Anemic U.S. jobs report heightens concerns that lackluster economy stalling

“Employers in the U.S. added fewer workers to payrolls than projected in September, indicating the world’s largest economy had little momentum leading up to the federal government shutdown,” Shobhana Chandra reports for Bloomberg.

“‘It’s not like we’re falling off a cliff, but there’s a failure to get any spark in employment,’ said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York. ‘Had this report come in strong, there was some possibility of the Fed tapering in December, but that possibility seems to be very small now,'” Chandra reports. “The September payroll figure reflects the pay period that includes the 12th of the month, two weeks prior to the 16-day federal shutdown.”

Chandra reports, “‘Conditions in the job market today are still far from what all of us would like to see,’ Chairman Ben S. Bernanke said at a news conference following the Fed’s September meeting.”

Read more in the full article here.

“The key phrase for the September report is ‘little change.’ The total number of unemployed Americans is little changed from August at 11.3 million. The ethnic breakdowns among the unemployed were also little changed, as was the number of long-term unemployed (people jobless for at least 27 weeks), which stood at 4.1 million for September,” Matt Berman and Catherine Hollander report for The National Journal. “The U-6 rate, a broader measure of unemployment that includes people ‘marginally attached’ to the labor force, as well as people employed part-time for economic reasons, declined only slightly to 13.6 percent in September from 13.7 percent the previous month.”

“Douglas Holtz-Eakin, the former Congressional Budget Office director, described the numbers as ‘lackluster, tepid, listless, or soft,'” Berman and Hollander report. “That may prove to be the most positive news for jobs growth for the rest of the year. The Oct. 16 agreement to end the nation’s partial government shutdown and avert default on the country’s borrowing limit set up another round of fiscal fights and congressional contention at the end of the year. Previous budget battles have proven to be less than helpful for the muddling recovery. September’s report predates the culmination of the most recent fiscal showdown, whose effects are more likely to be found in the October employment report.”

Berman and Hollander report, “Just how bleak are the September numbers? They don’t even beat the average of what has been a pretty tepid year for growth. Over the previous 12 months, the U.S. economy averaged 185,000 job gains per month, according to the Bureau of Labor Statistics.”

Read more in the full article here.

“Most market-watchers now expect the Federal Reserve to continue its $85 billion a month bond-buying program until well into 2014. Consensus sentiment is now that the central bank won’t even start easing back on, or “tapering,” the purchases until the spring,” Jeff Cox reports for CNBC. “‘You would think by now you would be consistently creating over a couple hundred-thousand jobs a month, at least,’ said Brad Levitt, senior economist for Oppenheimer Funds. ‘The Fed wants to see over 200,000 jobs a month on a consistent basis before a change of policy.'”

“Wages grew little in the month, with average hourly earnings up just three cents to $24.09, while the average workweek was unchanged at 34.5 hours,” Cox reports. “‘In short, the demand isn’t there and the money to pay additional workers isn’t there,’ Kathy Bostjancic, director of macroeconomic analysis for the Conference Board, said in a statement. ‘Both job and income growth remain stuck in neutral.'”

Read more in the full article here.

[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]

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55 Comments

    1. Remember, Obama moved the census into the White House in 2009. Where these numbers were once reported to the Commerce secretary, now they are reported to the worst president in US history who can manipulate these numbers however he wants to control the way the SUBJECTS view national statistics and political borders.

  1. Haven’t seen malaise like this since our second worst president, Carter, was sitting flummoxed in the White House.

    The solutions to cracking this malaise are contained within the following:

    It’s been quite a journey this decade, and we held together through some stormy seas. And at the end, together, we are reaching our destination… From the recession of ’81 to ’82, to the expansion that began in late ’82 and continues to this day, we’ve made a difference. The way I see it, there were two great triumphs, two things that I’m proudest of. One is the economic recovery, in which the people of America created—and filled—19 million new jobs. The other is the recovery of our morale. America is respected again in the world and looked to for leadership…

    Back in 1980, when I was running for President, it was all so different. Some pundits said our programs would result in catastrophe. Our views on foreign affairs would cause war. Our plans for the economy would cause inflation to soar and bring about economic collapse. I even remember one highly respected economist saying, back in 1982, that “The engines of economic growth have shut down here, and they’re likely to stay that way for years to come.” Well, he and the other opinion leaders were wrong. The fact is what they call “radical” was really “right.” What they called “dangerous” was just “desperately needed.”

