Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Probable major fuel for Bush tomorrow

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (Through 2005) Donate to DU
 
David_REE Donating Member (51 posts) Send PM | Profile | Ignore Thu Jan-08-04 04:31 PM
Original message
Probable major fuel for Bush tomorrow
My friend works in finance on Wall Street, and told me the financial models are showing tomorrow's December jobs report is going to show a huge gain.

And that the rate will probably continue such that Bush will more than make up for the loss of 3 million jobs by November.

There goes any chance.
Printer Friendly | Permalink |  | Top
lancdem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:34 PM
Response to Original message
1. Are these financial models pretty reliable?
and has your friend often been right before?
Printer Friendly | Permalink |  | Top
 
rfranklin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:36 PM
Response to Reply #1
5. The more sure they are, the less likely it will materialize....
Plus, most people who lose those high-paying jobs with great benefits are settling six months later for much less.
Printer Friendly | Permalink |  | Top
 
David_REE Donating Member (51 posts) Send PM | Profile | Ignore Thu Jan-08-04 04:38 PM
Response to Reply #1
9. Yes...
He works for one of the biggest names on Wall St. He says the economics dept is 2/3 Republican, but even he and the 1/3 of the Dems there agree we're looking at at least 150,000 jobs/mo, and more likely, 200,000+.
Printer Friendly | Permalink |  | Top
 
David_REE Donating Member (51 posts) Send PM | Profile | Ignore Thu Jan-08-04 04:40 PM
Response to Reply #9
11. That's for Dec. 300,000/mo in '04.
Printer Friendly | Permalink |  | Top
 
alcuno Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:46 PM
Response to Reply #9
18. I remember watching Larry Kudlow the night before
the November numbers came in. He had someone on saying 375,000 jobs and someone on saying 97,000 jobs. Kudlow was making fun of the woman predicting 97,000 jobs. They came in at 57,000. 300,000 sounds great.
Printer Friendly | Permalink |  | Top
 
alcuno Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 05:32 PM
Response to Reply #18
109. And more on * shill Larry Kudlow from Friday morning
I can't resist. Just minutes before the numbers were announced, Kudlow predicts that a 150,000 job gain is LOW! Moments later his prediction is proved wrong AGAIN! And as others have said, the November numbers are then revised downward.

What a corporate clown this guy is. Unbelievable!
Printer Friendly | Permalink |  | Top
 
SheilaT Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:47 PM
Response to Reply #9
21. The question absolutely is,
what kind of jobs? What do they pay? Any advancement potential?

I'm also very skeptical of the initial claims that this was a good Christmas season for retailers. I know I'm just one person, but I spent about half the amount of money on Christmas this year that I usually do, and no one in this household lost a job or took a pay cut.
Printer Friendly | Permalink |  | Top
 
Hamlette Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 07:50 PM
Response to Reply #9
49. 150,000 keeps us even
with new people entering the job market. We need more to create jobs for the unemployed.
Printer Friendly | Permalink |  | Top
 
DinahMoeHum Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:35 PM
Response to Original message
2. Those are probably Xmas, temporary jobs. . .
3 million jobs recovered by November? Fat chance !!!


:kick:
Printer Friendly | Permalink |  | Top
 
redqueen Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:37 PM
Response to Reply #2
7. Good call
Seasonal work... we'll know more by next month for sure, and knowing the history of the results of conservative policies, it won't be good news!
Printer Friendly | Permalink |  | Top
 
punpirate Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:45 PM
Response to Reply #2
15. I tend to agree...
... because of another factor which doesn't often figure into these glowing models--jobs added for people new to the work force. To regain the roughly 3 million jobs lost, there must be those jobs regained, plus the approximately 150,000 per month for new workers (who don't show up in the unemployment statistics). Altogether, that's about 423,000 new jobs per month until the beginning of November. I don't think any economy in the last sixty years has accomplished that.

And, there's nothing to suggest the mechanism by which those jobs will be created--many of the stock market gains in the last year have come about directly because of personnel cuts by publicly-traded firms. Increased outsourcing can't make that situation better.

It sounds very much like the financial analyst mentioned is parroting what Snow said recently, rather than depending upon an accurate study of the US employment situation.
Printer Friendly | Permalink |  | Top
 
louis-t Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:15 PM
Response to Reply #15
33. "stock market gains have come about..
directly because of personnel cuts". Thank you for repeating the truth. I've been saying this for 6 months! My prediction is that the tech stocks will hold their own this year, but the Dow will begin a slow descent starting this month. Been saying this since July. If the Dow does keep up this pace, watch for a nice crash later in the year (hopefully, about 2 weeks before the election). It's possible that inexperienced investors are helping to drive the markets higher because they believe all of the hype. It's the house of cards b*sh has been waiting for. All of this admins actions indicate to me that they still think they can trick the economy into working.
Printer Friendly | Permalink |  | Top
 
OneTwentyoNine Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 07:23 PM
Response to Reply #2
47. And the more people that fall off the unemployment roles...
Bingo,they suddenly have jobs because they no longer get benefits!! Yeah,bullshit they do,but it shows up as such on paper for the Media Whores to glam over.


