17,000:
By on Feb 1st, 2008 at 10:20 am
17,000:
Number of U.S. jobs lost in January, “the first time in nearly 4-1/2 years that U.S. payrolls shrank.” The report of January’s losses comes just after President Bush triumphantly declared in his SOTU address that “America has added jobs for a record 52 straight months.” “This is the clearest signal yet that the job market is either in or teetering on a recession,” said Jared Bernstein, senior economist at Economic Policy Institute.
UPDATE: Paul Krugman writes that “the jobs picture looks moderately dire.”
View Most Popular
Advertisement
What We're About
What We're Fighting For
What We're Fighting Against
Featured
Subscribe to the Progress Report
Topic CloudView topics sorted by popularity
Afghanistan
Bachmann
Beck
Boehner
Business
Cheney
Civil Rights
Congress
Corporate Ethics
Dobbs
Economy
Education
Election
Energy
Environment
Ethics
Fox News
Gingrich
Glenn Beck
Global Warming
Health Care
Immigration
International Relations
Justice
LGBT
Lieberman
Limbaugh
Media
Military
O'Reilly
Obama
Palin
Pelosi
Politics
Race
Radical Right
Religion
Sports
Steele
Stimulus
Tea Parties
Tea Party
Terrorism
Veterans
Women's Rights
Visit Our Affiliated Sites
Reports
In-depth studies on select topics
Got a hot tip?
Have a hot news tip? We'd love to hear from you. Use the form below to send us the latest.
ArchivesBlog Roll
but the McEconomy is doing great! we are creating McJobs!
February 1st, 2008 at 10:22 amwalmart does need 3rd shift stockers!
February 1st, 2008 at 10:22 amThis ought to thrill ‘less jobs – more war’ McCain.
February 1st, 2008 at 10:23 amIf the jobs are not being filled with our people, tough luck. Obviously it is the fault of the unemployed. We all know there are tons of good jobs out there for CEO’s, company presidents and vice presidents. After all, we outsourced all of those manufacturing of back office jobs so that we could become a country of high level executives.
February 1st, 2008 at 10:24 amwe outsourced all of those manufacturing of back office jobs so that we could become a country of high level executives.
Comment by JMOHR
Your being sarcastic, right?
February 1st, 2008 at 10:27 ammoderately dire Is that an oxymoron, Dr. Krugman?
February 1st, 2008 at 10:30 amInvade another country, that oughtta do it.
February 1st, 2008 at 10:33 amThe economy is teetering on the edge of a precipice and that condition is ‘moderately dire’??
Sometimes I get the feeling that these people view life as a loony tunes cartoon….
February 1st, 2008 at 10:34 amThe same conservative radio hosts and propaganda merchants who deny global warming and the Iraq fiasco are denying that a downturn is coming. Coincidence? I think not.
February 1st, 2008 at 10:35 amOne report stated that the jobless rate held steady at 4.9% because thousands of job seekers had “dropped out of the labor pool”. The official jobless rate is SOOO bogus.
February 1st, 2008 at 10:36 amDell to cut nearly 900 jobs
February 1st, 2008 at 10:37 am… Bush triumphantly declared in his SOTU address that…
EVERYthing out of his mouth is a LIE…
February 1st, 2008 at 10:38 amYahoo to cut 1000 [Executive CEO =] jobs.
February 1st, 2008 at 10:38 amFOX news hires Rove.
Now theres a way to kill ratings, hire the man that helped destroy the conservative movement.
February 1st, 2008 at 10:40 amOdds of further Fed rate cuts increase on weak employment report data
February 1st, 2008 at 10:42 amForbes – 34 minutes ago
BOSTON (Thomson Financial) – Fed fund futures rallied Friday, as a weak US employment report increased the chances of further interest rate cuts.
Even though Bush claimed that “America has added jobs for a record 52 straight months,†he neglected to mention that because of more people entering the work force, a certain number of jobs MUST be created just to keep unemployment from running amok.
I’m pretty sure that Bush hasn’t met this “minimum” number, but I’m having difficulty knowing what the number is. Can anyone help me out?
February 1st, 2008 at 10:45 amYou think this is bad, just wait ’til next January, when all these unemployed GOOPers are out on the streets… I’d bet the crime rate goes up, but w/ this crowd, could it go any higher than it already is?
February 1st, 2008 at 10:47 amThe official jobless rate is SOOO bogus.
