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  • UNEMPLOYMENT highest since daddy bush

    "Jobless Rate Hits 6.4 Pct., 9-Year High''

    by LEIGH STROPE, AP Labor Writer

    WASHINGTON - The nation's unemployment rate shot up to 6.4 percent in
    June, the highest level in more than nine years, in an economic slump
    that has cost nearly a million jobs in the last three months.

    Businesses slashed 30,000 jobs just last month, with cuts heavily
    concentrated on factory assembly lines, the Labor Department (news -
    web sites) reported Thursday.

    The 0.3 percentage point increase from May's 6.1 percent rate was the
    largest month-to-month rise since the Sept. 11, 2001 terror attacks.
    That surprised analysts who predicted a smaller rise, to 6.2 percent.
    The last time the overall rate was higher was in April 1994.

    While recent economic indicators point to an economy struggling toward
    recovery, the latest report demonstrated that America's job market was
    still very much in a state of recession last month.

    Since March, unemployment has increased by 913,000. Two million people
    were unemployed for 27 weeks or more last month, an increase of
    410,000 since the start of the year. Only in March 1994 was the
    unemployment rate higher.

    Another factor behind the increase in the overall civilian
    unemployment rate was the increase in the number of people seeking
    work in June. Optimism about an economy rebound led over 600,000
    people to resume their search for work.

    Because the government calculates the overall unemployment rate based
    on a survey of American households, and because the lackluster economy
    wasn't producing enough jobs to accommodate increasing number of
    job-seekers, that rate increased significantly.

    Manufacturing led in payroll cuts last month, with 56,000 jobs lost.
    Since July 2000, the nation's factories have cut 2.6 million jobs.

    That sector has been the weakest link in the economy's ability to get
    back to full speed. Slack demand at home and abroad and competition
    from a flood of imports have throttled back production.

    Construction jobs helped offset manufacturing losses somewhat last
    month, with the fourth straight gain in hiring. Construction has added
    101,000 jobs since February, reflecting strength in residential
    building.

    The mortgage boom, stoked by record low rates, has been the bright
    spot in the dismal economy. People are buying new homes and
    refinancing their old mortgages. The extra cash from refinancing
    combined with solid home-value appreciation have kept consumer
    spending afloat.

    Other hiring gains last month were in health care, leisure and
    hospitality and temporary employment services.

    In a separate report, new claims for jobless benefits rose last week
    to 430,000, an increase of a seasonally adjusted 21,000 from the
    previous week's revised 409,000 claims.

    The more stable, four-week moving average of claims, which smooths out
    weekly fluctuations, dropped to 425,000. That was the lowest level
    since April 5.

  • #2
    UNEMPLOYMENT highest since daddy bush



    Mr Robert J. Cornholio wrote:
    "Jobless Rate Hits 6.4 Pct., 9-Year High''by LEIGH STROPE, AP Labor WriterWASHINGTON - The nation's unemployment rate shot up to 6.4 percent inJune, the highest level in more than nine years, in an economic slumpthat has cost nearly a million jobs in the last three months.Businesses slashed 30,000 jobs just last month, with cuts heavilyconcentrated on factory assembly lines, the Labor Department (news -web sites) reported Thursday.
    As wages, benefits and taxes rise, so will the prices of US products.
    That just makes things worse for labor. Strope should know that. If
    Strope wants employment up then wages, benefits and taxes must come down.




    Comment


    • #3
      UNEMPLOYMENT highest since daddy bush

      On Thu, 03 Jul 2003 13:36:40 GMT, Werner Hetzner <[email protected]>
      wrote:
      Mr Robert J. Cornholio wrote:
      "Jobless Rate Hits 6.4 Pct., 9-Year High''by LEIGH STROPE, AP Labor WriterWASHINGTON - The nation's unemployment rate shot up to 6.4 percent inJune, the highest level in more than nine years, in an economic slumpthat has cost nearly a million jobs in the last three months.Businesses slashed 30,000 jobs just last month, with cuts heavilyconcentrated on factory assembly lines, the Labor Department (news -web sites) reported Thursday.
      As wages, benefits and taxes rise, so will the prices of US products.That just makes things worse for labor. Strope should know that. IfStrope wants employment up then wages, benefits and taxes must come down.
      Nope...Fundamental error...If on a longterm you want employment
      up...then for sure you will have to move *wages* upwards...stagnating
      or downwards, as in the past let's say 10-15 years.