David
Printer Friendly | Permalink |  | Top
 
redqueen Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:36 PM
Response to Original message
3. 3 Million jobs by November?
This guys full of it.

Three hundred thousand jobs/month just isn't going to happen.
Printer Friendly | Permalink |  | Top
 
Snow Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:36 PM
Response to Original message
4. Second question, are these jobs
the temp christmas sales jobs? If so, won't jan look really bad by comparison? That seems a pretty silly way to play with the data, but with this bunch.....
Printer Friendly | Permalink |  | Top
 
Maine-i-acs Donating Member (989 posts) Send PM | Profile | Ignore Thu Jan-08-04 04:36 PM
Response to Original message
6. 3 million jobs by November?
Your friend is talking about unprecedented job growth in a crapola economy...

200,000+ new jobs per month? Those are Clinton-era numbers. For the sake of my unemployed friends it would be nice, but I suspect voodoo economics at work here.
Printer Friendly | Permalink |  | Top
 
liberalhistorian Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:45 PM
Response to Reply #6
16. Me, too, I just don't
see how that's possible, especially with all of the outsourcing and downsizing currently going on.
Printer Friendly | Permalink |  | Top
 
cthrumatrix Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:37 PM
Response to Original message
8. isn't that called "inside information" ...be careful
no wonder markets up today on bad news (in the am).

Printer Friendly | Permalink |  | Top
 
Silverhair Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:04 PM
Response to Reply #8
98. No. That's an economic projection, not insider info.
Insider info is: XYZ Co. is about to try to buy DEF Co. and the person telling you is one of the person in XYZ that is part of the project.

This is just a projection from standard economic models, and they all pretty much use the same models.

I have been posting here that there will be significant job growth. It's simple - employment is a lagging economic indicator.

But most people here are wanting bad economic news so much that they get angry at anybody that says the economy is in an up cycle.
Printer Friendly | Permalink |  | Top
 
West Coast Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:08 PM
Response to Reply #98
99. There's Lagging and then there's LAGGING!!!
Anyone can just assume that a supposedly enormous rise in GDP will equal enormous job growth. But what if that rise in GDP is only a temporary glitch? Will that create enormous job growth?
Printer Friendly | Permalink |  | Top
 
mmonk Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:38 PM
Response to Original message
10. They will use all stimulus available
to have it humming by election. There is a chance that the deficit plus a devalued dollar and a heating economy could lead to rising interest rates, especially if foreign bond holders begin to pull out.
Printer Friendly | Permalink |  | Top
 
DebJ Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:40 PM
Response to Reply #10
12. after 9 months of 3 million more "Walmart" jobs the economy will still be
an issue and the numbers for people without insurance coverage will go up too
Printer Friendly | Permalink |  | Top
 
mmonk Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:43 PM
Response to Reply #12
13. not enough to cover the illusion
everything is getting much better. Dems need to concentrate on the loss of liberties, the deceptions used in the Iraq war, and the Plame outing as well as corporate cronism in connection with the administration. Otherwise, we'll be routed.
Printer Friendly | Permalink |  | Top
 
phillybri Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:44 PM
Response to Original message
14. Wrong....
3 million jobs by November? Don't count on that. I'm a financial advisor and the BEST estimates I've seen don't even come close to that.

Tomorrow's number will show little or no change in the unemployment rate....
Printer Friendly | Permalink |  | Top
 
David_REE Donating Member (51 posts) Send PM | Profile | Ignore Thu Jan-08-04 04:46 PM
Response to Reply #14
20. And he's a finance PhD for a top 5 name on Wall St, and a Dem.
Let's see who's right tomorrow.

I think the strategy needs to be something other than economy/jobs.
Printer Friendly | Permalink |  | Top
 
bobbyboucher Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:55 PM
Response to Reply #20
22. I don't trust the interpretation of stats
by Bush's people or any Wall Street crook. And trust me, they are not honest except when the market is actually going good, so, by accident.

