Unemployment Rate Dropped in August

Discussion in 'Politics, Religion, Social Issues' started by Lyle, Sep 3, 2004.

  1. Lyle macrumors 68000

    Lyle

    Joined:
    Jun 11, 2003
    Location:
    Madison, Alabama
    #1
    Some of the pundits' analysis last night (after the end of the RNC convention) focused on what this morning's jobs numbers would show and how they would effect the post-convention "bounce". On CNN's "American Morning" this morning, Jim Cafferty was even speculating that although the numbers weren't to be released until this morning, Bush actually had them in advance and didn't mention them in his speech because they were bad news.

    Sadly for Jim, the results were that the unemployment rate dropped in August, and is at its lowest since September 2001. This of course does not change the fact that we're still down about one million jobs from where we were in early 2001 when Bush took office, but obviously the ongoing economic growth is bad news for Kerry at this point in the game.
     
  2. mactastic macrumors 68040

    mactastic

    Joined:
    Apr 24, 2003
    Location:
    Colly-fornia
    #2
    I heard Bush crowing this morning about how the numbers showed 200,000 jobs created in that past two months. IIRC, that doesn't even cover the number of new workers entering the workforce over that time period.

    His net job total is obviously bad news for Bush at this point in the game.
     
  3. IJ Reilly macrumors P6

    IJ Reilly

    Joined:
    Jul 16, 2002
    Location:
    Palookaville
    #3
    No, it doesn't. I believe the number for keeping pace with population growth is 130,000 jobs created per month. The rate of unemployment is increasingly a phantom number, since it doesn't count people who've given up on the job market. If everyone who can't find a job would just stop looking, we could drive the unemployment rate to 0%. So clearly what this nation needs is more desperately unemployed people.
     
  4. Desertrat macrumors newbie

    Joined:
    Jul 4, 2003
    Location:
    Terlingua, Texas
    #4
    IMO, we're a long way from any true recovery. I also think the best we'll do is just muddle along in economic doldrums for quite a while.

    It looks like to me that overall, we're losing a lot of higher-paying jobs, and the majority of new jobs are, generally, lower in buying power (using that phrasing to reflect inflation) than before. If this view of mine is correct, several things ensue.

    One is that lesser total economic activity means smaller amounts of available tax money at all levels of government. Ergo, federal deficit problems for a long time, regardless of Irag. The problem is also quite visible at the local and state level.

    Another is the ripple effect of, overall, a lesser amount of spending and its effect on other workers/businesses. More competition in a shrinking market.

    And, more general discontent among those either just starting some career or those who don't see chances for advancement within their own milieu.

    'Rat
     
  5. mactastic macrumors 68040

    mactastic

    Joined:
    Apr 24, 2003
    Location:
    Colly-fornia
    #5
    Aw come on 'Rat, everyone knows we've turned the corner on the economy. At least that's what I'm hearing from the right wing.
     
  6. Desertrat macrumors newbie

    Joined:
    Jul 4, 2003
    Location:
    Terlingua, Texas
    #6
    Well, up the Right Wing. For that matter, up the Left Wing. Just 'cause we've got some more bad times ahead doesn't mean the world's gonna end.

    I've just never been in lockstep with anybody, this side of marching while in the Army. I've got savings and no debt. That others don't follow that style ain't my fault...

    :), 'Rat
     

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