      Only healthy consumers are able buying productions :-) Give them money
      to spend...and the economy will recover...Sir Maynard Keynes
      principles.

      Regards
      --
      Pieter Wenk /CH-1800 Vevey - Rivira Vaudoise
      These capitalists generally act harmoniously, and in concert, to fleece
      the people.
      --Abraham Lincoln, 1837
      `,,`,,`,,` `,,`,

      Comment


      • #4
        UNEMPLOYMENT highest since daddy bush

        Werner Hetzner <[email protected]> wrote in message news:<[email protected]>...
        Mr Robert J. Cornholio wrote:
        "Jobless Rate Hits 6.4 Pct., 9-Year High''by LEIGH STROPE, AP Labor WriterWASHINGTON - The nation's unemployment rate shot up to 6.4 percent inJune, the highest level in more than nine years, in an economic slumpthat has cost nearly a million jobs in the last three months.Businesses slashed 30,000 jobs just last month, with cuts heavilyconcentrated on factory assembly lines, the Labor Department (news -web sites) reported Thursday.
        As wages, benefits and taxes rise, so will the prices of US products. That just makes things worse for labor. Strope should know that. If Strope wants employment up then wages, benefits and taxes must come down.
        So at a time when the economy is doing badly and everyone is feeling
        the pinch, you want wages to go down?

        At a time when more and more people are out of work and the benefits
        pie must be divided into even more slices, you want the size of that
        pie to go down?

        At a time when your country is facing record large deficits, you want
        taxes to go down?

        Simon
        LLXSDG

        Comment


        • #5
          UNEMPLOYMENT highest since daddy bush

          > > >WASHINGTON - The nation's unemployment rate shot up to 6.4 percent in
          June, the highest level in more than nine years, in an economic slumpthat has cost nearly a million jobs in the last three months.Businesses slashed 30,000 jobs just last month, with cuts heavilyconcentrated on factory assembly lines, the Labor Department (news -web sites) reported Thursday. As wages, benefits and taxes rise, so will the prices of US products. That just makes things worse for labor. Strope should know that. If Strope wants employment up then wages, benefits and taxes must come
          down.
          So at a time when the economy is doing badly and everyone is feeling the pinch, you want wages to go down? At a time when more and more people are out of work and the benefits pie must be divided into even more slices, you want the size of that pie to go down? At a time when your country is facing record large deficits, you want taxes to go down?
          There is a noticiable economic disconnect from those doing the firing and
          moving factories to China and receiving tax breaks to the rest of the
          population. Their earnings have been going up while the rest of us suffer.
          Why does Werner keep stepping in to defend these people? They can take care
          of themselves.


          Comment


          • #6
            UNEMPLOYMENT highest since daddy bush



            Marinus van der Lubbe wrote:
            >...>As wages, benefits and taxes rise, so will the prices of US products.That just makes things worse for labor. Strope should know that. IfStrope wants employment up then wages, benefits and taxes must comedown.
            So at a time when the economy is doing badly and everyone is feelingthe pinch, you want wages to go down?At a time when more and more people are out of work and the benefitspie must be divided into even more slices, you want the size of thatpie to go down?At a time when your country is facing record large deficits, you wanttaxes to go down?
            There is a noticiable economic disconnect from those doing the firing andmoving factories to China and receiving tax breaks to the rest of thepopulation. Their earnings have been going up while the rest of us suffer.Why does Werner keep stepping in to defend these people? They can take careof themselves.
            I live in a 'has been' city in Upstate NY. This place used to be the
            Silicon Valley of the US. Then the unions went into action and the
            factories either went South or out of business. This now happens at the
            international scale. If we can't compete we will all be 'has beens'
            living hand to mouth on welfare from places like China and Mexico. Who
            would buy or stuff if it can be bought for less elsewhere? And who
            should?