I am a little suspicious about you too, for some odd reason.
Printer Friendly | Permalink |  | Top
 
lancdem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:08 PM
Response to Reply #20
26. I just checked the wire
The expectation is, 148,000 new jobs and no change in the unemployment rate. We'll just have to see tomorrow!
Printer Friendly | Permalink |  | Top
 
hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:15 PM
Response to Reply #20
31. Long Term Capital Management also had lots of PhDs
And they just knew their model was correct . . .
Printer Friendly | Permalink |  | Top
 
Cocoa Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 10:31 AM
Response to Reply #20
74. he should have to turn his PhD in
1,000 jobs.

Printer Friendly | Permalink |  | Top
 
salin Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 01:28 PM
Response to Reply #74
85. or at the least... eat a little crow
so what firm does this guy work for... don't want to turn to them for any economic advising or investing.
Printer Friendly | Permalink |  | Top
 
Ms. Clio Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 12:55 PM
Response to Reply #20
84. Well, we saw who was right, didn't we?
I think the strategy will follow the reality.
Printer Friendly | Permalink |  | Top
 
yellowcanine Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 02:40 PM
Response to Reply #20
92. Let's see who's right tomorrow.
Yes, well it is tomorrow, Mr. Ree. 1000 jobs - huge numbers, all right. Seems your friend is no friend.
Printer Friendly | Permalink |  | Top
 
KayLaw Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 09:44 AM
Response to Reply #14
64. Boy, Phillybri
You were right on the money. I just don't understand how you were able to predict correctly what so many experts couldn't. One thousand. One thousand when I've been hearing well over a hundred thousand. I just don't get it.
Printer Friendly | Permalink |  | Top
 
phillybri Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 10:42 AM
Response to Reply #64
75. Not right on the money, but more right than Mr. PhD!
I expected the rate to stay the same. Although, the fact that it went down because 300k+ stopped looking for work is NOT positive news.

That being said the paltry 1,000 added jobs (which will probably get revised to a loss if October and November are any indication!) didn't come as too much of a shock.

It was great seeing Larry Kudlow try to spin these data while my fellow Morgan Stanley guy, Bill Sullivan smacked him down!

Printer Friendly | Permalink |  | Top
 
SpiralHawk Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:45 PM
Response to Original message
17. Now have a heart folks. Bush is just back from his vacation
(I mean his latest vacation). He's only had a week to "get up to speed."

So it's absolutely unreasonable of you to expect him to say anything insightful about this dreadful unemployment mess.

Give the guy a break, and remember the Republican motto:
"A rising tide lifts all yachts."
Printer Friendly | Permalink |  | Top
 
Kat45 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:46 PM
Response to Original message
19. That's strange, when the Sun Help Wanted section is so tiny
It's been down to 4-6 pages. That doesn't sound like a whole bunch of new jobs to me.
Printer Friendly | Permalink |  | Top
 
LuminousX Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 04:59 PM
Response to Original message
23. 3 million jobs in 10 months? I HIGHLY doubt it
Printer Friendly | Permalink |  | Top
 
Bronco69 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:04 PM
Response to Original message
24. I wish you were right,
but there ain't no way it's going to happen. In fact, I'll bet we lose even more jobs by November.
Printer Friendly | Permalink |  | Top
 
David Zephyr Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:07 PM
Response to Original message
25. Your "Friend" Needs a New Crystal Ball.
"Three million jobs by November"?

Your "friend" is messing with you or is an idiot.
Printer Friendly | Permalink |  | Top
 
Gin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:09 PM
Response to Reply #25
28. No...that report will say 3 million jobs for India and China by November.
shrub will be defeated! mark my words!
Printer Friendly | Permalink |  | Top
 
David Zephyr Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:28 PM
Response to Reply #28
38. Ha!
:hi:
Printer Friendly | Permalink |  | Top
 
papau Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:09 PM
Response to Original message
27. Raw data 300,000 job increase is what I get - but no big deal
Edited on Thu Jan-08-04 05:10 PM by papau
Why all the fuss?

Seasonal adj it will amount to nada.
Printer Friendly | Permalink |  | Top
 
spanone Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:10 PM
Response to Original message
29. Temps hired for Christmas
Printer Friendly | Permalink |  | Top
 
devinsgram Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 10:16 AM
Response to Reply #29
70. Exactly!
I have a friend who works at Walmart (boohoo) and says they are already starting to cut back on people and hours. But there are those who will believe anything.
Printer Friendly | Permalink |  | Top
 
alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:11 PM
Response to Original message
30. December is always a time of high employment for the Christmas
season. The question is, how many of those new hires are still working today.
Printer Friendly | Permalink |  | Top
 
Walt Starr Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:15 PM
Response to Reply #30
32. Yup, just wait until the unemployment rates for January come out
Of course, the "Librul Media" probably won't say much about the 350,000 jobs lost in January '04.
Printer Friendly | Permalink |  | Top
 
Cocoa Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:16 PM
Response to Original message
34. lol
that's all, just lol. :-)

Printer Friendly | Permalink |  | Top
 
Walt Starr Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:17 PM
Response to Reply #34
36. I'm with you
<in his best Desi Arnez impression>

AH HA HA HA HA

It's just so ridiculous!

