Double-Dip Avoided?

Posted on 09/03/2010 at 9:19 am by Bob Cesca

Mixed news:

The Labor Department says companies added a net total 67,000 new jobs last month, down from July’s upwardly revised total of 107,000. Wall Street analysts expected a smaller gain, according to Thomson Reuters.

Overall, the economy lost 54,000 jobs as 114,000 temporary census positions came to an end. State and local governments shed 10,000 positions. The jobless rate rose to 9.6 percent from 9.5 percent in July.

67,000 new jobs exceeded expectations and the likelihood of a double-dip has diminished. Of course we’re not out of this yet, and it will take a long time, but businesses are hiring and we’re now at eight consecutive months of private sector jobs added.

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  • dvatri

    One can hope that this is true, but I still think the working man is doomed.I recommend reading http://www.counterpunch.org/zadeh08302010.htmlThoughts on this piece?

  • unkle smokey

    dvatri- I thought that piece by HOSSEIN-ZADEH was excellent. It’s good to be reminded that “the kleptocratic rulers in the US, EU, and other debt-burdened countries know exactly what they are doing”. And “This is not to say that these governments do not want to have economic growth or job-creation—they do—but that they want them on their own (Neoliberal) terms, that is, through Neoliberal policies that would create jobs that would pay wages on a par with those of workers in less-developed countries. In other words, they prefer the kind of lopsided economic growth whose fruits would be reaped mostly by the wealthy—the so-called trickle-down or supply-side economic growth.”This one is also good: Not “Bad Policy” but Class Policyhttp://www.counterpunch.org/zadeh07232010.htmlSeems like no one likes to talk about these issues in terms of class. Probably a sign that your a communist.Get ready for Austerity Measures! They won’t stop till they have it all.

  • http://tarackian.deviantart.com J M Ashby

    I think one of the biggest problems right now is having inaccurate unemployment numbers.9.6% is only people who are currently on unemployment benefitsIt doesnt include private contractorsIt doesnt include teenagers looking for their first jobIt doesnt include those who ran out of benefitsIt doesnt include new college graduates looking for their first job.I’ll be amazed if we’re back to full employment by 2020. By then, American and Chinese wages will be much closer to eachother.