it’s basically over and we barely hear from them. Yes, we have social medicine, but not everyday another round of new regulations, and our dollar is now higher with much lower unemployment.
another example of media types creating their own self-fulfilling prophecies … these traitors are happy to sink the economy with doom and gloom as long as it sells news articles.
It’s all a misunderstanding.
The business world lost Jobs, not jobs.
Everything is rosy…..
People need hope and encouragment. I know because I entered the journey of unemployment 29 months ago. I wrote a book from a Christian perspective for others struggling with joblessness. Find out more @ http://youtu.be/dfw-HuT0Erg
Seen shadowstats?
http://www.shadowstats.com/alternate_data/unemployment-charts
shows actual unemployment over 20% !!!!!
Alternate Unemployment Charts
The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.
The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.