Comment by Proud American Liberal — February 1, 2008 @ 10:36 am
It’s bogus because it doesn’t take into account the following:
1) People whose unemployment has run out and they still can’t find a job
2) People who are underemployed — that is, professionals who are flipping burgers because they can’t get employment in the field for which they are trained
3) People who work for temporary agencies, hoping it will lead to a permanent job
4) People who are working part-time because it’s better than nothing
5) People who have just flat-out given up
February 1st, 2008 at 10:48 amX -
Microsoft Offers to Buy Yahoo for $44.6 Billion (Update6)
Bloomberg – 48 minutes ago
By Ari Levy Feb. 1 (Bloomberg) — Microsoft Corp., the world’s biggest software maker, made an unsolicited $44.6 billion offer for Yahoo!
…
another headline stated yahoo’s CEO was stepping down…
all related?
February 1st, 2008 at 10:51 amloss of private sector jobs = higher military enlistments = no need for an outright draft.
February 1st, 2008 at 10:57 amHi all, 1st time poster/ long time lurker. I am just an average joe who is fed up with bush/co. I’m a proud Veteran never went to college,and get my hands dirty every day. I’m looking forward to confabing with reasonable folks…and busting troll heads! ;)
February 1st, 2008 at 10:59 amall related?
Comment by katy
Yes, I would think so, Microsoft wants to head Google off at the pass before they become too dominant.
February 1st, 2008 at 11:03 amwelcome, specialist f…
just don’t clog the threads with your trooll busting, please…
it’s pretty easy to do without actually engaging them…
and if you’ve been lurking long enough, you know how to do both…
thanks! enjoy your stay!
February 1st, 2008 at 11:05 amspecialist f; WELCOME ABOARD!
February 1st, 2008 at 11:18 amThanks for the warm welcome. I promise not too feed the trolls. From what I’ve seen they thrive on abuse.;)
February 1st, 2008 at 11:30 amBack OT, I grew up in the great raygun years and witnessed first hand his “trickle-down” theory. Why is it that it’s always the hard working middle class that gets “trickled” on.
Did incomes go down in the top 5%?
February 1st, 2008 at 11:32 amThe Dept of Labor Statistics, say that the Economy needs between 190,00-210,00 “NEW JOBS” each month just to break even. The number of deaths, retirements, downsizing, lay-offs, firings, RIF’s etc average between those numbers each and every single month!
February 1st, 2008 at 11:44 amHow many months in a row has the Bush Economy even exceeded between 190-210,000 jobs? Want to take a guess?
You are only counted in the Unemployable Statistics for the “FIRST SIX WEEKS” that you draw benefits, after you don’t count as being unemployed in the Bush Administration!
pass this one along, specialist… i first heard it here, by a regular, but not-seen-much-of-lately commenter, Briseadh na Faire:
“Trickle down economy”: I got mine, p!ss on you.
heh
February 1st, 2008 at 11:44 amModerately dire?
Is that like sort of falling off a cliff?
February 1st, 2008 at 12:18 pmSpecialist F, welcome…Would your handle have anything to do with a military grade???
February 1st, 2008 at 12:21 pmAccording to the Bureau of Labor Statistics, the average salary for a CEO is $144,600 or $69.52 per hour, the average salary for a Computer Support Specialist is $44,350 or $21.32 per hour, the average salary for Laborers (Freight, Stock, and Material Movers, Hand) is $23,050 or $11.08 per hour and the average salary for Food Preparation and Serving Related Workers is $19,360 or $9.31 per hour, the average salary for a Short Order Cook is $18,710 or $8.99 per hour and the friendly cashier at Wal-Mart, K-Mart (a.k.a. China Mart) earns on average $17,930 or $8.62 per hour.
These statistics (again from the Bureau of Labor Statistics) show that “About three in four workers earning $5.15 or less in 2004 were employed in service occupations, mostly in food service jobs.”
At the end of the day, WE are allowing GREED to destroy our way of life, our democracy and our country, period end of story. I say WE because if enough people cared and did something about it, WE can change things, but WE are too focused on “getting ours” or worse yet, focused on what is happening to Brittany Spears and Paris Hilton to care. A wise man once said….
“Nothing is more pitiful than a nation being swept along by fools.”
February 1st, 2008 at 12:25 pmThanks RUC, and yes, Sp.4 or E-4, MOS 63 Sierra(Heavy wheeled veh. mech.). Spent 2 years in Germany in a Pershing II Nuke unit. (remember them).
February 1st, 2008 at 12:34 pmspec f; you active duty, or long out?
February 1st, 2008 at 12:51 pmI got out in 89. Cut and run raygun gave up the Pershings with the INF treaty in 86 or 87. They only offered me $4,000 to re-up for 4 more years and I told them to shove it. I almost got called back up in 91 for Iraq 1 as I was still in IRR,but it was over before I had to go. I would have proudly went.