            Comment


            • #7
              UNEMPLOYMENT highest since daddy bush

              Werner Hetzner <[email protected]> wrote in message news:<[email protected]>...
              Marinus van der Lubbe wrote:
              >>...>>>As wages, benefits and taxes rise, so will the prices of US products.>That just makes things worse for labor. Strope should know that. If>Strope wants employment up then wages, benefits and taxes must come>>down.
              So at a time when the economy is doing badly and everyone is feelingthe pinch, you want wages to go down?At a time when more and more people are out of work and the benefitspie must be divided into even more slices, you want the size of thatpie to go down?At a time when your country is facing record large deficits, you wanttaxes to go down?
              There is a noticiable economic disconnect from those doing the firing andmoving factories to China and receiving tax breaks to the rest of thepopulation. Their earnings have been going up while the rest of us suffer.Why does Werner keep stepping in to defend these people? They can take careof themselves.
              I live in a 'has been' city in Upstate NY. This place used to be the Silicon Valley of the US. Then the unions went into action and the factories either went South or out of business. This now happens at the international scale. If we can't compete we will all be 'has beens' living hand to mouth on welfare from places like China and Mexico. Who would buy or stuff if it can be bought for less elsewhere? And who should?
              What do you mean when you say you want to compete with them? They can
              produce cheap stuff because their people have such a low standard of
              living and because they pay their workers badly. Your way of solving
              this problem is to lower workers' pay in the Western world.

              Who benefits if this is done? Of what value is a nominally high
              national GDP when the standard of life doesn't rise as a result?

              Simon
              LLXSDG

              Comment


              • #8
                UNEMPLOYMENT highest since daddy bush



                LLX wrote:
                Werner Hetzner <[email protected]> wrote in message news:<[email protected]>...
                ...I live in a 'has been' city in Upstate NY. This place used to be theSilicon Valley of the US. Then the unions went into action and thefactories either went South or out of business. This now happens at theinternational scale. If we can't compete we will all be 'has beens'living hand to mouth on welfare from places like China and Mexico. Whowould buy or stuff if it can be bought for less elsewhere? And whoshould?
                What do you mean when you say you want to compete with them? They canproduce cheap stuff because their people have such a low standard ofliving and because they pay their workers badly. Your way of solvingthis problem is to lower workers' pay in the Western world.Who benefits if this is done? Of what value is a nominally highnational GDP when the standard of life doesn't rise as a result?SimonLLXSDG
                Wages matter less than purchasing power for an improved quality of life.
                What good is it to have your wages double when the price of goods and
                services double? What is the good when the town dies because the job has
                moved elsewhere? Who benefits then?

                And they don't pay their workers in places like Mexico and China badly.
                Those workers increase their income from what they got before.



                Comment


                • #9
                  UNEMPLOYMENT highest since daddy bush

                  Werner Hetzner <[email protected]> wrote in message news:<[email protected]>...
                  LLX wrote:
                  Werner Hetzner <[email protected]> wrote in message news:<[email protected]>...
                  ...>>I live in a 'has been' city in Upstate NY. This place used to be theSilicon Valley of the US. Then the unions went into action and thefactories either went South or out of business. This now happens at theinternational scale. If we can't compete we will all be 'has beens'living hand to mouth on welfare from places like China and Mexico. Whowould buy or stuff if it can be bought for less elsewhere? And whoshould?
                  What do you mean when you say you want to compete with them? They canproduce cheap stuff because their people have such a low standard ofliving and because they pay their workers badly. Your way of solvingthis problem is to lower workers' pay in the Western world.Who benefits if this is done? Of what value is a nominally highnational GDP when the standard of life doesn't rise as a result?SimonLLXSDG
                  Wages matter less than purchasing power for an improved quality of life. What good is it to have your wages double when the price of goods and services double? What is the good when the town dies because the job has moved elsewhere? Who benefits then?
                  You're completely right, but I'm not sure that what you're saying is
                  even slightly relevant. You weren't speaking about dropping wages and
                  putting in place some measures to increase purchasing power (unless
                  you mean that simply having lower wages will be enough to cause
                  deflation... I'm assuming that you want to avoid the situation in
                  Japan).
                  And they don't pay their workers in places like Mexico and China badly. Those workers increase their income from what they got before.
                  The normal wages for any job, even once purchasing power has been
                  taken into account, is considerably lower in both Mexico and China
                  than in the USA or most of Europe. I'm not talking about Western
                  companies going over and exploiting workers, I'm sure that they pay
                  comparatively well, I'm talking about the fact that they're paying far
                  less than American workers would be prepared to accept, meaning that
                  it's wrong to even TRY to compete on those grounds.

                  Simon
                  LLXSDG

                  Comment


                  • #10
                    UNEMPLOYMENT highest since daddy bush

                    I see the drug dealers are doing OK. I suppose I have that option too.


