CNBC Calls It 'Lousy:' June Jobs Rise Only 18,000, Unemployment Rate Up to 9.2%
A senior political adviser to the Obama administration said on July 6 that in 2012, people won't be voting based on the unemployment rate, according to The Hill newspaper.
Of course, adviser David Plouffe said that two days before the June jobs report was released. Ahead of the jobs report, economists anticipated 100,000 or 125,000 jobs to have been added that month. Truth be told, on July 8, the jobs report showed only 18,000 jobs added and plenty of other "lousy" news.
The unemployment rate also rose to 9.2 percent in June, and April and May data was revised to show 44,000 fewer jobs. The real unemployment rate (the figure including discouraged workers) also went up to 16. 2 percent.
Job gains of only 18,000 in June were dramatically lower than most estimates, even Rick Santelli's (who came within 1,000 from the data last month). He gave the lowest estimate of all the CNBC panelists just before the Bureau of Labor Statistics report came out.
The numbers "stunned" economist Mark Zandi who was on that CNBC panel of guests as the June report came out. Zandi said the report calls into question the "rebound later in the year." Another panelist, economist Diane Swonk said that "any way you cut this data it's lousy."
Plouffe claimed (as quoted by Bloomberg), "The average American does not view the economy through the prism of GDP or unemployment rates or even month jobs numbers."
"People won't vote based on the unemployment rate, they're going to vote based on: 'How do I feel about my own situation? Do I believe the president makes decisions based on me and my family'," Plouffe continued.
The Hill quoted Zandi's estimate of 110,000 job gains in June and his prediction that "payroll employment gains [will be] back near 200,000 by the end of the year." The Hill wrote, "If Zandi's right and those gains continue through 2012, Plouffe might be proven right, too, as voters could be pleased with their position." According to AOL's Politics Daily, Zandi "has advised candidates of both parties, including Obama …"
But following the awful June jobs report, Zandi acknowledged on CNBC that a turnaround in the second half of the year is now in question and he might be forced to downgrade his expectations.
- Julia A. Seymour's blog
- Login to post comments
Comments
Barry's "Rolling Up His Sleeves"
Submitted by AgentAmerican on Fri, 07/08/2011 - 11:22am.
He says he's ready to roll up his sleeves...does this include bending over?
Aieee
Submitted by StarAZ on Fri, 07/08/2011 - 11:47am.
Not the sleeves again...enough.
Obama - Staggering drunk to work after 2.5 years?
Submitted by Slyrr on Fri, 07/08/2011 - 3:33pm.
Since the day he was 'elected', Obama has been saying something like this. 'laser like focus' on jobs. 'Finally ready to roll up his sleeves', 'his top priority', 'finally ready to get serious'. Over and over like a broken record.
And the more he does it, the more hollow it sounds. He comes across as a drug addict or a drunk who staggers into the office, his speech slurred and with an empty bottle in hand, saying 'Ok peeple, lesh finally git to WURK!' As if everyone else was just fiddling around the whole time, waiting for him to show up.
Obama was 'elected' in 2008 and took office in 2009. Over 2 years. And NOW - after his policies have caused record unemployment, record misery, record job loss, economic destruction, after all this - he dares to show up with that stupid grin, saying he's 'ready to roll up his sleeves'?
Where's he been the last few years if he's so concerned about all this? He's been on the golf course, going on fancy vacations on OUR dime, buying expensive gifts for himself and his wife with OUR money, that's what.
Given that his actions have been the direct and demonstrable cause of all this misery and suffering, I say KEEP him off the job. I don't want him to roll up his sleeves on this, or any other issue. If his half-@$$ed governing has been this bad, I don't want him to be given the chance to jam his whole @$$ into it.
Do any of these...
Submitted by StarAZ on Fri, 07/08/2011 - 11:45am.
All these Chi-town smugbags and economists have jobs. Do they ever wonder how people "manage" when there is no income and the savings are gone and they have borrowed from other shaky people? Do they just think--oh, they will think of something? I heard about a woman the other day who said all this inspired people's creativity. Of course, she was sitting on a million bucks and was cheap to boot!
On Squawk Box Joe Kernan...
Submitted by Prester John on Fri, 07/08/2011 - 11:48am.
....was all but laughing out loud at an Obama apologist who was saying it was the debt ceiling problem that was causing companies not to hire as opposed to tax uncertainties, Obamacare, increased government regulations........
