Celebrating Labor Day With An Outstanding Economy/Jobless Rate Drops To 4.7%
Hiring perks up; U.S. jobless rate drops to 4.7%
WASHINGTON - Hiring perked up in August as employers added 128,000 jobs, pulling the unemployment rate down to 4.7 percent and flashing a Labor Day weekend message of an economic expansion that still has staying power.
The latest snapshot, released by the Labor Department on Friday, was a bit brighter than expected and should ease any fears that the expansion that began in late 2001 is in danger of fizzling out.
Still, there are obvious weak spots; Construction spending plunged in July by the largest margin in nearly five years, the Commerce Department reported, another sign of the cooldown in the once sizzling housing market.
The tally of new jobs last month was slightly stronger than the 125,000 that economists were forecasting. The nation’s unemployment rate dropped down a notch from a five-month high of 4.8 percent in July. Job gains for June and July also turned out to be better than previously estimated. In June, employers boosted payrolls by 134,000 positions and in July they added another 121,000.
‘‘Today’s (employment) report was solid and indicates that the economy is not falling away very quickly but it certainly wasn’t so spectacular that it renewed oversized fears of inflation,’’ said Carl Tannenbaum, chief economist at LaSalle Bank. ‘‘The report is right on the mark. Goldilocks may be coming. The economy is not too hot nor too cold,’’ he said.
On Wall Street, the report gave stocks a lift. The Dow Jones industrials gained 42 points and the Nasdaq was up 7 points in morning trading.
The jobs report comes as the nation’s work force gets ready to celebrate the Labor Day holiday and as the election season looms.
Economic conditions - especially those where people live and work - are likely to be on voters’ minds when they go to the polls in November.
Workers’ average hourly earnings edged up to $16.79 in August, a 0.1 percent increase from July. Economists were forecasting a bigger, 0.3 percent advance. While workers welcome strong wage growth, economists worry that a rapid and prolonged pickup in wages can ignite inflation fears.
Over the 12 months ending August, wages grew by a strong 3.9 percent. The last time this figure was higher was in June 2001.
The Federal Reserve on Aug. 8 decided to halt a more than two-year long rate raising campaign given the slowing economy and the cooldown in the housing market. The Fed’s rate increases were aimed at keeping inflation in check. Fed policymakers expressed hoped that the slowing economy eventually would help lessen inflationary pressures.
Economists have mixed opinions about the Fed’s next move on Sept. 20. Some believe the central bank will leave rates alone again, while others predict another rate increase will be ordered to fend off inflation.
Across industries, the jobs picture was mixed. Schools, health care providers, construction companies, financial services and others boosted payrolls in August. However, factories shed 11,000 workers - the second straight month of job cuts and retailers slashed 13,500 positions. Transportation and warehousing firms cut 7,100 slots.
The fresh snapshot of the job climate comes as employers have coped with a slowing economy, sagging consumer confidence and elevated energy prices.
Oil prices, which surged to a record closing high of $77.03 in mid-July, have retreated some since then and are now hovering just above $70 a barrel.
Other recent economic reports suggest the economy’s slowdown isn’t as steep as some feared.
Retailers reported good sales in August as shoppers hit the malls buying skinny jeans and back-to-school gear. Consumer spending shot up in July by the most in six months - also encouraging because consumers are major shapers of overall economic activity.
Economic growth clocked in at a 2.9 percent pace in the April-to-June quarter, slightly better than first estimated but nowhere near the brisk 5.6 percent pace logged in the first three months of this year.
Read Full Story Here
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WOW!! This economy is BOOMING!!! Almost 95% of the entire Country is working. Everyone that want's a job has one. 128,000 jobs created, that's the third straight month of job growth, Consumer confidence stays strong, workers hourly wages increased, more people own thier own homes than ever before, and oil and gas prices are falling. This Economy is right on track. And we have a bit more extra money in our pockets with TAX CUTS!!! But the Liberals will try to paint a "Doom and Gloom" picture for all this, I'm not falling for it, not with an ecomomy like this one :-)
WASHINGTON - Hiring perked up in August as employers added 128,000 jobs, pulling the unemployment rate down to 4.7 percent and flashing a Labor Day weekend message of an economic expansion that still has staying power.
The latest snapshot, released by the Labor Department on Friday, was a bit brighter than expected and should ease any fears that the expansion that began in late 2001 is in danger of fizzling out.