    They called it the Reagan revolution. Well, I’ll accept that, but for me it always seemed more like the great rediscovery, a rediscovery of our values and our common sense.

    Common sense told us that when you put a big tax on something, the people will produce less of it. So, we cut the people’s tax rates, and the people produced more than ever before. The economy bloomed like a plant that had been cut back and could now grow quicker and stronger. Our economic program brought about the longest peacetime expansion in our history: real family income up, the poverty rate down, entrepreneurship booming, and an explosion in research and new technology. We’re exporting more than ever because American industry because more competitive and at the same time, we summoned the national will to knock down protectionist walls abroad instead of erecting them at home.

    The lesson of all this was, of course, that because we’re a great nation, our challenges seem complex. It will always be this way. But as long as we remember our first principles and believe in ourselves, the future will always be ours. And something else we learned: Once you begin a great movement, there’s no telling where it will end. We meant to change a nation, and instead, we changed a world.

    Ours was the first revolution in the history of mankind that truly reversed the course of government, and with three little words: “We the People.” “We the People” tell the government what to do; it doesn’t tell us. “We the People” are the driver; the government is the car. And we decide where it should go, and by what route, and how fast. Almost all the world’s constitutions are documents in which governments tell the people what their privileges are. Our Constitution is a document in which “We the People” tell the government what it is allowed to do. “We the People” are free. This belief has been the underlying basis for everything I’ve tried to do these past eight years.

    But back in the 1960s, when I began, it seemed to me that we’d begun reversing the order of things—that through more and more rules and regulations and confiscatory taxes, the government was taking more of our money, more of our options, and more of our freedom. I went into politics in part to put up my hand and say, “Stop.” I was a citizen politician, and it seemed the right thing for a citizen to do.

    I think we have stopped a lot of what needed stopping. And I hope we have once again reminded people that man is not free unless government is limited. There’s a clear cause and effect here that is as neat and predictable as a law of physics: As government expands, liberty contracts.

    one of the things I’m proudest of in the past eight years: the resurgence of national pride that I called the new patriotism. This national feeling is good, but it won’t count for much, and it won’t last unless it’s grounded in thoughtfulness and knowledge.

    An informed patriotism is what we want. And are we doing a good enough job teaching our children what America is and what she represents in the long history of the world? Those of us who are over 35 or so years of age grew up in a different America. We were taught, very directly, what it means to be an American. And we absorbed, almost in the air, a love of country and an appreciation of its institutions. If you didn’t get these things from your family you got them from the neighborhood, from the father down the street who fought in Korea or the family who lost someone at Anzio. Or you could get a sense of patriotism from school. And if all else failed you could get a sense of patriotism from the popular culture. The movies celebrated democratic values and implicitly reinforced the idea that America was special. TV was like that, too, through the mid-’60s.

    But now, we’re about to enter the ’90s, and some things have changed. Younger parents aren’t sure that an unambivalent appreciation of America is the right thing to teach modern children. And as for those who create the popular culture, well-grounded patriotism is no longer the style. Our spirit is back, but we haven’t reinstitutionalized it. We’ve got to do a better job of getting across that America is freedom—freedom of speech, freedom of religion, freedom of enterprise. And freedom is special and rare. It’s fragile; it needs protection.

    The past few days when I’ve been at that window upstairs, I’ve thought a bit of the “shining city upon a hill.” The phrase comes from John Winthrop, who wrote it to describe the America he imagined. What he imagined was important because he was an early Pilgrim, an early freedom man. He journeyed here on what today we’d call a little wooden boat; and like the other Pilgrims, he was looking for a home that would be free. I’ve spoken of the shining city all my political life, but I don’t know if I ever quite communicated what I saw when I said it. But in my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That’s how I saw it, and see it still.

    And how stands the city on this winter night? More prosperous, more secure, and happier than it was eight years ago. But more than that: After 200 years, two centuries, she still stands strong and true on the granite ridge, and her glow has held steady no matter what storm. And she’s still a beacon, still a magnet for all who must have freedom, for all the pilgrims from all the lost places who are hurtling through the darkness, toward home.

    We’ve done our part. And as I walk off into the city streets, a final word to the men and women of the Reagan revolution, the men and women across America who for eight years did the work that brought America back. My friends: We did it. We weren’t just marking time. We made a difference. We made the city stronger, we made the city freer, and we left her in good hands. All in all, not bad, not bad at all.