:evilgrin:
Printer Friendly | Permalink |  | Top
 
louis-t Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:25 PM
Response to Reply #36
37. bushie, you got some 'splainin' to do
Printer Friendly | Permalink |  | Top
 
Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:17 PM
Response to Original message
35. Remember back a month or so when they adjusted the stats and suddenly
discovered that the depression started before Bush stole the oval office? Did that surprise anyone?

Anyone who trusts any numbers from this administration is a fool.
Printer Friendly | Permalink |  | Top
 
HuckleB Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:34 PM
Response to Original message
39. Why do I doubt this?
Would I love to see all those jobs? Heck, yes! Will they actually materialize. Not under this administration. False good news seems to be the only thing they've ever offered. And it's always refuted by reality soon after. Ugh.
Printer Friendly | Permalink |  | Top
 
neverforget Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 05:49 PM
Response to Original message
40. Baloney! CNNHN crawler said that unemployment claims for last week
went 14,000 over the previous week. What job creation?
Printer Friendly | Permalink |  | Top
 
ComerPerro Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 06:07 PM
Response to Original message
41. Even if this is true, you are missing the point
Many people I know who lost their jobs and were able to find new ones are making less money and don't have as many benifits.
Printer Friendly | Permalink |  | Top
 
JanMichael Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 06:12 PM
Response to Original message
42. "There goes any chance"?! Take a Prozac.
Two points:

1. How the hell do you figure it continues at the same rate for 11 months? Psychic are we?

2. Look at the types of jobs being "created", lower in pay and benefits that the ones that they're allegidly replacing.

Big whoops.
Printer Friendly | Permalink |  | Top
 
Beaker Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 06:14 PM
Response to Original message
43. Why is the "help wanted" section in the Sunday Tribune only 20 pages?
in one small section...
4 years ago, it was 4-5 times that size.

where do these fancy models show the jobs being created(industry & geography)?
and what are the average pay&benefits package as compared to those from the jobs that were lost?
Printer Friendly | Permalink |  | Top
 
DrBB Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 06:14 PM
Response to Original message
44. The job rate is FAR behind what would be required
...to make up those losses. Or so I have read a number of times since things finally turned around.
Printer Friendly | Permalink |  | Top
 
supercrash Donating Member (412 posts) Send PM | Profile | Ignore Thu Jan-08-04 06:55 PM
Response to Original message
45. Even so...
He makes up the 3 million he lost...Still a shitty record
Printer Friendly | Permalink |  | Top
 
SOS Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 07:16 PM
Response to Original message
46. Since 1900
every single President has presided over positive job growth, with only 2 exceptions...Herbert Hoover and Shrub. Both Republicans who had fewer total jobs at the end of their term than at the beginning.
Since Bush Jr. took over we have had a NET loss of 3 million jobs. 90% in manufacturing, shipped overseas.
Those jobs are gone. There is no way Bush can create enough jobs to get out of Hooverville by November.
Printer Friendly | Permalink |  | Top
 
snippy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 07:42 PM
Response to Original message
48. There is a 50% probability that your friend is correct.
If the people who work on Wall Street were always right they would not be working on Wall Street, they would own it and everything else.

The consensus estimate of the employment report for December is for an increase of 148,000 new jobs and the median estimate is for 130,000. The high end of the range is a little over 200,000. The unemployment rate is expected to be unchanged. Some forecasters will be correct and most probably will be wrong.

There are still a lot of headwinds to job creation. These include increasing productivity, globalization, foreign outsourcing, merger and acquisition activity, and the excess capacity which still exists with a lack of pent up demand to drive the creation of additional capacity. The average work week is still below 34 hours. There are also a significant number of part time workers who will move closer to full time and new overtime regulations which make it cheaper to work more existing employees longer hours. Add to these factors the fact that since the 1920's, republican presidents always have been bad for job creation.

Even good employment reports over the next 10 months will not necessarily help Bush that much. Hourly earnings continue to decline which is likely to continue for at least several more months.