February 1st, 2008 at 1:05 pmSpent 2 years in Germany in a Pershing II Nuke unit. (remember them).
Comment by specialist f — February 1, 2008 @ 12:34 pm
Was in the 3rd Armored Div in Frankfurt, 1968. We had 1/45th Artillery with Honest Johns back then..
February 1st, 2008 at 1:08 pmThe job sector may have added jobs for 52 straight months, but they were mostly minimum wage service sector jobs. Many people now hold two jobs to make the money they were making on the one job Bush sent overseas. And guess what, both jobs count. So the job numbers are inflated due to this.
Then we have the millions of people who are chronically unemployed and don’t count because they are no longer receiving unemployment benefits. I never understood that one. Once your unemployment benefits run out you are magically considered to be employed? WTF!
February 1st, 2008 at 1:11 pmThanks for the warm welcome. I promise not too feed the trolls. From what I’ve seen they thrive on abuse.;)
Comment by specialist f
Hi and welcome. When it comes to trolls, it works best if you don’t engage them directly. Talk about them, not to them. That marginalizes them and doesn’t give them the attention they crave.
February 1st, 2008 at 1:16 pmbilbobaggins,
February 1st, 2008 at 1:24 pmYou don’t count in the weekly statistics as unemployed by the Bush Admin. if you have been collecting your benefits longer than 6 weeks. It how they keep the percentage rate low.
The job sector has had few weeks in the last 364 weeks since Bush ambled into the White House, that has exceeded the number of jobs lost, or positive job growth!
Missmolly is right:
1) People whose unemployment has run out and they still can’t find a job
5) People who have just flat-out given up
That’s exactly where I am–and thousands of others–and we don’t get counted in the bogus numbers the Bush administration throws out.
It’s hell out here.
February 1st, 2008 at 1:28 pm…losses comes just after President Bush triumphantly declared in his SOTU address that “America has added jobs for a record 52 straight months.â€
February 1st, 2008 at 1:38 pm
The modern trend in measuring unemployment started with Raygun and has continued with jiggering the numbers to reduce those counted as unemployed. One example already mentioned are those who come off unemployment even without having another job. My favorite are those who are leaving the military – no job, does not count.
Most European countries will not count part time employment as part of the employment statistics. They recognize that most part time employees are supplementing income from another job, students, retirees and others who really do not constitute a new job. Think how many part time jobs include those within these categories. A better measurement is the labor pool participation rate which has been going down with Shrub.
February 1st, 2008 at 1:39 pmTip of an iceberg of woe for the nation. Might as well let an R stay in the white house, so when the torches and pitchforks finally make it to DC there won’t be a D trapped in there. Let them reap the harvest of waste and abuse – let them own the debt and the death – they created it, were cheerleaders for it, lied for it – let’em have it.
February 1st, 2008 at 1:39 pmFebruary 1st, 2008 at 1:40 pm
“BREAKING THE SILENCE†A SPECIAL REPORT BY JOHN PILGER. YOUTUBE!
Comment by sacopenapa — February 1, 2008 @ 1:40 pm
February 1st, 2008 at 2:20 pmAlso a great song by Queensryche ………
Keep in mind that last month’s job numbers were revised upward. If the same happens in next month’s figures, then, yes, there will still be 53 or 54 consecutive months of job growth.
February 1st, 2008 at 3:27 pmBut those who currently want a job but not considered unemployed increased by 160,000 over December. Including these 4,857,000 who want to work but are not considered unemployed because they stopped looking for over 4 weeks then the unemployment rate is 7.8%.
The work force increases 150,000 every month and the last time the number of jobs created exceeded this number was in May. Huh is right.
Just like inflation was on average 2.8% in 2007, lower than the 3.6% of 2006 (average of 12 monthly CPI reports). The stats are lies to keep people ignorant of the true situation.
The things people need, like health care, insurance, tuitions, food, energy, etc are easily increasing 8-10% per year, while CPI is 1/2-1/3 this number. Yet you might get 4% on a CD or a 4% salary increase, and more people do not work or are underemployed, and yet people wonder why everyone seems to need to borrow money.
See http://www.shadowstats.com
While Federal Income taxes have been reduced a bit, the average middleclass worker pays 30-45% of his income for taxes in one form or another and another 10%-20% for interest on mortgages and credit cards (at usurious rates), car loans, etc.
Also, while Decembers numbers were revised upward, October and November were revised downward by an even greater amount than Decembers numbers were upward.
Also, the Fed interest rate cuts mean higher long term interest rates, which means higher mortgage rates for those with non sub prime loans.
February 1st, 2008 at 10:06 pm