    And so, goodbye, God bless you, and God bless the United States of America. – Ronald Reagan

        1. Botvinnik, I don’t think you should compliment him. Vomit is much more attractive than IgorI. He is less than vomit. Vomit would be an cologne on Geigor. It might help him get dates.

  2. Too bad that today some politicians care more about their party than the greater good of the country. To them, narrow-minded ideology is greater than progress and reality. I hope that politicians are done with living in the past and done with behaving like spoiled children.

  3. Reagan gave great speeches – too bad most of it came out of his a$$. If he’d had his way, we’d all be flipping burgers for a living making $2.50 an hour with no healthcare, no safety standards, and no future while he and his cronies sat in their ivory palaces.

  4. And this is a trend that we should expect in the future. Automation and consolidation threaten all industries. This has been a trend since the dawn of technology, but it is especially true since the 1970’s, when employment decoupled from productivity.

    1. Actual Facts

      Over the eight years of the Reagan Administration:
      – 20 million new jobs were created
      – Inflation dropped from 13.5% in 1980 to 4.1% by 1988
      – Unemployment fell from 7.6% to 5.5%
      – Net worth of families earning between $20,000 and $50,000 annually grew by 27%
      – Real gross national product rose 26%
      – The prime interest rate was slashed by more than half, from an unprecedented 21.5% in January 1981 to 10% in August 1988

      And he did all this without hating America. Maybe Obama could learn a lesson from Reagan about the value of humility, belief in God, and loving America as it was founded.

      1. Some more actual facts:
        – Number of Reagan Administration officials convicted of criminal wrongdoing for their actions in the Iran-Contra Scandal: 11
        – Change from 1980-1990 in the total effective federal taxation rate (including both income and payroll taxes):
          –   for families in the lowest 20% of national income distribution: +16.1%
          –   for families in the second lowest 20% of national income distribution: +6.0%
          –   for families in the middle 20% of national income distribution: +1.2%
          –   for families in the second highest 20% of national income distribution: -2.2%
          –   for families in the highest 20% of national income distribution: -5.5%
          –   for families in the highest 1% of national income distribution: -14.4%

        – Federal Deficit and Debt (Nominal $, millions)
             Year Deficit Debt Debt % of GDP
             1979 $40,183 828,923 34%
             1980 73,835 908,503 34%
             1981 78,976 994,298 34%
             1982 127,989 1,136,798 36%
             1983 207,818 1,371,164 41%
             1984 185,388 1,564,110 42%
             1985 212,334 1,816,974 46%
             1986 221,245 2,120,082 50%
             1987 149,769 2,345,578 53%
             1988 155,187 2,600,760 54%

        – Average weekly earnings of nonsupervisory workers, total private industry, 1982 dollars

             1965 $290
             1970 297
             1973 315 (Peak)
             1980 274
             1981 271
             1982 267
             1983 272
             1984 274
             1985 271
             1986 271
             1987 269
             1988 266

        And the list goes on…

          1. I am nearly stunned into stupefied laughter by your incisive riposte. 😆

            I was then and still am a working taxpayer who is able to see through the fallacies and charades of the “supply-siders.” Poor botvinnik, so easily duped by the Reagan mythology. It must be really painful for you to see the beautiful supply-side theory disproved by ugly facts. Poor botvinnik.

            1. WZRD!!!!!! See ye not the wisdom contained in that one sentence! Has he not shown you the error of your ways with the incisive use of “punk” and the argument ending “STFU”?

              Bow down before the wisdom of botvijerk — falsely accused of being a cancer on this forum.

            2. Ah, but Nancy, botvijerk didn’t say anything remotely resembling that. He didn’t even assert one small ACTUAL point.

              All he said was:
              – you weren’t even working age during the Reagan Years (something that, of course, he can’t possibly know)
              – punk (name-calling)
              – shut the fuck up (obscenity and belligerence)
              – nah, you’re lying (insulting, empty accusation)

              And the use of “libTARDS” adds nothing to the force of your statement.

            3. Yes, during Reagan’s years we actually had jobs. There were “recruiters” who would lure you from one great job to another. There were many opportunities, all businesses were growing. But then, of course, the President didn’t hate private property and free market capitalism. But Obama does have his strengths – he promised we would all save $2500 with Obamacare and be able to keep our doctors and our plans. And that sign up process is amazing.

