Berkeley CSUA MOTD:Entry 30604
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2021/12/03 [General] UID:1000 Activity:popular
12/3    

2004/6/4 [Finance/Banking, Finance/Investment] UID:30604 Activity:very high
6/4     I'm not sure I can handle 4 more years of this sort of mishandling
        of the economy:
        http://quote.bloomberg.com/apps/news?pid=71000001&refer=home&sid=a_I6S1CQ9YE8
        http://news.myway.com/top/article/id/44113|top|06-04-2004::08:45|reuters.html
        \_ Does anyone know if they succeeded in recategorizing burger flipping
           jobs as manufacturing?
           \_ Do you have anything that says these aren't real jobs?  No, you
              don't.  You're just a hater and wish the whole country would
              take a huge dive solely for the purpose of getting your guy in
              office.  You put your party above the country and you suck.
              \_ Wow.  Would you compare a $5.50/hr job at McDs favorably with
                 a $35k/yr+benefits manufacturing job?  If you can honestly
                 say yes, you're an idiot.  Also, reread what I asked.  This
                 was an actual proposal from BLS.  I asked if it had gone
                 through.  Cut it with the knee-jerking.
                 \_ Do you have a single thing that says the new jobs are
                    $5.5/hr jobs?  The rest is a red herring.
                    \_ Did I say I did?  I asked a question which was directly
                       related, and you proceeded to spew.  One of the main
                       points in the report were that manufacturing gains were
                       strong.  If that proposal became policy, this could
                       have a direct impact to the discussion, but as you don't
                       have an answer to my question, stick a cork in it.
        \_ More McJobs!  Greater rich-poor gap! Quick, pretend Iraq didn't
           happen!
           \_ McJobs?  You have something that says these aren't real jobs or
              you're just mouthing off like the partisan hack that you are?
           \_ Yeah, let's get those jobs based on nothing that we had 5 years
              ago.
              \_ We need a strong president who will keep the economy and
                 job market from changing!
                 \_ More stable unjobs!
        \_ Economic policies take years to have any effect.  The economy for the
           past few years has been fueled by debt, especially with mortgage refinancing
           being a major factor in freeing up money.  I personally don't blame
           Bush for the crummy economy and I think it's disingenous to do so.
           But I think it's naive to assume it was his handling that
           helped or that his current policy won't be destabilizing in the future.
           Also note that the government has  expanded since 9/11 and government
           expansion tends to help the economy.
                --jeffwong
        \_ Economic policies take years to have any effect.  The economy for
           the past few years has been fueled by debt, especially with
           mortgage refinancing being a major factor in freeing up money.  I
           personally don't blame Bush for the crummy economy and I think it's
           disingenous to do so.  But I think it's naive to assume it was his
           handling that helped or that his current policy won't be
           destabilizing in the future.  Also note that the government has
           expanded since 9/11 and government expansion tends to help the
           economy.  --jeffwong  [formatd]
           \_ Oh, come on!  Don't bring reality into this.  We all know that
              President have little to do with the economic ups and downs of
              their term in office but we need this so we can say how Clinton
              was great and Bush sucks.
2021/12/03 [General] UID:1000 Activity:popular
12/3    

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quote.bloomberg.com/apps/news?pid=71000001&refer=home&sid=a_I6S1CQ9YE8
Jobless Rate at 56% (Update3) June 4 (Bloomberg) -- US employers added 248,000 workers to payrolls in May, more than forecast, helped by the biggest gain in manufacturing employment in almost six years. The economy has now recouped all the jobs lost since the recession ended in November 2001. The increase follows revised gains of 346,000 jobs in April and 353,000 in March that were larger than estimated last month, the Labor Department said in Washington. Manufacturing employment rose the most since August 1998 and hours worked at factories were the highest since October 2000. Business confidence is pretty high given the amount of hiring we are seeing,'' said Henry Willmore, chief US economist at Barclays Capital Inc. Rising wages will keep consumers spending and ensure the economy continues to expand for the rest of the year, economists said. Last month's gain underscores expectations Federal Reserve policy makers will raise the benchmark interest rate target by a quarter percentage point when they meet June 29-30. At 1 percent, the overnight bank lending rate is the lowest in 46 years. Fed Move Certain' A 25 basis-point increase this month is pretty much a certainty at this point,'' said Cary Leahey, a senior economist at Deutsche Bank Securities in New York, before the report. The 4 3/4 percent note maturing in May 2014 rose about 1/8, pushing down its yield 2 basis points to 469 percent at 9 am in New York. Dow Jones Industrial Average futures added 78 to 10,263 and Nasdaq-100 Index futures increased 18 to 1461. Revisions to April and March boosted payrolls by an additional 74,000. The increase of 947,000 jobs during the past three months was the most for any comparable period since March- May 2000. The floodgates have opened,'' said Stephen Stanley, chief economist at RBS Greenwich Capital in Greenwich, Connecticut. They projected the unemployment rate would hold at 56 percent. Tug of War' The economy has created 12 million jobs so far this year. Employment gains have yet to help President George W Bush blunt criticism about his handling of the economy as concerns mount about record gasoline costs and the war in Iraq. You have a tug of war between higher oil prices and employment,'' said Leahey, a senior economist at Deutsche Bank Securities in New York, before the report. Polls last week showed Bush's job approval ratings dropped to the lowest of his presidency as a majority disapproved of the way he was handling economic policy. We do not pick up on our data that the American public is perceiving that the economy is getting better,'' said Frank Newport, editor-in-chief of the Gallup Poll, in an interview yesterday. The prospects of inflation and the gas prices are a big negative. Manufacturers added 32,000 jobs last month, the most since a 143,000 jump in August 1998 and the fourth straight increase. The manufacturing workweek rose to 411 hours from 407 in April. Overtime rose by six minutes to 47 hours, the most since July 2000. Average weekly hours worked for all employees held at 338 hours in May for a fifth month. Workers' average hourly earnings rose 03 percent, or 5 cents, matching the previous month's rise. Economists had expected a 02 percent increase in hourly wages. Services Employment in service-producing industries, which include retailers, banks and government agencies, increased 176,000 last month after rising 294,000 in April. The increase, was led by a 64,000 rise in professional and business services jobs, such as those at temporary help agencies. Construction employment increased 37,000 in May after a 19,000 increase. Payrolls rose 44,000 at education and health services after a 39,000 rise. 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news.myway.com/top/article/id/44113|top|06-04-2004::08:45|reuters.html
Email this story Jun 4, 8:38 AM (ET) WASHINGTON (Reuters) - US employers added an unexpectedly large 248,000 jobs in May, according to a government report on Friday that confirmed a strengthening economy likely to soon bring higher interest rates. The May tally exceeded Wall Street expectations for 216,000 new jobs and followed an upwardly revised total of 346,000 jobs in April and 353,000 in March. The 947,000 jobs created in the March-May period made it the strongest for any three months in four years. The cascading evidence of accelerating economic activity is certain to reinforce expectations that Federal Reserve policymakers will ratchet US interest rates up from current 46-year lows when they meet June 29-30 and may prove a boon to election-bound President Bush. The unemployment rate remained at 56 percent in May, unchanged from April. Virtually every major sector of the economy added jobs in May, from retailing to construction industries. Particularly notable were 32,000 new hires in manufacturing -- a fourth straight monthly increase and the biggest for any month since August 1998 when 143,000 manufacturing jobs were created, the department said. Nearly 12 million jobs have been added since the start of the year, adding fodder for a campaigning Bush to blunt Democratic criticisms fueled by the slow recovery from the 2001 recession.