In a very "Hostile" business environment Obama lectures business leaders of surviving and "shrinking" to the economy.
Informs them that He cannot continue to make government jobs because the money has run out.
With all Business --Large -Mid and Small facing growing tax rates,higher benefit expense,cap and trade and card check --He would like to know their ideas on increasing Jobs in the "private" sector.
He left the meeting -told them to split into small groups and he would come back to hear the solutions.
He continues to show he is an empty suit--no leadership skills,lacks all business acumen and sadly acts like a clown with a good telepromter!!
Buy your reporting that November's job loss rate as just "Hype"....How is a decrease in job loss, a bad thing ? Are you upset over positive news ? Is it a speedbump or a hiccup towards Obama's road to failure ?....You see, the average person feels 700,000 jobs lost per month when Obama took over from republicans to November's numbers is a significant gain, or maybe you just can't bring yourself to this realization ? Who's the hostile one here ?
Job Losses Beat Estimates, ‘U6’ Falls to 17.2
by Meteor Blades
Fri Dec 04, 2009 at 06:23:08 AM PST
With one possible exception, nobody came close to correctly predicting the surprisingly low job losses for November reported by the Bureau of Labor Statistics today. The non-farm payroll fell just 11,000, the best results in 22 months, and the official "U3" rate fell to 10% from last month’s 10.2%. Experts had predicted the rate would hold steady and that anywhere from 50,000 to 150,000 jobs would be lost. The ‘U6’ unemployment rate, an alternative BLS measure that includes discouraged workers and part-time workers who want full-time jobs, fell 3 points to 17.2 percent.
In the run-up to Friday’s announcement, economists and other analysts caught a case of the heebie-jeebies because, statistically speaking, it was another mixed week for the economy.
On the one hand, auto sales were at 10.93 million, the best performance since October 2008. The four-week running average for unemployment benefits fell to 481,000, the best results in a year. The Federal Reserve Board reported in its beige book that economic activity had "improved modestly" in all 12 Federal Reserve districts since its previous report. The ISM manufacturing employment index clocked in at 50.8, down 2.3 percentage points from October, but still in positive territory.
On the other hand, those car sales were still were extremely low. The much-watched ISM report on services slipped to 48.7, suggesting that the non-manufacturing sector had contracted last month, after two months of expansion. Employment in non-manufacturing fell for the 22nd time in 23 months, the ISM report stated. Goldman-Sachs predicted that the unemployment peak would not occur until mid-2011. The ADP report, a private assessment of job loss, came in at 169,000 for the month. And Paul Krugman warned of a growing possibility of a "W"-shaped recession, the much-feared "double-dip."
Given all this, many analysts said that worries about today’s BLS report was what drove the Dow down Thursday.
The BLS report also noted:
• In a much-watched calculation indicative of improvement, the average workweek for production and non-supervisory workers rose to 33.2 hours.
• The number of long-term jobless (27 weeks or longer) rose 293,000 to 5.9 million, some 38.3% of the total who are unemployed
• The U3 rate by gender: men – 10.5%; women – 7.9%. By race: whites – 9.3%; Asian Americans – 7.3%; African Americans – 15.6%; Latinos – 12.7%. The teenage rate (aged 16-19): 26.7%
• Hiring of temporary seasonal workers increased by 52,000.
• September job losses were revised from 219,000 to 139,000, and the losses for November were revised from 190,000 to 111,000.
• The Labor force participation rate sank to 65% in November. The employment to population ratio remained steady at 58.5%.
Click for larger version of this Calculated Risk graphic.
Today’s BLS report suggests the possibility that December could show a net positive in job growth, which would be the first such gain in two years. Welcome news to the 8 million who have lost jobs during that period. But without another stimulus, most analysts believe overall job growth will remain tepid throughout most or all of 2010.
for you ?