Printer Friendly | Permalink |  | Top
 
gulliver Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-08-04 08:25 PM
Response to Original message
50. Sure. n/t
Printer Friendly | Permalink |  | Top
 
snippy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 08:32 AM
Response to Original message
51. Your friend was slightly off.
Printer Friendly | Permalink |  | Top
 
Maeve Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 08:43 AM
Response to Reply #51
53. Nicely understated!
Payrolls disappoint again
NEW YORK (CNN/Money) - U.S. employers expanded their payrolls for the fifth straight month in December, according to a government report Friday, but by a paltry amount, falling far short of Wall Street forecasts, even as unemployment fell.

Payrolls outside the farm sector grew by 1,000 jobs, the Labor Department said, compared with a downwardly revised gain of 43,000 in November. The unemployment rate fell to 5.7 percent, compared with 5.9 percent in November.

Economists, on average, expected 148,000 new jobs and an unemployment rate of 5.9 percent, according to Briefing.com
~~~~~~~~~
Note the down revision of November from 57,000 to 43,000.
Printer Friendly | Permalink |  | Top
 
KayLaw Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 08:52 AM
Response to Reply #53
56. Thanks, Maeve
Actually, I didn't notice the downwardly revised November number because I was in total shock from reading the December number. Wonder if it will be downwardly revised as well?

Mama mia!
Printer Friendly | Permalink |  | Top
 
snippy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 09:01 AM
Response to Reply #53
58. I was trying to be gentle.
Printer Friendly | Permalink |  | Top
 
cap Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 08:41 AM
Response to Original message
52. Please explain...
what the model is... what the assumptions are...

what's the driver behind the growth creation... where are the jobs being created both on a regional basis and on an industrial sector basis...

what jobs are being created... walmart/burger flipping jobs ... hi tech... health/education....


show me the money!!!

just don't make a blanket statement without any facts and then I'll believe you...

Ph'd's love to discuss their models!!! :)
Printer Friendly | Permalink |  | Top
 
KayLaw Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 08:47 AM
Response to Original message
54. Oh Brother!
So much for listening to your friend, right? He was sure waaaay off the mark on this one! Only a measly one thousand jobs created instead of the 148,000 or whatever was predicted by these experts!
Printer Friendly | Permalink |  | Top
 
noonwitch Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 08:49 AM
Response to Original message
55. Even if he does get new jobs, it doesn't mean that they are good jobs.
A job as a Walmart cashier is not the same as a job in manufacturing, at least if the manfacturing company is unionized.

Also, a lot of us who still have jobs have had pay cuts and dealing with more job responsibility as others take advantage of early retirement and are not replaced.

Further, let's say you are one of the people who lost their job in the Bush recession. You were unemployed for 6 months to a year and get a new job finally. It still doesn't make up for the sacrifices you had to make in the meantime, the debts you may have run up, and other problems that may have occurred. People just need to remember that Bush totally destroyed the economy before it started to rebound.
Printer Friendly | Permalink |  | Top
 
Kathy in Cambridge Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 08:57 AM
Response to Original message
57. Bull. Check out Hotjobs or Monster
there are way fewer jobs now than in Dec. '02. I was looking for work back then too!

If there is a job gain, it was Christmas/Temp Help. If you're a professional, there's slim pickins' out there.
Printer Friendly | Permalink |  | Top
 
EOTE Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 09:02 AM
Response to Original message
59. Hey, your friend was only off by 15,000%.
That's really not a very bad record. Assuming your predictions are as reliable as your friend's, I'd say we have the 2004 election in a lock.

Nice try, though.
Printer Friendly | Permalink |  | Top
 
cthrumatrix Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 09:15 AM
Response to Original message
60. well.....i guess you need to get new friends....huge job disappointment


I wonder about alot of these posts in here...trying to stir the pot.

Next time...I'll just ask Ms Cleo and post on here.
Printer Friendly | Permalink |  | Top
 
alcuno Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 09:16 AM
Response to Original message
61. Come out, come out, wherever you are....................
1000 jobs? Please call your friend and get all the gory details.
Printer Friendly | Permalink |  | Top
 
htuttle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 09:20 AM
Response to Reply #61
62. LOL!
I don't expect he'll be back...

I always wonder: Did he KNOW he was peddling a line of bullshit, or was he just a Useful Idiot?

I suppose it depends on his pay grade...
Printer Friendly | Permalink |  | Top
 
leftchick Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 09:39 AM
Response to Original message
63. Is this the report you are refering to??
http://story.news.yahoo.com/news?tmpl=story&ncid=578&e=4&u=/nm/20040109/bs_nm/economy_dc

Payrolls BARELY Rise, WORSE than Expected