Still, there are obvious weak spots; Construction spending plunged in July by the largest margin in nearly five years, the Commerce Department reported, another sign of the cooldown in the once sizzling housing market.
The tally of new jobs last month was slightly stronger than the 125,000 that economists were forecasting. The nation’s unemployment rate dropped down a notch from a five-month high of 4.8 percent in July. Job gains for June and July also turned out to be better than previously estimated. In June, employers boosted payrolls by 134,000 positions and in July they added another 121,000.
‘‘Today’s (employment) report was solid and indicates that the economy is not falling away very quickly but it certainly wasn’t so spectacular that it renewed oversized fears of inflation,’’ said Carl Tannenbaum, chief economist at LaSalle Bank. ‘‘The report is right on the mark. Goldilocks may be coming. The economy is not too hot nor too cold,’’ he said.
On Wall Street, the report gave stocks a lift. The Dow Jones industrials gained 42 points and the Nasdaq was up 7 points in morning trading.
The jobs report comes as the nation’s work force gets ready to celebrate the Labor Day holiday and as the election season looms.
Economic conditions - especially those where people live and work - are likely to be on voters’ minds when they go to the polls in November.
Workers’ average hourly earnings edged up to $16.79 in August, a 0.1 percent increase from July. Economists were forecasting a bigger, 0.3 percent advance. While workers welcome strong wage growth, economists worry that a rapid and prolonged pickup in wages can ignite inflation fears.
Over the 12 months ending August, wages grew by a strong 3.9 percent. The last time this figure was higher was in June 2001.
The Federal Reserve on Aug. 8 decided to halt a more than two-year long rate raising campaign given the slowing economy and the cooldown in the housing market. The Fed’s rate increases were aimed at keeping inflation in check. Fed policymakers expressed hoped that the slowing economy eventually would help lessen inflationary pressures.
Economists have mixed opinions about the Fed’s next move on Sept. 20. Some believe the central bank will leave rates alone again, while others predict another rate increase will be ordered to fend off inflation.
Across industries, the jobs picture was mixed. Schools, health care providers, construction companies, financial services and others boosted payrolls in August. However, factories shed 11,000 workers - the second straight month of job cuts and retailers slashed 13,500 positions. Transportation and warehousing firms cut 7,100 slots.
The fresh snapshot of the job climate comes as employers have coped with a slowing economy, sagging consumer confidence and elevated energy prices.
Oil prices, which surged to a record closing high of $77.03 in mid-July, have retreated some since then and are now hovering just above $70 a barrel.
Other recent economic reports suggest the economy’s slowdown isn’t as steep as some feared.
Retailers reported good sales in August as shoppers hit the malls buying skinny jeans and back-to-school gear. Consumer spending shot up in July by the most in six months - also encouraging because consumers are major shapers of overall economic activity.
Economic growth clocked in at a 2.9 percent pace in the April-to-June quarter, slightly better than first estimated but nowhere near the brisk 5.6 percent pace logged in the first three months of this year.
Read Full Story Here
~~~~~~~~~~~~~~~~~~~~~
WOW!! This economy is BOOMING!!! Almost 95% of the entire Country is working. Everyone that want's a job has one. 128,000 jobs created, that's the third straight month of job growth, Consumer confidence stays strong, workers hourly wages increased, more people own thier own homes than ever before, and oil and gas prices are falling. This Economy is right on track. And we have a bit more extra money in our pockets with TAX CUTS!!! But the Liberals will try to paint a "Doom and Gloom" picture for all this, I'm not falling for it, not with an ecomomy like this one :-)
posted by Marie's Two Cents | 11:42 AM
7 Comments:
I will not have any gloom and doom over the growth of the economy. However, there are certain things that could plague economical growth in the coming months. Inflation and cost of living are my two biggest concerns. Also, it is great to see Americans owning their homes, which is encouraging. Along with the people owning homes the biggest drawback is that sheriff sales and foreclosures are at an all time high.
Penn,
I dont think we have to worry about Inflation for a bit:
The Fed’s rate increases were aimed at keeping inflation in check. Fed policymakers expressed hoped that the slowing economy eventually would help lessen inflationary pressures.
Now buying a home through a foreclosure sale is great idea.
It's a shame those folks that bought thier home didnt check out how much thier taxes would be every year before they bought thier home that got forclesed on.