            1. Your hero went to bed when the Libyan Embassy was attacked and the ambassador was crying for help for himself and his personnel. Obama then flew off to Las Vegas and conjured up lies to tell for the next month, about an obscure video that caused rioting, a lie which was later admitted to be a lie. But while sleeping that night, the Ambassador was raped and and the murdered as were the three others who were there. Obama’s only contribution besides the lie, was an order to the military to provide zero help, even though the military wanted to help. Obama is a murderer. And you, Grigori are a demented loon who also enjoys lying, as we see in all your pathetic posts.

            2. I have no heroes; being an adult, I don’t require them, and I realize that all public figures have many faults, same as the rest of us. But it sure is fun to take other people’s heroes down a few pegs, particularly such a marginal man as Bonzo’s BFF.

            3. Well, your lack of heroes explains your lying sniveling behavior. And as for your comments about Reagan, every one is a lie. But that is OK. As a slime, the truth is not something you encounter at your level.

            4. Reagan gave 15 year old Liz Taylor alcohol and then he fucked her, which put him on par with just about every other half-assed hollywood predator at the time. He was merely another deeply flawed man; deny it all you want, I could not care less.

            5. I could remind everyone that you fucked your Dad in front of your mother, and then posted it on Youtube. But that would be sinking to your level. Look, you enjoy lying. That is your skill. It’s all you have got. Don’t deny it, revel in it. Lenin knew he was a thug, but he could live with it. Clinton knows he is a consummate liar and a real life rapist. But he smiles and moves on. You should do the same. We all know, when Grigori talks, the smart folks walk.

            6. Your reliance on heroes is childish, and your choice of them pathetic and driven by a decades-long BS media campaign to deify one of the most unremarkable men ever to be president.

      2. Republicans are the ones who hate America my friend. They don’t want you to have healthcare, don’t want people to vote, etc. They have only shown to hate anything Obama does, with passion. Pretty pathetic.

        Reagan era Republicans are not the same as today’s Tea Party inspired Republicans. There are some very good Republicans in office that are being threatened by the other Republicans for merely working with the Obama Administration. Obama loves his country as much as Reagan did. It’s silly to think otherwise.

          1. You forget, MEES, the ONLY reason that people in the US don’t have plenty of money for food, shelter, a good education and private health care is because they are lazy parasites. All of them. This also applies to everyone else across the planet who doesn’t live in a 2000 sq ft, centrally heated home with a huge fridge, two cars and a nice garden. If they don’t have that, it’s just because they’re lazy parasites. /s

            1. @seamus

              I understand that you like the idea of the government stealing one persons property so you don’t have to work for it. It’s a lot easier way to get a 2000 square foot home than actually having a job, saving money and taking responsibility. Just to show you are truly in with the concept, please go to your neighbors house and hand him your car keys. It would show you are not just talk. Or, do you mainly like to be super generous with other people’s money.

            2. What is a SOCIETY for? What is a COUNTRY for?
              If it’s all just individuals, let’s just dissolve the whole federal government and have a country of individuals like Somalia.

            3. What is a society for, and what is a country for? The society should be for protecting the rights of the individuals. It should be for promoting the educating of the young, not necessarily providing it, but promoting it, and the idea of individual virtue which is required in a free society. Civic virtues include hard work, raising a family (required for the continuation of the society), saving money so one can take care of oneself, public involvement to insure good elected officials who follow their oath to the Constitution, preserving limited government (as government is the only real source of tyranny), supporting the freedom of individuals to worship because the society cannot prosper without a people who believe in God, a sense of private charity to help those in need not through government coercion but rather through personal commitment of the individual who is voluntarily giving. The government must be limited and must stick to the tasks that are given to it by the Constitution, which restricted government carefully so that it would not become overbearing and tyrannical.

              We had much of this for several hundred years. It was not without serious faults, such as slavery, but that was an inherited institution which had to be dealt with ultimately via the Civil War. But the Constitutional framework was almost perfect, based on the Framers understanding of history, and the nature of man.

              If you look around the world, the largest governments, which created vast programs to create utopias here on earth, all became dictatorial systems with no regard for the individual. That is the direction we are headed in now. We have not learned from history.

  5. I am pretty sure the Depression economy we are currently in is all the fault of George Bush.

    All the best,

    Barack Obama (from Martha’s Vineyard, or Vail, or on African safari, or in Paris, one of those places, on vacation, but working hard, for the people)

  6. Throw the Fascist Kenyan Commie Trash out.

    He is not even half African… he is half Arab and half White.

    But you Americans have turned into Sissyshit, pawned by this fraud.

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