Huckleberries Online

Dow Soars To Highest Level Since ‘08

Posted by DFO

Feb. 3, 2012 1:42 p.m. • 21 comments

The Dow Jones industrial average has closed at its highest level since before the 2008 financial crisis. The Dow jumped 157 points Friday to close at 12,862. That’s the highest since May 2008. The Nasdaq composite index closed at its highest level since December 2000. Before the market opened, the Labor Department said companies hired 243,000 employees in January. That’s the strongest job growth in nine months. The increase in hiring pushed the unemployment rate down to 8.3 percent/AP. More here.

Also: Hiring surges in January, jobless rate at 8.3%/AP

Question: Are you optimistic that we're finally turning the corner to happy times again?

21 comments on this post so far. Add yours!

Wes on February 03 at 1:51 p.m.
Yes, but it’s going to take another four or five years
to completely recover. With millions of jobs going
offshore unemployment will stay at best about 6.5%.
Sisyphus on February 03 at 1:58 p.m.
Too early to tell. But if a Republican president in three years from the worst economic disaster since the depression had the Dow at this level, turned unemployment around, killed bin Laden and most of his cronies, he’d be on the frickin’ quarter.
Note_to_Self on February 03 at 1:58 p.m.
The economy is starting to turn the corner, alghough I agree with Wes it will take some more time. Good things are happening despite the failure of GOP to do anything to support a recovery. This should be reason to send them packing in November, but I’m afraid most Americans are asleep at the wheel.
greenlibertarian on February 03 at 2:00 p.m.
This is BAD NEWS for Willard and Getrich.

The private sector remained the engine of new job gains. While federal agencies and local governments continued to lay off workers, private-sector employers added 257,000 net new jobs in January. The industries with the biggest gains were manufacturing, professional and business services, and leisure and hospitality. (continues)

http://www.nytimes.com/2012/02/04/business/economy/us-economy-added-243000-jobs-in-january-unemployment-rate-is-8-3.html?_r=1&ref=business
:

Continuing the trend of Government employment DOWN and private sector employment UP, under President Barry Soherto HUSSEIN Obama.

Eat THAT Obama bashers.
Phaedrus on February 03 at 2:05 p.m.
Pfffft…

The sound you heard is the air going out of GOP’s chances for taking the White House.

Two years of obstructing everything attempted by the POTUS just so they could make Obama a one-term president and the only things they’ve damaged are millions of American’s financial conditions.
Sisyphus on February 03 at 2:05 p.m.
There’s no doubt that the slashing of government sector jobs has been a major drain on the economy. We should be growing the middle class, not shrinking it. Smart people in the 1% like Buffet get that.
duroc on February 03 at 2:08 p.m.
Yes, I am optimistic. It’s going to take years for a full recovery, but I’m confident that we’ve turned the corner.
The_Seer on February 03 at 2:17 p.m.
SCOREBOARD!

scoreboard!
MatthewRoot on February 03 at 2:20 p.m.
Yes, I am optimistic about the economy, but agree with those who say it will take 4-5 more years for a full recovery.

Now, we need to start serious work on deficit reduction, and that includes some tax increases. Everybody is going to have to give up something. Raising the capital gains tax to at least 20% would be a start.
Don_Sausser on February 03 at 2:28 p.m.
Mathew: Now, we need to start serious work on deficit reduction, and that includes some tax increases. Everybody is going to have to give up something. Raising the capital gains tax to at least 20% would be a start.”

How could we be certain that the increased tax income would be applied to national debt rather than starting or expanding an existing program?
hmoffsuite on February 03 at 2:37 p.m.
“The increase in hiring pushed the unemployment rate down to 8.3 percent/AP.”

It was good news and I said as much early this am when the job numbers were released. This will generate some optimism and hope that things are improving in the economy. But, folks, this was a headline number. When one peels back the layers of the onion, as they say, the numbers really aren’t as significant as they seem. The stock market was up on the enthusiasm of the headline but also other economic indicators that do, in fact, show some promise that a recovery may be underway. Remember, 2011 only showed a 1.7% GDP which is very anemic in terms of any recovery. The Greece bailout might happen and that contributed to the market spike today as well. But, with regard to the jobs numbers, the unemployment rate (8.3%) actually was a result of the fact that the administration took 1.2 million people OUT of the labor market by saying they were ‘discouraged’ or whatever. With that arbitrary move, the labor participation rate dropped to 63.7% which is the lowest in 30 years. I would hate to think that the administration purposely adjusted the size of the workforce to make the unemployment rate look better for the President, but that may very well have been the case.

“Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low”

http://www.zerohedge.com/news/record-12-million-people-fall-out-labor-force-one-month-labor-force-participation-rate-tumbles-
The_Seer on February 03 at 2:51 p.m.
I don’t really ever remember “happy times.” The middle class and organized labor have been under assault my entire lifetime as well as the erosion of the lifestyle they engendered.
Sisyphus on February 03 at 2:57 p.m.
“How could we be certain that the increased tax income would be applied to national debt rather than starting or expanding an existing program?”—well Don, you could start by voting for a Democrat. They have a much better record of cutting the deficit than Republicans. Unfortunately they are really good at increasing the costs of servicing their debt by getting our credit rating lowered.

http://www.washingtonpost.com/blogs/ezra-klein/post/obamas-and-bushs-effect-on-the-deficit-in-one-graph/2011/07/25/gIQAELOrYI_blog.html
Phaedrus on February 03 at 3:01 p.m.
The stock market was up on the enthusiasm of …

For a second I thought you were going to say because Trump endorsed Romney!

LOL!
;-)
Don_Sausser on February 03 at 3:58 p.m.
Gosh Sis, how did know that you would politicize the issue.

Realistically, neither party has a good record of spending less than they take in.
MatthewRoot on February 03 at 4:06 p.m.
Don, perhaps it should be specified in the legislation that the additional revenue only be used to reduce the deficit.

We will not be able to begin to reduce the National Debt for a decade or more. I remember when Bush ran up his first year of $500 billion deficit spending. I was appalled. Now it would be a relief just to get back that (still outrageous) level.
hmoffsuite on February 03 at 4:14 p.m.
MatthewRoot. Oddly, I think that would be a good approach to our problem, also. Imagine that. Agreement. :~)
Sisyphus on February 03 at 4:24 p.m.
“We will not be able to begin to reduce the National Debt for a decade or more.”—strongly disagree. A robust economy can turn it around pretty quickly.

“Gosh Sis, how did know that you would politicize the issue.”—YHGTBFSM. I gave you a solution. There’s only two parties in congress with the power to solve the deficit and Its been the single biggest agenda item Republicans have been talking about since they handed the responsibility of writing a budget to Obama. But I certainly see why you would want to dodge my suggestion.
Stickman on February 03 at 6:45 p.m.
Just be somewhat happy with what you have, not something you don’t have or maybe hope to have.
fortboise on February 03 at 8:45 p.m.
It’s good news.

And good entertainment, watching the Republican candidates trying to spin it upside down. “It should’ve been better!”

Not to politicize it or anything.
Arch_Druid on February 03 at 10:33 p.m.
I would have to say that my stock portfolio through my 401(k) with the national retail company I work for has likely tittered wildly with delight. My personal retirement investments are likely tittering with delight as well. Shall we put it bluntly, that investors could do a world of good if they do some selling of stock and put that money out to do some hiring on new workers. That is, if they don’t want to be taxed.

Oh, and have you guys ever noticed that ad where the claim is made that they simply can not find qualified workers to fulfill this or that manufacturing job? I guess some business interests don’t want to do the actual work of training people to do the job.

Any excuse to not hire new people or put the unemployed back on the work force.

« Back to Huckleberries Online

You must be logged in to post comments.
Please create a profile or log in here.

About this blog

D.F. Oliveria is a columnist and blogger for The Spokesman-Review. Huckleberries Online was judged the best 2008 Idaho newspaper blog by the Idaho Press Club. And the best 2007 news blog in the Pacific Northwest by the Society for Professional Journalist. Print Huckleberries is a past winner of the Herb Caen Memorial Column contest by the National Association of Newspaper Columnists. The Readership Institute of Northwestern University cited this blog as a good example of online community journalism.