                    "Mr Robert J. Cornholio" <[email protected]> wrote in message
                    news:[email protected] m...
                    "Jobless Rate Hits 6.4 Pct., 9-Year High'' by LEIGH STROPE, AP Labor Writer WASHINGTON - The nation's unemployment rate shot up to 6.4 percent in June, the highest level in more than nine years, in an economic slump that has cost nearly a million jobs in the last three months. Businesses slashed 30,000 jobs just last month, with cuts heavily concentrated on factory assembly lines, the Labor Department (news - web sites) reported Thursday. The 0.3 percentage point increase from May's 6.1 percent rate was the largest month-to-month rise since the Sept. 11, 2001 terror attacks. That surprised analysts who predicted a smaller rise, to 6.2 percent. The last time the overall rate was higher was in April 1994. While recent economic indicators point to an economy struggling toward recovery, the latest report demonstrated that America's job market was still very much in a state of recession last month. Since March, unemployment has increased by 913,000. Two million people were unemployed for 27 weeks or more last month, an increase of 410,000 since the start of the year. Only in March 1994 was the unemployment rate higher. Another factor behind the increase in the overall civilian unemployment rate was the increase in the number of people seeking work in June. Optimism about an economy rebound led over 600,000 people to resume their search for work. Because the government calculates the overall unemployment rate based on a survey of American households, and because the lackluster economy wasn't producing enough jobs to accommodate increasing number of job-seekers, that rate increased significantly. Manufacturing led in payroll cuts last month, with 56,000 jobs lost. Since July 2000, the nation's factories have cut 2.6 million jobs. That sector has been the weakest link in the economy's ability to get back to full speed. Slack demand at home and abroad and competition from a flood of imports have throttled back production. Construction jobs helped offset manufacturing losses somewhat last month, with the fourth straight gain in hiring. Construction has added 101,000 jobs since February, reflecting strength in residential building. The mortgage boom, stoked by record low rates, has been the bright spot in the dismal economy. People are buying new homes and refinancing their old mortgages. The extra cash from refinancing combined with solid home-value appreciation have kept consumer spending afloat. Other hiring gains last month were in health care, leisure and hospitality and temporary employment services. In a separate report, new claims for jobless benefits rose last week to 430,000, an increase of a seasonally adjusted 21,000 from the previous week's revised 409,000 claims. The more stable, four-week moving average of claims, which smooths out weekly fluctuations, dropped to 425,000. That was the lowest level since April 5.

                    Comment


                    • #11
                      UNEMPLOYMENT highest since daddy bush

                      On Thu, 3 Jul 2003 12:29:58 -0700, "Marinus van der Lubbe"
                      <[email protected]> wrote:
                      >WASHINGTON - The nation's unemployment rate shot up to 6.4 percent in >June, the highest level in more than nine years, in an economic slump >that has cost nearly a million jobs in the last three months. > >Businesses slashed 30,000 jobs just last month, with cuts heavily >concentrated on factory assembly lines, the Labor Department (news - >web sites) reported Thursday. > As wages, benefits and taxes rise, so will the prices of US products. That just makes things worse for labor. Strope should know that. If Strope wants employment up then wages, benefits and taxes must comedown.
                      So at a time when the economy is doing badly and everyone is feeling the pinch, you want wages to go down? At a time when more and more people are out of work and the benefits pie must be divided into even more slices, you want the size of that pie to go down? At a time when your country is facing record large deficits, you want taxes to go down?
                      There is a noticiable economic disconnect from those doing the firing andmoving factories to China and receiving tax breaks to the rest of thepopulation. Their earnings have been going up while the rest of us suffer.Why does Werner keep stepping in to defend these people? They can take careof themselves.
                      In fact...the earnings did only slightly improve in China...and mainly
                      in the cities of coastal aeras...such as Shanghai, Canton etc.

                      Globalization is now distributing the expected dividends...It's called
                      *supportable sacrifices*...

                      How long will it take, that some politicians are coming to the idea to
                      stop this evolution towards poverty ???

