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In the Jobless Numbers, a Glimmer

southwestga.com

“... We are moving in the right direction,” says economist Richard DeKaser.

Woe is still the economy, but several numbers are indicating that the recession might, just might, be easing up. The pace of U.S. job losses has gradually slowed, and the unemployment rate actually dropped in July for the first time in over a year.

Bloomberg:

The pace of U.S. job losses slowed more than forecast last month and the unemployment rate dropped for the first time since April 2008, the clearest signs yet that the worst recession since the Great Depression is easing.

Payrolls fell by 247,000, after a 443,000 loss in June, the Labor Department said today in Washington. The jobless rate dropped to 9.4 percent from 9.5 percent.

Stock-index futures jumped and Treasuries dropped after the report stoked optimism for a recovery in the second half. While the Obama administration’s fiscal stimulus efforts are projected to have a gathering impact on the economy, any rebound in hiring may be delayed as companies from Boeing Co. to Verizon Communications Inc. continue to cut costs.

“The American consumer is by no means out of the woods, but we are moving in the right direction,” said Richard DeKaser, chief economist at Woodley Park Research in Washington, the only economist to correctly forecast the payroll and unemployment numbers. “We will see moderate growth in the second half and more of a pickup in 2010.”

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By Jeff Bentley, August 9 at 11:22 am #
(Unregistered commenter)

Right on topicgirl, the only thing the unemployment problem needs now is an excuse to ignore it, or to say that it’s not as bad as it was. The current administration, which represents the other half of the ruling class, and, incidentially is quite similar to the last administration - can cheer this latest success. No add’tl stimulus will be needed ss the stock market rises, and corporate profits increase, the unemployed themselves become the problem, and it will be published that their “refractory, hopeless conditions can be remedied if they choose to help themselves first, before they should expect to receive help.” (A highly successful tactic that’s produced an “invisible” homeless population. )

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By Rodger Lemonde, August 9 at 11:16 am #

Any one on either side who thought that recovery would be quick is deluded. Any one who says that going back to the practices that fomented this recession will lead to prosperity is either (a) naive (b)insane (c)a knave who doesn’t care as long as they benefit.

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By Travis F. Smith, August 8 at 6:05 am #

Comments are fun.

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By tropicgirl, August 7 at 4:14 pm #

I think you are going to find these numbers misleading. Many people have exhausted their benefits or have gone underground.

Too many jobs are lost every day. The health insurance companies have literally, single-handedly destroyed the manufacturing jobs and many other jobs in this country. They are responsible for the offshoring, the outsourcing, the illegals and so on.

Unfortunately, Obama does not realize this and remains a total free trader and HAS DONE NOTHING TO HELP THE EMPLOYERS in the so-called health insurance bill. Even though that was the main reason we supported him in the election.

There is some sort of shell game going on here. I don’t trust these numbers AT ALL.

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