It was great.
"Stupid people are ruining America"
Herman Cain 2012
I saw that. I'm wondering
Submitted by bassndude on Fri, 07/08/2011 - 12:25pm.
I saw that. I'm wondering exactly what is the tie in with the debt ceiling? Just how stupid do these people think we are? Most of the folks that watch Squawk Box are much smarter on economic issues than any in the WH, or on the staff of advisiors.
Save a SeAL, club a liberal/troll!!
Kernan is the remedy for Carl's obvoius
Submitted by nonncom on Fri, 07/08/2011 - 12:31pm.
left leaning sentiment.....Becky Quick remains mostly neutral, and that is a compliment....hard to find a journalist, regardless of the type, who is such these days....
Bachmann on Squawk Box this morning
Submitted by FaulknerFan on Fri, 07/08/2011 - 6:01pm.
Also, this morning the guest host, Lawrence Meyer, tried to trip up Michele Bachmann by asking her the same question three times, the first time so incoherent neither Bachmann or anyone else understood what the hell he was trying to say, and twice after that, saying, "I'll ask you again", as he repeated the question. He was so excited about trying to make her look bad that he failed to notice that she answered it second time when the question itself was finally understandable. He was so intent on insulting her that he asked it a third time, his dislike for her dripping from each condescending word. A few seconds later as they went to break, Kernan turned to Meyer and asked, "Are you all right?" Meyer then said how much he admired her after saying that he disagreed with her on everything she stood for. Kernan saves that program which, because of him, is usually a very good business/investing program.
The Media's phony so called economic 'recovery'
Submitted by cbeyer on Fri, 07/08/2011 - 12:51pm.
The phony recovery
The Main Stream Media continues to talk about a recovery or variations there of. If this was on the watch of a Republican president, CBS, NBC, ABC and the other media outlets would be calling this a DEPRESSION. Lets consider the facts:
Unemployment is at 9.1% but..wait....its really at 17% if you consider the chronically unemployed.
The Housing market is at 50 year lows with foreclosures at all time highs with signs pointing to more loss in home values and fewer homes being built in the immediate future.
New business creation (the engine of the economy) is completely stalled
Energy prices are on the rise with no abatement in site. A mideast crisis which is inevitable will send prices through the roof. We have no energy policy with the Obama administration except 'go green'.....meaning continue to pay higher prices because the Administration through the radical policies of the EPA is stifling any new efforts to tap America's energy resources.
Government growth is off the charts adding to an insatiable demand for more revenue from tax paying citizens. We are now at the tipping point where the majority (those who pay little or no taxes) are voting with their wallets to extract more tax revenue from those who work and contribute to a bigger nanny state.
In spite of these facts, the media is still propping up Obama and will fiercely support him in the 2012 election cycle. Any Republican who attains the nomination to run will be sliced and diced the way Sarah Palin and Michelle Bachmann have been. It doesn't matter who runs. In the meantime the media will continue to be an extension of DNC talking points and a barrage of criticism of Republicans and the nominee while they continue to give Obama a loving pass as they always have.
The fact that our current economy continues to be referred to as in recovery (or even a weak recovery) proves my point. We are in a full blown recession with far more prospects for things getting worse than better. The dominant media which worships Obama will continue to pave the path to his reelection. Sadly, I think he will be here for a second term and America as we know it will be irreparably damaged.
Chris H. Beyer Right of Way Pundit
reply
Read more: http://www.newsbusters.org/blogs/noel-sheppard/2011/07/08/nyt-debt-ceili...
Actually I think when he says
Submitted by Scuba Dude on Fri, 07/08/2011 - 3:57pm.
Actually I think when he says he is going to roll up his sleeves it is in reference to him preparing to tee off on the golf course. That is the only thing he has worked diligently at these past two or so years.
Bogged Down Private Sector
Submitted by Kingfish17 on Fri, 07/08/2011 - 4:51pm.
How can anyone who owns a small to medium sized business take on new employees when the President is constantly beating the drum of higher taxes?
"You can’t go take a trip to Las Vegas...on the taxpayer’s dime." Barack Obama
And health coverage
Submitted by jon_torlin on Fri, 07/08/2011 - 4:59pm.