<WASHINGTON (Reuters) - American employers barely took on any new workers in December, a disappointing government report on Friday showed, indicating the economic recovery has yet to translate into sustained jobs growth.

The unemployment rate fell to 5.7 percent, the lowest level in over a year and down from 5.9 percent in November. But this was largely due to people leaving the workforce, according to the Labor Department (news - web sites)'s report.

The number of workers on U.S. payrolls outside the farm sector in December increased by just 1,000, after a downwardly revised rise of 43,000 in November. It was the fifth consecutive monthly rise but was far worse than economist expectations of a rise of 130,000.

The poor report will likely be a headache for President Bush (news - web sites) as he seeks re-election in November with the economy -- specifically job creation -- expected to be a key issue in the run-up to the vote.

"This is a very disappointing jobs report," said John Person, head financial analyst, Infinity Brokerage Services, Chicago. >

......What the hell is your friend smoking?
Printer Friendly | Permalink |  | Top
 
Cat Atomic Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 09:50 AM
Response to Original message
65. There goes any chance, alright. For Dubya, that is.
Printer Friendly | Permalink |  | Top
 
Kathy in Cambridge Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 09:51 AM
Response to Original message
66. Just Heard Results on New England Cable News:
jobless claims down .2% BUT The Labor Department says this is from people who have dropped off the rolls.

http://www.nytimes.com/aponline/business/AP-Economy.html

<snip>
"The 0.2 percentage point drop in the jobless rate occurred only because fewer people were looking for work, the Labor Department said Friday. More than 300,000 people gave up their search for jobs and dropped out of the pool of available workers."

<snip>
"Weak holiday hiring by retailers was to blame for holding back job gains. Analysts were expecting companies to add 100,000 to 150,000 jobs to their payrolls last month. But the net gain was just 1,000 jobs."






Printer Friendly | Permalink |  | Top
 
Junkdrawer Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 09:52 AM
Response to Original message
67. So this was just another "my conservative friend" post...
Imagine that. Who would have guessed?
Printer Friendly | Permalink |  | Top
 
Kathy in Cambridge Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 10:10 AM
Response to Reply #67
69. Maybe he was channeling Leo too
:shrug:
Printer Friendly | Permalink |  | Top
 
Kazak Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 10:00 AM
Response to Original message
68. *shrugs*
Printer Friendly | Permalink |  | Top
 
Bhaisahab Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 10:20 AM
Response to Original message
71. sorry to disappoint you, but...
Unemployment Rate Falls; Few Jobs Added

By LEIGH STROPE, AP Labor Writer

WASHINGTON - The nation's unemployment rate dropped to 5.7 percent in December to the lowest level in 14 months, but employers finished the year without many help wanted signs for the holidays, adding just 1,000 new jobs.

The 0.2 percentage point drop in the jobless rate occurred because fewer people were looking for work, the Labor Department (news - web sites) said Friday. More than 300,000 people gave up their search for jobs and dropped out of the pool of available workers.

http://story.news.yahoo.com/news?tmpl=story&ncid=&e=3&u=/ap/20040109/ap_on_bi_go_ec_fi/economy
Printer Friendly | Permalink |  | Top
 
Screaming Lord Byron Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 10:20 AM
Response to Original message
72. Is your friend's name Chicken Little, by any chance?
Printer Friendly | Permalink |  | Top
 
Cocoa Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 10:23 AM
Response to Original message
73. at this rate...
by November there will be 11,000 jobs created!

We're DOOMED!!!

Printer Friendly | Permalink |  | Top
 
Skittles Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 10:53 AM
Response to Original message
76. your friend needs to put down the crack pipe
and get himself a job he is GOOD at
Printer Friendly | Permalink |  | Top
 
Beetwasher Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 11:47 AM
Response to Original message
77. Let Me Take A Guess At What Happened Here
You don't really have a friend, there were no finanical models and you just took a shot with a wild ass guess that the job report was going to be phenomenal? Why do I have a feeling that we will see no further posts from you?
Printer Friendly | Permalink |  | Top
 
HuckleB Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 11:51 AM
Response to Reply #77
78. I had that feeling yesterday, but ignored my suspicions.
You're right on the money, I suspect.
Printer Friendly | Permalink |  | Top
 
Skittles Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 12:04 PM
Response to Reply #77
82. of course, said imaginary friend is a DEM
OOH
Printer Friendly | Permalink |  | Top
 
Buffler Donating Member (325 posts) Send PM | Profile | Ignore Fri Jan-09-04 11:54 AM
Response to Original message
79. Huge Gain!?!?!? HA!
What happened to that "huge gain" your wall street buddy was telling you about??!?!?!?
Printer Friendly | Permalink |  | Top
 
West Coast Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 11:59 AM
Response to Original message
80. Karl Rove's Underlings Were Busy Trying To Psyche Us Out
