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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (75173)

7/7/2012 9:16:20 AM

From: Hope Praytochange

1 Recommendation Respond to of 103300

Nearly A Third Of Private Sector Jobs Added Were Temporary

Brett LoGiurato|Jul. 6, 2012, 11:23 AM|882| 9

AP

The private sector added just 84,000 jobs in June, a big miss from some projections that had it topping 100,000 for the month. More than 25,000 of those jobs came in temporary "help services" positions.

Overall, private-sector hiring is down both sequentially and from the year-ago period. Last month, the private sector added 105,000 positions, including revisions upward this month. And in June 2011, the private sector added 102,000 jobs.

The staggering temporary hiring represents both good and bad in the report. On one hand, the temporary health services industry added almost 33,000 more jobs compared with June 2011. It's also a nearly 7,000 month-over-month increase.

But the fact that nearly a third of the total jobs added were temporary means that they might not become permanent. For comparison's sake, 17.7 percent of the new private-sector jobs in May were of a temporary nature. The estimate for June would make it so 31.5 percent of jobs added were temporary.

Job losses in manufacturing of non-durable goods, general merchandise stores and information services contributed most to the decline. Some of the notables:

Manufacturing of non-durable goods dropped 3,000 jobs in June.
Information service jobs plunged 8,000.
Retail trade positions dipped about 5,400.
One of the biggest increases was in a temporary category — temporary help services, which flew up more than 25,000.
Meanwhile, government hiring fell off 4,000 jobs, which is an improvement from the 28,000 government loss in May.

Alan B. Krueger, the chairman of the council of White House economic advisers, wrote on the White House's official blog that are "no quick fixes to the problems we face that were more than a decade in the making."

"Employment is growing but it is not growing fast enough given the jobs deficit caused by the deep recession," Krueger wrote.

Here's the full private-sector picture since June 2008, as provided by the White House:

White House

Read more: businessinsider.com

To: GROUND ZERO™ who wrote (75173)

7/7/2012 9:41:08 AM

From: Hope Praytochange

1 Recommendation Respond to of 103300

JUNE JOBS REPORT MISSES EXPECTATIONS, UNEMPLOYMENT 8.2%

Eric Platt|Jul. 6, 2012, 8:30 AM|69,373| 193

Sandra Mu/Getty Images

UPDATE:

U.S. payrolls expanded by just 80,000 net jobs in June keeping the unemployment rate flat at 8.2 percent, new data from the Bureau of Labor Statistics shows.

The private sector only expanded by some 84,000 positions.

Economists polled by Bloomberg had forecast a gain of 100,000 positions during the month, with private payrolls advancing 106,000.

The disappointing report, which follows several months of weak economic gains, has sent U.S. markets sharply lower.

Millan Mulraine, an economist with TD Securities, attributed the gains to the manufacturing industry, which improved by 11,000 jobs this June. The service sector added 71,000 positions, down from 81,000 a month earlier.

However, Mulraine said the new data continues to emphasize the stagnating labor market recovery.

"The slow pace of jobs growth underscores the weakening economic growth momentum and reinforces the perception that the economy has remain mired in another soft patch," Millan says. "With the labor market recovery appearing to be stalled, the case for further policy accommodation will likely be strengthened, particularly given the benign inflationary background."

The report comes in sharp contrast to private payrolls data out of ADP just a day earlier that showed the economy expanded by 179,000 in June. That figure caused many analysts on Wall Street to raise their expectations going into this morning's announcement.

Adding further pressure to President Obama heading into the election, Hispanic and Latino unemployment remained essentially unchanged at 11.0 percent.

The unemployment rate for white men and women was unchanged at 7.4 percent, while 184,000 more black American's went without a job in June, for an unemployment rate of 14.4 percent.

May and April data were also revised during the month. In April, the BLS now estimates the economy added 68,000 jobs from an earlier report of 77,000. At the same time, employment grew by 77,000 in May, up from last month's report of 69,000.

Below, key output from the Bureau of Labor Statistics.

Nonfarm Payroll Change: +80K

Private Payroll Change: +84K

Manufacturing Change: +11K

Unemployment Rate: 8.2 percent

Average Hourly Earnings (MoM): +0.3 percent

Average Weekly Hours Worked: 34.5 hours

Underemployment Rate (U6): 14.9 percent

Read more: businessinsider.com