Stocks Skid, Fear Rises, 2011 Gains Evaporate

[웃 910]

Unemployment numbers are due out an hour....Expected to be at 9.2%....Probably be at 10% within 6 months..

U.S. Economy Adds 117,000 Jobs In July, More Than Expected

this minute

(RTTNews) - The U.S. Economy added 117,000 jobs in July, a more robust figure than most economists had predicted, according to figures released Friday by the Labor Department.

The job growth was entirely in the private sector, with new 154,000 private sector jobs offsetting a decline of 37,000 government positions lost.

Furthermore, the unemployment rate, measured by a different survey than job growth, ticked down slightly to 9.1 percent, while most economists had expected it to hold level at 9.2 percent.

Health care employment grew by 31,000 jobs in July, with the retail sector adding 26,000 new jobs.

Manufacturing jobs also grew, with nearly all of the 24,000 new jobs coming in the manufacturing of durable goods, according to the DOL.

However, government employment continued to contract in July, shedding 37,000 positions, 23,000 at the state and local level.

The average workweek held relatively level at 34.3 hours, according to DOL statistics, while average hourly earnings ticked up 10 cents to $23.13.

Previous estimates of June job growth were revised up to 46,000, more than double the 18,000 initially reported.

For comments and feedback: contact editorial@rttnews.com

[mawilson 2,133]

Hang Seng Index down 1040 pts (saw on fb)

Hung and down?

[Ban Hammer 13,352]

Hung and down?

[scandal 951]

Thank you Obama the Socialist for pretty much destroying this country. Thank you to the koolaid drinking sheep for electing this moron and allowing him to destroy us.

Hard to believe that with the budget deal and the OK to borrow even more money and another record deficit the idiots didn't see this coming. It is like watching a train wreck. You know what is going to happen but can't do anything about it but just shake your head and walk away.

Moron, huh? Nice choice of wording. Moron. Koolaid. Sheep. Destroy. Idiots. Train wreck.

Ok, so you've established that you've got a serious case of potty mouth. But facts? Not so much.

You seem to be implying that somehow the President controls the markets and can at his whim make them go higher or lower. The market, as you surely know, is a voting machine in which all of us get to vote with our buys and sells on the question of: what's it going to be like tomorrow? Do we like the prospects of our favorite companies in this economic climate?

But, fine, let's have it your way. Let's say the President all on his own is responsible for the stock market. He OWNS the sucker. If it goes down, he's (your words) an idiot. So, if it goes up, he must be a ... what? Anti-idiot, right? An absolute genius, right?

So, let's see.

Obama was inaugurated into office on Jan 20, 2009. On that day, the day Bush was no longer our President and Obama became our President, the Dow30 closed at 7949.

On Aug 3 2011 - Wed this week, just before the meltdown - it was 11,896.

On Aug 4 2011 - yesterday, the day of the shuddering 500+ point drop - it was 11,383.

Today Aug 5 it had recovered after its wild ride this morning and closed at 11,444. At its lowest point this morning it was 11,139. So let's use that as the barometer of the worst point at which this week's selloff came to.

Meaning, the President is responsible for a rise from 7949 to 11,139 in the space of approx 2.5 years. That's a GAIN in Dow performance of +3,190 Dow points, or 40.1% absolute rise, or roughly 14% on an annualized basis.

What?? Obama gave the markets a +14% annual return, even after the panic selloff you mocked with your potty mouth??

Wow. The man must be pure, unadulterated genius. He has no business wasting his time in the White House, he should be running hedge funds.

Surely you are ready now to recognize his brilliance.

Nah, I'm sure we'll just get more potty mouth.

Of course, in reality, Obama should neither get the credit for the 40% rise since his inauguration, nor should he get the blame for the selloff this week. Markets just don't work that way. But of course you know much better, potty mouth.

[mawilson 2,133]

Obama controls commodity prices too and can at his whim make the price of oil go higher or lower.