Spokane7
35°
September 3, 2010 in Business
Companies add 67K workers, but jobless rate rises
WASHINGTON — Private employers hired more workers over the past three month than first thought, lifting hopes for the weak economy. But the unemployment rate rose in August for the first time in four months as more people entered the market looking for work.
Companies added a net total of 67,000 new jobs last month and both July and June’s private-sector job figures were upwardly revised, the Labor Department said Friday.
Stock futures surged after the report was released. Wall Street analysts expected a smaller gain, according to Thomson Reuters.
Overall, the economy lost 54,000 jobs as 114,000 temporary census positions came to an end. For the first time this year, the manufacturing sector lost jobs — down a net total of 27,000 for the month. State and local governments shed 10,000 positions.
Temporary employment rose by nearly 17,000, after ticking down in July.
The jobless rate rose to 9.6 percent from 9.5 percent in July. More than a half-million Americans resumed their job searches in August, which drove up the jobless rate. When the unemployed stop looking for work, they are no longer counted in the jobless rate. It’s the first time the labor force has grown since April.
Both June and July’s figures were revised to show the private sector created more jobs in both months. The July figures were revised upward to 107,000 from 71,000. June was revised upward to 61,000 from 31,000. The revisions reflected smaller losses in construction, temporary help services and non-census government jobs.
Still, hiring has now been weak for four straight months. That deprives consumers of cash and reduces their ability to spend. That is one of the main reasons economic growth is likely to be so weak for the rest of this year that the jobless rate could keep rising and hit 10 percent in the coming months.
© Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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lewis8457 on September 03 at 6:42 a.m.
What Obama stimulant plans didn”t work, the heck you say.
Diana on September 03 at 7:02 a.m.
Lewis, what was the alternative plan? Please be specific.
spokanecougar on September 03 at 7:05 a.m.
How’s Bush’s $700 billion bank bailout doing Lewis?
IHike4Fun on September 03 at 7:36 a.m.
So we are still sinking but just not as fast. That comforting … I guess…
misjustice on September 03 at 7:52 a.m.
Talk about impatient!
It took 8, long, torture filled years for the Neocons to wreck the economy, and the critics of President Barack Hussein Obama want it all fixed in 20 months; oh, and they want a fancy bow tied around the economy, too.
SugarShane on September 03 at 8:35 a.m.
America is too big to fail.
monkeyman on September 03 at 9:29 a.m.
Green Leafy Stimulants !!!
Coffee on September 03 at 9:59 a.m.
Our government push a plan for a house for everyone whether they could afford it or not. They were told that this was not a good idea, but they did not listen. The bubble burst-ed. Then in-order to save the economy along comes the stimulus bill with more pork in it than help for the avg Joe blow who is not to big to fail. Now the people to blame for all this is You and Me because we keep voting the same people back into office. Both house and senate leader screwed the pooch they know it and you should to, does not matter whether you are lib, mod or con. What needs to be done is sweep these useless sacks of skin out of office. Rant Over :) Yall enjoy the labor day weekend ya-hear:)
empyrius on September 03 at 10:18 a.m.
“(No jobs) deprives consumers of cash and reduces their ability to spend.”
America’s god, money, is become ever scarcer for the working-class mass; as the China-man and Indian provide services and manpower for far less money than I alone can demand. Why not import these scabs to be our police, firemen, and IRS agents, we could then cut government payroll by 9/10s! Then the capitalist slavers could re-open the opium dens and then we all could forget and relax.
O, I forgot, alcohol is this nation’s official drug: roll on mighty Lethe roll on.
When America does fail, and fall, SS, the crash shall be heard round the world; and merchants the world over shall stand aghast lamenting what once had been!
But the people of this land left standing shall be free, at last, free to build a country that suffers not because of lack of cash!
Every story’s end is another story’s beginning.
Amen
misjustice on September 03 at 12:00 p.m.
Green Leafy “Stimulants” = The New Green Economy ?
Now, that’s a stimulus program that I can believe in! ; )
lewis8457 on September 03 at 5:09 p.m.
diana how about giving the small business man a break for a change after all they are what built america but instead They give the money to the states so they can give it their union workers. and to the banks so they can have million dollar bonuses Very little of the stimlus ever made it to the average Joe.
Spokanecougar i don’t know how is it doing now that Obama has it at 1.4 trillion, i suppose that is bush’s fault too?
spokanecougar on September 03 at 7:06 p.m.
Lewis, who is holding up the fully funded bill that helps small community banks and credit unions give loans to small business that need them right now? Oh yea, thats right its the corporate loving republican party.
Obama’s stimulus bill is doing better than Bush’s bank bailout. At least Obama’s $700 billion bill did not go directly into the pockets and bank accounts of already very very rich Wall Street CEO’s like Bushy’s and Hank Paulson’s bill did - a majority of it going to help Paulson’s old friends at Goldman Sachs where he use to be the CEO, amazing how that worked out huh?
misjustice on September 03 at 8:24 p.m.
A, freakin’ MAZING! Indeed!
james_l on September 03 at 8:52 p.m.
Lewis, I totally agree with you about giving the small business man a break. I urge you to call our congressperson, as I have done, and ask her to stop her opposition to the (fully funded) bill that would give small business a big break.
With respect to the stimulus not working: According to the CBO, a non-partisan group, the stimulus saved between 1.4 million and 3.4 million jobs. Three of the best-known private economic research firms — IHS Global Insight, Macroeconomic Advisers and Moody’s Economy.com — have come up with similar estimates. The average estimated effect on employment is about 2.5 million jobs.
Not as much progress as I would have liked, but at least we are turning the corner: http://politicalirony.com/2010/02/06/jobs-lost-bush-v-obama/.