Not just higher taxes, but forcing those small businesses to give health care coverage to their employees, whether or not they want to do it? That's a real sticking point there too.
-Jon
Simple question to ask while standing in the voting booth ...
Submitted by Hunter12 on Fri, 07/08/2011 - 5:39pm.
.. are you better off now than you were four years ago? Remember, that from 2000 to 2008, 8 years, we had the media telling us it was the man at the top who gets all the blame. Ask that question and then vote. Good luck, President Obama! The Republican president elected in 2012 will have a cushy job, at least for the first three years, because for that long, the MSM has been telling us everything bad is still Bush's fault.
"An appeaser is one who feeds a crocodile, hoping it will eat him last." - Sir Winston Churchill
Obama is playing the American people for fools
Submitted by Dave. on Fri, 07/08/2011 - 8:09pm.
Pretending he is trying to fix our economy while doing everything he can to purposely accelerate it's implosion.
Too bad so many Americans are still buying his BS.
-Dave
Vote for the American in November
Dave.. I'm waiting for the
Submitted by celator on Fri, 07/08/2011 - 8:20pm.
Dave.. I'm waiting for the equivalent of the Venona Papers to be published in the future, so that those who haven't figured out who Obama is really working for will finally get a clue.
cel, Honestly, given the high number of stoopid zombie sheeple..
Submitted by Dave. on Fri, 07/08/2011 - 8:50pm.
...now living among us, I'm not sure most of them would get it even if Obama were to walk out onto the White House lawn and say that he was purposely tanking the US economy, as well as who it is he is doing it for.
-Dave
Vote for the American in November
The absolute
Submitted by Bob K on Fri, 07/08/2011 - 9:04pm.
BEST line ever to explain one aspect of the economy was one I heard today on the O'Reilly Factor. A woman was arguing with Alan Colms and when he brought up corporations sitting on billions and billions in corporate profit, she came back by telling him that they are going to sit on that money until Obama is gone. Plain, simple, and certainly true. Only a year and half to go folks.
People won't be voting based on unemployment?
Submitted by hbnolikeee on Fri, 07/08/2011 - 11:13pm.
Yup, it's all going to be on how good a job Obama does handicapping the College Basketball games. That and how he plays golf and shoots them hoops.
Efforts To Split The Obama Opposition Vote are Backfiring
Submitted by Avitar on Sat, 07/09/2011 - 12:43am.
Democrat Party Professionals have had considerable success in history getting opportunistic candidates to run against the principled Republicans. Sometimes it has been a losing set of principles rerunning against the main party. Teddy Roosevelt ran against Taft over environmental principles that did not hold water and Wall St. issues splitting the vote in 1912 which gave the Democrats their best gate way to power since the Civil War.
This time they have tried to stir opposition to Sarah Palin and Michele Bachman because they are women, candidates because of their religion, mostly Mormon, economic beliefs and Race. It is not doing what they had hoped but it is getting many opposition groups formed against them at a very early stage. There is now a Mother Grizzly group of real Family Women that matches with the original Heart of the Republican Party Family Men. There is a real recognition of certain economic principles from Adam Smith and Art Laffer which unite the "real Republicans." Those who are still mouthing the untested or failed theories of their liberal college professors are now stuck with changing living as Rinos.
The whole point is the Democrats keep reaching for whacky republicans and just might wind up financing people who, quite as a matter of principle would feel about Democrats that "hanging's too good for them." The Democrats keep pushing and the only choice left will be those who think Democrats should all leave Washington and those who think the Democrats and their media should leave Washingon in pine boxes.
It doesn't matter what the
Submitted by big.league.slider on Sat, 07/09/2011 - 3:06am.
It doesn't matter what the published unemployment/job creation numbers are. Marco Rubio got it right in his recent speech, what really matters is the number of people paying income taxes. If the number of workers actually paying income taxes goes up, that means there are good paying jobs being created. If the unemployment rate goes down, but the number of people paying income taxes does not go up, then that would indicate the new jobs are low wage or part time.
Much of Obama's support in 2008 came from the under 25-year-old voters. The current unemployment rate among 18 to 25 year old's is around 25%. I doubt that these voters will still support Obama in large numbers in 2012. Especially if the GOP can convince them that Obama and the Dem's have saddled them with $trillions in debt that they must repay. Assuming of course, that they can ever find gainful employment.