                      Instruments allowing to stop it....are existing :-)

                      Regards
                      --
                      Pieter Wenk /CH-1800 Vevey - Rivira Vaudoise
                      These capitalists generally act harmoniously, and in concert, to fleece
                      the people.
                      --Abraham Lincoln, 1837
                      `,,`,,`,,` `,,`,

                      Comment


                      • #12
                        UNEMPLOYMENT highest since daddy bush

                        On Sat, 05 Jul 2003 04:06:58 GMT, Werner Hetzner <[email protected]>
                        wrote:

                        And they don't pay their workers in places like Mexico and China badly.Those workers increase their income from what they got before.
                        Nope !!! The differences in wages between the US or /EU and countries
                        such as Mexico or China....are important...

                        This is one one of the major reasons...US/EU companies are moving
                        their production facilities to these countries. They are running the
                        production...and reexport the stuff to the USA or EU, were they sell
                        it in bunkering nifty profits.

                        Also China is a very large country...*the market for these
                        productions* are not in China....but the USA/EU....Now you may tell
                        why ???

                        Regards
                        --
                        Pieter Wenk /CH-1800 Vevey - Rivira Vaudoise
                        These capitalists generally act harmoniously, and in concert, to fleece
                        the people.
                        --Abraham Lincoln, 1837
                        `,,`,,`,,` `,,`,

                        Comment


                        • #13
                          UNEMPLOYMENT highest since daddy bush

                          On 5 Jul 2003 03:01:46 -0700, [email protected] (LLX) wrote:

                          The normal wages for any job, even once purchasing power has beentaken into account, is considerably lower in both Mexico and Chinathan in the USA or most of Europe. I'm not talking about Westerncompanies going over and exploiting workers, I'm sure that they paycomparatively well, I'm talking about the fact that they're paying farless than American workers would be prepared to accept, meaning thatit's wrong to even TRY to compete on those grounds.
                          Right...It's absolutely useless to try compete on those grounds. In
                          fact, the governments should start to put some measures in force,
                          helping to avoid any ideas of such ruinous inconceivable competition.

                          Regards
                          --
                          Pieter Wenk /CH-1800 Vevey - Rivira Vaudoise
                          These capitalists generally act harmoniously, and in concert, to fleece
                          the people.
                          --Abraham Lincoln, 1837
                          `,,`,,`,,` `,,`,

                          Comment


                          • #14
                            UNEMPLOYMENT highest since daddy bush



                            Pieter Wenk wrote:
                            On Thu, 03 Jul 2003 13:36:40 GMT, Werner Hetzner <[email protected]>wrote:
                            Mr Robert J. Cornholio wrote:
                            "Jobless Rate Hits 6.4 Pct., 9-Year High''by LEIGH STROPE, AP Labor WriterWASHINGTON - The nation's unemployment rate shot up to 6.4 percent inJune, the highest level in more than nine years, in an economic slumpthat has cost nearly a million jobs in the last three months.Businesses slashed 30,000 jobs just last month, with cuts heavilyconcentrated on factory assembly lines, the Labor Department (news -web sites) reported Thursday.
                            As wages, benefits and taxes rise, so will the prices of US products.That just makes things worse for labor. Strope should know that. IfStrope wants employment up then wages, benefits and taxes must come down.
                            Nope...Fundamental error...If on a longterm you want employmentup...then for sure you will have to move *wages* upwards...stagnatingor downwards, as in the past let's say 10-15 years.Only healthy consumers are able buying productions :-) Give them moneyto spend...and the economy will recover...Sir Maynard Keynesprinciples.Regards
                            You can't give them money when there is none to give. You can not
                            increase wealth by simply printing money. If we could we would simply
                            print money.


                            Comment


                            • #15
                              UNEMPLOYMENT highest since daddy bush



                              Pieter Wenk wrote:
                              On Sat, 05 Jul 2003 04:06:58 GMT, Werner Hetzner <[email protected]>wrote:
                              And they don't pay their workers in places like Mexico and China badly.Those workers increase their income from what they got before.
                              Nope !!! The differences in wages between the US or /EU and countriessuch as Mexico or China....are important...This is one one of the major reasons...US/EU companies are movingtheir production facilities to these countries. They are running theproduction...and reexport the stuff to the USA or EU, were they sellit in bunkering nifty profits.Also China is a very large country...*the market for theseproductions* are not in China....but the USA/EU....Now you may tellwhy ???Regards
                              Sure. They sell at a nifty profit because consumers want and buy their
                              products. USA/EU consumers thereby make a nifty saving. Saving is like
                              profit.

                              Regards

                              Comment

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