yesterday. No doubt the administration had some idea what the real numbers would be.
Printer Friendly | Permalink |  | Top
 
JanMichael Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 12:01 PM
Response to Original message
81. Your friend was so wrong his license should be revoked!
20 jobs per state average for December.

Wall Street had it's collective head up it's collective ass on this one.
Printer Friendly | Permalink |  | Top
 
alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 12:47 PM
Response to Original message
83. How does your friend like his crow, baked, fried, or broiled?
for my fellow Americans, I had hoped he was right.

It is getting scary folks.
Printer Friendly | Permalink |  | Top
 
Screaming Lord Byron Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 01:41 PM
Response to Original message
86. Financial models? Try asking supermodels next time!
Printer Friendly | Permalink |  | Top
 
DrBB Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 01:41 PM
Response to Original message
87. Oh god, the IRONY
Still waiting for David_REE to report back--hoping for more pearls of wisdom from his financial friend on Wall Street. He still have a job, this guy? I hear a lot of stockbroker jobs are heading for India along with all those IT ones. With skills like his, his own contribution to the dismal job record of this administration is just around the corner.

Poetic justice is a bitch, man.
Printer Friendly | Permalink |  | Top
 
Screaming Lord Byron Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 01:43 PM
Response to Reply #87
88. Let's keep this thread kicked.
Just in case the 'revised' figures magically appear.
Printer Friendly | Permalink |  | Top
 
West Coast Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 01:49 PM
Response to Reply #87
89. I'll bet this guy had inside info that the numbers would be awful
so he came here to post the exact opposite of what he knew to be true, just because he was pissed off and wanted to make us upset.
Printer Friendly | Permalink |  | Top
 
West Coast Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 03:56 PM
Response to Reply #87
95. He responds below
and apparently this "Wall Street friend" has now moved his prediction to January. Let's watch and see just how many months these analysts continue to be totally wrong.
Printer Friendly | Permalink |  | Top
 
Screaming Lord Byron Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:01 PM
Response to Reply #95
96. Same time next month, Xantha?
he sticks to his story, gotta give him props for his tenacity.
Printer Friendly | Permalink |  | Top
 
Beetwasher Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:09 PM
Response to Reply #96
100. No, He Doesn't Stick to His Story. He Moves the Goal Posts
Ooops, sorry, meant NEXT month...and so on...This may very well be the Chimp himself posting "Prosperity is right around the corner! You Dems are doomed I tells ya!"
Printer Friendly | Permalink |  | Top
 
Screaming Lord Byron Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:18 PM
Response to Reply #100
104. of course, what I really mean, he sticks to his story of having a Wall St
buddy with a PhD and that means Bush will definitely win the election.
Now that is consistency of vision!
Tunnel vision, but vision nevertheless!
Printer Friendly | Permalink |  | Top
 
Beetwasher Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:22 PM
Response to Reply #104
105. LOL!
It's hard to give up your imaginary friends! I had one until I was six, his name was Mr. Plant and he was a talking cactus...
Printer Friendly | Permalink |  | Top
 
Cocoa Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-10-04 01:21 AM
Response to Reply #105
116. his name is George...
George, um, George Glass! :-)

Printer Friendly | Permalink |  | Top
 
Z-axis Donating Member (40 posts) Send PM | Profile | Ignore Fri Jan-09-04 01:49 PM
Response to Original message
90. Not quite
Take the total wages being paid for this 'huge gain' in jobs, compare it with the total wages lost in the equal number of jobs that were previously lost and make that the newsworthy item.

As Edward Albee said: "Sometimes you have to go a long distance out of your way to come back a short distance correctly"

In this case, two steps backward to see the one step forward.
Or, as the courts should have said, I can't define pornography, but I know an obscenely inadequate salary when I see one.

z-axis
Printer Friendly | Permalink |  | Top
 
alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 01:56 PM
Response to Reply #90
91. Looks like we need
another tax break for the rich.
Printer Friendly | Permalink |  | Top
 
David_REE Donating Member (51 posts) Send PM | Profile | Ignore Fri Jan-09-04 03:33 PM
Response to Original message
93. Just got email back from him, quoting...
"We are all scratching our heads over the timing. Our (and consensus) predictions for 150-250K jobs per month will reflect within another month. Models based on 50 years of data don't break down very easily."
Printer Friendly | Permalink |  | Top
 
KayLaw Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 03:46 PM
Response to Reply #93
94. Let's hope he is right
I'm wondering about those models. If they're like the computer models that track hurricanes, they give an accurate forecast if faulty numbers are entered. Not just your friend, but a lot of people were terribly wrong about the jobs number.

