Originally posted by The17sss
More economic recovery news from today:
1) the services sector (80% of the American economy) contracted in July rather than expanded as expected. http://www.cnbc.com/id/32296019
2) Planned layoffs (for the upcoming future) by businesses are up 31%, even though it's being reported that job losses have slowed in July... with the unemployment rate to reach 10.2% soon. http://money.cnn.com/2009/08/05/new..._cuts/index.htm
3) If the recession is over and the stimulus is working, why is this happening: "The Senate yesterday passed a $124.3 billion agriculture spending bill that pays to add millions of people to the food-stamp rolls as rising numbers of the jobless are forced into the program. A record 34.4 million people -- or one in nine Americans -- were participating in the food-stamp program as of May. That's an increase of 650,000 people from the previous month and up 6 million from the same time last year." http://www.google.com/hostednews/ap...0QpfqgD99SBHLO0
:wtf:
The recession isn't over, but it's apparently obvious the worst is over. A few months ago we were worried about a systemic financial collapse. The markets are rallying because of the belief that the worst of the recession is over and also the influx of liquidity.
fbgdavidson
quote:
Originally posted by The17sss
More economic recovery news from today:
1) the services sector (80% of the American economy) contracted in July rather than expanded as expected. http://www.cnbc.com/id/32296019
2) Planned layoffs (for the upcoming future) by businesses are up 31%, even though it's being reported that job losses have slowed in July... with the unemployment rate to reach 10.2% soon. http://money.cnn.com/2009/08/05/new..._cuts/index.htm
3) If the recession is over and the stimulus is working, why is this happening: "The Senate yesterday passed a $124.3 billion agriculture spending bill that pays to add millions of people to the food-stamp rolls as rising numbers of the jobless are forced into the program. A record 34.4 million people -- or one in nine Americans -- were participating in the food-stamp program as of May. That's an increase of 650,000 people from the previous month and up 6 million from the same time last year." http://www.google.com/hostednews/ap...0QpfqgD99SBHLO0
:wtf:
Yes, and job layoffs are still reactionary.
DOOMBOT
quote:
Originally posted by Krypton
The recession isn't over, but it's apparently obvious the worst is over. A few months ago we were worried about a systemic financial collapse. The markets are rallying because of the belief that the worst of the recession is over and also the influx of liquidity.
Krypton
quote:
Originally posted by DOOMBOT
You should stick to selling checking accounts...
DOOMBOT
quote:
Originally posted by Krypton
You should stick to selling checking accounts...
C'mon Krypton! Dance with me! YEEEEEEEEEEEHAW!!!!
Krypton
Eat it.
quote:
Investors finally find good news on unemployment
Surprise drop in unemployment rate pushes stocks sharply higher, feeds hopes for economy
By Stephen Bernard, AP Business Writer
On Friday August 7, 2009, 11:45 am EDT
NEW YORK (AP) -- Investors are finally getting some good news on unemployment.
Major stock indexes are up more than 1 percent Friday as the government's July jobs report shows employers cut fewer jobs last month. The unemployment rate has also unexpectedly fell.
The report is often the most anticipated economic news each month on Wall Street so the surprise figures gave stocks a big boost.
The Labor Department says companies shed 247,000 jobs in July, the fewest in a year. Economists had expected 320,000 lost jobs. Unemployment has dipped to 9.4 percent from 9.5 percent in June.
The Dow Jones industrials are up 135 at 9,390. The Standard & Poor's 500 index is up 18 at 1,015. The Nasdaq composite index is up 35 at 2,008.
the economy is not improving. we are way too much in debt for a stupid 'war' & we can't even take care of our own problems like poverty, low education, bad health care, etc. the days of america being the world's super power is over. forget the economy and pull out your mandarin & cantonese books.
The17sss
quote:
Originally posted by Krypton
Investors finally find good news on unemployment
Surprise drop in unemployment rate pushes stocks sharply higher, feeds hopes for economy
By Stephen Bernard, AP Business Writer
On Friday August 7, 2009, 11:45 am EDT
NEW YORK (AP) -- Investors are finally getting some good news on unemployment.
Major stock indexes are up more than 1 percent Friday as the government's July jobs report shows employers cut fewer jobs last month. The unemployment rate has also unexpectedly fell.
The report is often the most anticipated economic news each month on Wall Street so the surprise figures gave stocks a big boost.
The Labor Department says companies shed 247,000 jobs in July, the fewest in a year. Economists had expected 320,000 lost jobs. Unemployment has dipped to 9.4 percent from 9.5 percent in June.
You forgot to mention this point from the article: The White House warned it would be "quite some time" before the economy saw sustained job growth, adding it still believed the jobless rate would hit 10 percent this year.
as long as the stock market is fine i dont give a .. i think these are krypton's sentiments as well lol
Krypton
quote:
Originally posted by The17sss
You forgot to mention this point from the article: The White House warned it would be "quite some time" before the economy saw sustained job growth, adding it still believed the jobless rate would hit 10 percent this year.
That's not the point. The point is the worst is over. That's what stocks are trading on at this point.
Krypton
More good news. You bears are getting murdered.
quote:
S&P Hits 10-Month High on Job Data as Banks Fly- Reuters
NEW YORK (Reuters) - U.S. stocks advanced on Friday after stronger-than-expected non-farm payroll data lifted investor optimism and pushed the S&P 500 to a 10-month high.
The data boosted stocks across the board, with the financial sector the best-performing group on the S&P. The S&P financial sector index (^GSPF - News) rose 4 percent to 195.50, while the KBW Banks index (Philadelphia:^BKX - News) surged 5.1 percent to 46.14.
Dow components Bank of America Corp (NYSE:BAC - News) added 1.6 percent to $16.96, and JPMorgan Chase & Co (NYSE:JPM - News) gained 5.7 percent to $43.10.
The U.S. unemployment rate fell in July for the first time in 15 months as employers cut 247,000 jobs, the government said, fewer than expected.
"It's all about the employment report today. Wall Street has been fixated on it, and the reaction is strong," said Fred Dickson, market strategist at D.A. Davidson in Lake Oswego, Oregon.
"Investors are looking for confirmation that the bottom is close, and employment is a big piece of it. ISM (Institute for Supply Management) is another piece, and put that together with durable goods and housing and the mosaic is slowly filling in that the economy is beginning to stabilize. That's exactly what investors are looking for," he added.
The U.S. unemployment rate fell in July for the first time in 15 months as employers cut 247,000 jobs
bwahahahahahahahahahahahahahahaha!!
*gasp gasp*
hahahahahahahahahahaha!! (continued)
Gotta love government statistics. More people are getting fired each month yet the unemployment rate drops...lolol
Sorry krypt, but people who exhaust their unemployment benefits and drop off the dole are not suddenly employed and contributing to the economy. They are still unemployed but uncounted..just as people who have given up looking for work aren't counted (they are labeled "discouraged" workers and not included in the statistics.)
The true unemployment rate is probably closer to 18% today. If you want to play games and say the number of people filing weekly claims are the only ones unemployed, go for it. Heck, why don't we reduce unemployment benefits to 60 days? That should knock the official unemployment rate down to 1%. Happy days are here again!:haha:
