U.S. payrolls contract by 17,000 in January

U.S. payrolls contract by 17,000 in January

Major surprise as economists had been forecasting 85,000 gain
www.ma rketwatch.com

WASHINGTON (MarketWatch) -- Perhaps providing the smoking gun indicating that the nation's economy has entered a recession, government data released Friday showed a net reduction in U.S. nonfarm payrolls for the first time in more than four years.
As employers cut back their hiring, nonfarm payrolls fell by an estimated 17,000 in January, the Labor Department said. This is the first decline since August 2003. Read government report.
The nation's unemployment rate also fell, trending down to 4.9% from 5%.
The decline in payrolls came in stark contrast to the increase of 85,000 jobs that had been expected by Wall Street economists surveyed by MarketWatch. See Economic Calendar.
On Wall Street, stocks struggled to stay in positive territory, as the jobs report and Microsoft Corp.'s blockbuster acquisition bid for Yahoo Inc. competed for the market's attention. Read Market Snapshot.
In bonds, Treasury prices rose on new signs of economic weakness. See full story.

(visit the link for the full news article)



[edit on 1-2-2008 by oLDWoRLDDiSoRDeR]

More evedence to the recession case. So which is it ? And why all the cuts if its "all good"

www.ma rketwatch.com
(visit the link for the full news article)

It's amazing that these numbers were even 'allowed' to be posted. Since they have, I have to assume things are actually worse than these numbers suggest.

Since the construction industry employs alot of people 'off the books', and home construction has been the first dominoe to fall, I would say this is just the start of 'Reported Losses'. Also not reported are small business owners (alot in construction), people who have run out their unemployment benefits, those who were not eligible for benefits, etc.

I'm guessing things are really bad. I don't see what even can be done at this point to save face .
Our economy in in the tank.

They could not be stopped because all eyes are on the issue of our nation been on a recession.

More on the numbers.

Jobless claims surge in latest week
First-time claims jump back to 375,000, the loftiest level since October

Initial claims for state unemployment benefits rose 69,000 in the week ended Jan. 26, reaching 375,000, the Labor Department reported Thursday. It marked the highest level since early October -- and the biggest weekly jump since September 2005 in the wake of Hurricane Katrina. Read government release.

www.marketwatch.com...

As you see this initial numbers were out already a week before.

ELECTION 2008
Super Tuesday: 'It's the economy, stupid'
Primary states lost 1.5 million manufacturing jobs under Bush

The 24 states holding primaries in next week's Super Tuesday have lost 1,568,600 manufacturing jobs in the seven years since President Bush took office, according to statistics provided WND by the Alliance for American Manufacturing, or AAM.

www.wnd.com...

Also it has been used for campaign rhetoric.

Now lets remember that the numbers do not include the hundred of thousands of people that do not qualify for unemployment benefits so they are no part of the numbers.

So all those that lost their holiday jobs will not be counted.

Thanks for the added content.

Its truly disturbing there trying to pass off like nothing is going on .

Originally posted by oLDWoRLDDiSoRDeR
Its truly disturbing there trying to pass off like nothing is going on .

wow !!! Bush lying ???? (sarcastic grin)
like he did with Iraq
like he did with 9/11
like he did on his foreign policy

this administration is full of lies and deceit
and destroys our consitution

I don't believe a word they say

More evidence that the recession is already here?

Looks like it to me, but I am no economist.

They say it was only one month, no need for too
much concern, and hey, Bush remains confident
in the overall strength of the economy,
and we trust him right?

The problem is that the so call trend is been hitting us for the most of last year and now following this year with no end to it.

Because this is election year no politician for the present administration will claim any but good things right now.

NAFTA was the beginning of the death of the American economy, and the H1B visas put a further stake into its heart.
McCain, of course, voted for it, Bill Clinton enthusiastically pushed it, and Hillary of course approved.
Now Hillary says that there should be a "trade timeout". A what? What the h___ does that mean?
Obama wants to "renegotiate it". What the h___ does THAT mean? Give Mexico more perks? Kill MORE American jobs?
When is American going to wake up?

Actually it was the free trade and the poor policies surrounding it that started to kill the economy as our industrial base and the wealth builders of this nations were outsourced.

A nation can not survive on imports along without producing nothing.

Yes, that is what NAFTA is - the North American Free Trade Agreement.

I forgot that is the surrounding nations, I kind of was thinking of China, Asia and India.