Even though new housing starts have
leveled off a bit, that was a good thing because now the Fed wont have to raise interest rates which keep infaltion in check!
Looks like a win win situation here.
It will be required to raise interest rates. Either way if they cannot afford their payment or taxes(which all property taxes need to be eliminated IMHO), but anyway, it is a huge burden for both bank and sheriff departments because may times sheriff departments are unprepared for a huge increase of forclosed properties. Also, for banks, they usually take a cut in profit because they do not recieve the interest they would have. The big problem is the people who are buying these homes that are getting foreclosed usually are not finacically stable enough to buy them. Banks are partially at fault for granting mortgages to the people with unstable or insuffient incomes. I could write a book on this subject, but I will make them short and sweet.
Penn,
It will be required to raise interest rates. Either way if they cannot afford their payment or taxes(which all property taxes need to be eliminated IMHO), but anyway, it is a huge burden for both bank and sheriff departments because may times sheriff departments are unprepared for a huge increase of forclosed properties. Also, for banks, they usually take a cut in profit because they do not recieve the interest they would have. The big problem is the people who are buying these homes that are getting foreclosed usually are not finacically stable enough to buy them. Banks are partially at fault for granting mortgages to the people with unstable or insuffient incomes. I could write a book on this subject, but I will make them short and sweet
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Well I will site an example, my parents bought thier home in 1966, they checked carefully the tax rates they would be having to pay every year. My parents live in Harbor City, California. They checked into all this before they bought thier home and Harbor City isnt really a city at all, it's a part of Los Angeles County. This paricular strip of land falls only under COUNTY taxes. It may say Harbor City, but the boundry lines prevent them from having to pay "City Taxes".
It is truly best to investigate your property before you buy.
Me, I am in Oklahoma County/City.
Before this town became Oklahoma City it was the town of Briton.
Briton was failing and instead of Briton completely failing Oklahoma City bailed them out.
But, I only have to pay Oklahoma County taxes instead of City because the old rule still stands I am still in Oklahoma County as far as the State Government is concerned.
City taxes dont apply to me.
I am still on a rural route. City cant touch it. Even though they bailed out Briton they still abide by the old rules and particulary rural residences.
So the City may have bailed them out, but I only have to pay County Taxes.
Because I am still considered Rural.
I agree with you all property taxes have to be eliminated, if you look for the Liberals to do it GOOD LUCK!!! Because the Liberals will increase every single tax initiative thier is.
Hell they have even stated it, they will repeal all the tax cuts Bush has put in place when/if they are elected, there goes the economy, property taxes, the death tax, everything that was cleaned up By Bush will be repealed!
Actually all the burden on Law enfocement is just paperwork. As well as banks. They call it a "Write Off" they are all compensated anyway!
And to be realistic, banks and sherrif dept's, or whoever is in charge of that part of the community have "write offs", it's just paper work for them, but a big gain for us the consumer. Besides they profit from it no matter who is doing what to whom lol.
But actually we the consumer benefit the most from it, unless of course you cant afford to pay the taxes yearly on a home investment that you are stuck paying County and City taxes on!
Hey, Marie...I think what pennsylvania progressive is getting at is:
"Economy booming-women, minorities hardest hit"
Uncle P,
Hey, Marie...I think what pennsylvania progressive is getting at is:
"Economy booming-women, minorities hardest hit"
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LOL
I was not targeting anyone when I said about foreclosed properties. if you can't afford it, you can't afford it. The problem in Pennsylvania is that taxes on property go up every year. In Pennsylvania it is the school districts that determine what property taxes are. If the teachers want a raise or want to build a new school, they just simply pass it in the school board to raise taxes. The school districts can do what they want. No one stops them. No one. It is totally unrelaible in this state to find out how much your property taxes will be because it is so unpredictable because the next year it could go up another $800. I used to live in a mobile home and the taxes on that were over $1800 and it wasn't even a 1/2 acre of land. I sold it because when I moved in it taxes were $1100 a year. In two years time the taxes when up $700. The property tax system is totally out of whack. The state needs to clean itself up a little bit and start using taxpayer money responsibility. I am not targeting polictical parties, but it is the republicans that are hindering property tax reform and our democrat govenor just simply gives up too easily. Whether you believe it or not but both of Pennsylvania's houses are a Republican majority. As much as I hate to say it Pennsylvania's Republicans spend worse and waste more money than Liberal Democrats.
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