I truly wonder if we didn't lose jobs in December, considering the downward revisions of the October and November numbers.
Printer Friendly | Permalink |  | Top
 
West Coast Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:04 PM
Response to Reply #93
97. Has your Wall Street friend looked at the Want Ads lately?
When does he expect these 150-250K jobs per month to be advertised?
Printer Friendly | Permalink |  | Top
 
Buffler Donating Member (325 posts) Send PM | Profile | Ignore Fri Jan-09-04 04:12 PM
Response to Reply #93
103. I hope he is right
and that explosive job growth happens. While it will be good for Bush, it will be better for those who are long suffering under him.

But I suspect that this friend of yours is an imaginary friend.
Printer Friendly | Permalink |  | Top
 
alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:33 PM
Response to Reply #93
107. The permanent loss of jobs overseas, and the realization that bosses can
push fearful workers until they drop, instead of rehiring one or two workers. they know they can withhold pay raises by threatening to move offshore.

this is why there are recessions in the first year of Republican president terms. Look it up, there is a clear pattern. They know recessions put more power in the hands of the bosses.
Printer Friendly | Permalink |  | Top
 
DrBB Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 05:08 PM
Response to Reply #93
108. Apparently the November ones have been adjusted downward too
According to NPR.

And then there's the question of what KIND of jobs and at what cost. A while back I saw a report that every $50K job created by the tax cut would cost something like $75K. Not such a hot deal, really.

Still, I hope there's something to what you say. I've got a lot of friends in IT who have been out for a year or more.
Printer Friendly | Permalink |  | Top
 
snippy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 06:05 PM
Response to Reply #93
111. Your friend is lying to you.
You quote him as saying:
Our (and consensus) predictions for 150-250K jobs per month. . .


This is a false statement about what the consensus forecast was. The remainder of his statements likely indicate only ignorance rather than mendacity.
Printer Friendly | Permalink |  | Top
 
Ms. Clio Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 06:11 PM
Response to Reply #93
112. you get funnier by the day
Please keep us posted when all the PhDs stop scratching their heads.
Printer Friendly | Permalink |  | Top
 
Capn Sunshine Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:09 PM
Response to Original message
101. Hey, I work in finance, and I know this is a crock
Edited on Fri Jan-09-04 04:10 PM by Capn Sunshine
even non financial types can see the Bush economic miracle is mainly smoke and mittors, and what fluffy feel good news ther is is built on a facade.

There's nothing there.

I hedge capital for a living and I'll tell you right now the stock market is totally fluff; the only good news out there is due to the deteriorating condition of the economy, bonds, which I'm long across the spectrum from December Lows, will continue their strength.

This means interest rates are staying low for some time, probably through the election.

My estimation of the main electoral concerns are :
Economy and the crashing dollar
Economy and the huge trade imbalance - twin deficits
Economy and continued outsourcing of jobs
Economy and worsening domestic unemployment
Economy and huge credit debt loads in every household

and oh yeah, a toxic Iraq quagmire, which will undermine or expose to light the war industry's dodge that "we're at war against terror"

Printer Friendly | Permalink |  | Top
 
mrgorth Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:10 PM
Response to Original message
102. Where is this coming from?
I heard a number of 1K today.
Printer Friendly | Permalink |  | Top
 
alcuno Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 05:34 PM
Response to Reply #102
110. This was someone's prediction on Thursday.
Stunningly wrong.
Printer Friendly | Permalink |  | Top
 
TahitiNut Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 04:28 PM
Response to Original message
106. As of TODAY, we're up to 10 million jobs off the growth curve
This means that the Bush Regime has (arguably) 'presided' over the greatest economic disenfranchisement of labor's beneficial participation in our increasingly "privatized" enronomy since the Great Depression. This fascist regime worships accumulated capital and punishes those who create it. :grr:

Here's the picture (for people who can read graphs) ...

Printer Friendly | Permalink |  | Top
 
alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 06:19 PM
Response to Reply #106
113. i don't see much improvement until spring. How much it will help
non farm employment, who knows.
Printer Friendly | Permalink |  | Top
 
rumguy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-09-04 07:44 PM
Response to Original message
114. hahahahahahaha Ha Ha!
your "friend" was right on, wasn't he.

LOL - you just made me weekend..ha ha
Printer Friendly | Permalink |  | Top
 
are_we_united_yet Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-10-04 12:54 AM
Response to Original message
115. Can your friend pick some stocks for me to hold?
I'll be sure to sell them.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Mon Jan 20th 2025, 06:56 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (Through 2005) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC