Jobs Truths

A couple examples of what you are not hearing in the mainstram media concerning the jobs situation. Although you did hear that the unemployment rate dropped down to 7.7%. Do you wonder why? Two things actually, the Obama Administration changing the way unemployment is figured, dropping the long term unemployed who have stopped looking for work or those who have taken menial part time jobs from the accounting, and, the fact that over 600,000 of the reported new jobs created in the last 5-6 months have been government employees.

73% of New Jobs Created in Last 5 Months Are in Government by Terence P. Jeffrey of CNS News, see report here.

Seventy-three percent of the new civilian jobs created in the United States over the last five months are in government, according to official data published by the Bureau of Labor Statistics. In June, a total of 142,415,000 people were employed in the U.S, according to the BLS, including 19,938,000 who were employed by federal, state and local governments.

By November, according to data BLS released today, the total number of people employed had climbed to 143,262,000, an overall increase of 847,000 in the six months since June.

In the same five-month period since June, the number of people employed by government increased by 621,000 to 20,559,000. These 621,000 new government jobs created in the last five months equal 73.3 percent of the 847,000 new jobs created overall.

And another indication of Obama's failed economy that you won't see in the mainstream media is that Citigroup Plans to Cut 11,000 Jobs read the full article here, by Jennifer Booton.

To save more than $1 billion annually, Citigroup said this week that it plans to axe 11,000 jobs -- mostly in operations and technology -- and tighten expenses company wide.

The New York-based bank will realize about $900 million in savings in 2013, followed by more than $1.1 billion in annual savings beginning in 2014, though a Citi executive hinted in an interview with FOX Business's Elizabeth MacDonald that more cuts could be on the horizon.

"I don't think anyone can come to the conclusion the bank is going to sit back and do nothing else," the person told MacDonald. "(Citi CEO Michael) Corbat said in October he now wants to focus on operational efficiency; layoffs shouldn't be a surprise."

The latest round of cuts, which will result in a pre-tax charge of $1 billion in the fourth quarter and another $100 million in the first half of 2013, is expected to provide Citigroup the flexibility it needs to reinvest in profitable lines of business and in emerging markets.

Citibank's plan is obviously in response to Obama's plan to raise taxes across the board not to mention the obscene costs that Obamacare will bring to all businesses.

Unemployment Rate Climbing

Jobless Claims increasing,....an article from Breitbart. The Department of Labor has announced that new jobless claims rose by a staggering 78,000 in the first week after the election, reaching a seasonally-adjusted total of 439,000. Over the past year, and in the weeks leading up to the election, jobless claims were said to be declining, dipping as low as 339,000, with the media proclaiming that they had reached the "lowest level in more than four years." Now, suddenly, the news seems far less rosy.

From the Department of Labor press release:

In the week ending November 10, the advance figure for seasonally adjusted initial claims was 439,000, an increase of 78,000 from the previous week's revised figure of 361,000. The 4-week moving average was 383,750, an increase of 11,750 from the previous week's revised average of 372,000.

Some of the new claims, especially in New Jersey, were due to Hurricane Sandy--but these were offset by a decline in claims filed in New York. The highest numbers of new filings came from Pennsylvania and Ohio, where there were thousands of layoffs in the construction, manufacturing, and automobile industries.

Both states had been targeted by the presidential campaigns. President Obama highlighted his record of job creation in Ohio in particular, focusing on the automobile industry. The state reported 6,450 new jobless claims in the week after the election--second-highest after Pennsylvania, which recorded 7,766 new claims.

Cowboy's comments:

Make no mistake about it, the turnaround in Ohio's economy was built by a Republican Governor and Republican Legislature despite oposition from Democrats and the Unions. How dare Obama claim credit for Ohio's progress!

Now we have a diverse list of companies stating they are going to close down, lay off workers go to a part time work force with maximum weekly hours at 29 hours to keep from going bankrupt on the obamacare regulations which are even barely beginning to be implemented.

Companies and (layoffs or firings):

Proctor and Gamble (unidentified layoffs),
Stryker Corporation (1,170),
Red Lobster and Olive Garden Restaurants (going to a part time work force with yet unidentified layoffs), Ericcson (1,500),
Hostess Brands (18,500),
Xerox (2,500),
Panasonic (10,000),
Monitor Group (235),
NBC (500),
United Technologies (500),
Energizer Holdings (1,500),
U.S. Cellular (980),
Vesta Wind Systems (3,000),
Bristol Myers (480)

And these are just the larger layoffs (less than 200) since the election!! Wait for more to come in this Obama engineered economy.  If there was data on all the small businesses laying off employees or closing their doors - then that news would be horrifying for the economy and a statement on businesses' lack of confidence in Obama and his economic policies.

The Election, Unemployment and the Economy

I think most of us agree that for except for the ideology oriented voters, the state of the economy is the primary issue in this pivotal Presidential election which will conclude Tuesday night as election returns come in from across the country and this Nation will know who will be our leader for the next four years.

One of the key numbers or statistics from which many people judged the economy is the unemployment rate. Obama promised the country a rate below 8% and for much if his term it has been above 10%.

Changs in the way the government cacluates the unemployment rate, not counting people who have been unemployed for double digit months then giving up looking for work are no longer calculated.

With all other indicators such as gross numbers of people losing their jos, people starting work and the Country's growth rate at very dismal numbers, imagine the suprise economists had when the Government announced that September's numbers brought the National employment rate from 8.1% to 7.8%, a unprecedented drop especially given other dismal economic figures.

Now we know the raw numbers for September of over 400,000 people losing their jobs and only 140,000 people fidning work. Yet the Government figure for the unemployment rate go in the opposite direction.

Today we received the figures for October, from a Fox News article:

The final monthly jobs report before Election Day offered a mixed bag of numbers that would surely become political putty for the presidential candidates, with the unemployment rate ticking up to 7.9 percent but the economy adding a better-than-average 171,000 jobs.

The October numbers allow President Obama to argue the economy is technically growing under his watch. At the same time, they allow Mitt Romney to argue that the new jobs are not making much of a dent in the unemployment problem.

While 171,000 jobs were added in October, the number of unemployed grew by roughly the same amount -- to 12.3 million.

Both candidates are expected to address the report at campaign stops Friday, four days before the election.

This Week's Political Rollup

Presidential Debate. All the cockroaches certainly came out of woodwork after Romney smashed Obama Wednesday night at the first Presidential Debate. DNC Communications Chief Brad Woodhouse said that "Romney was lying". Al Gore, a failed human being, attributed Obama "not being on a his A game" because of the altitude (less oxygen) of Denver - the debate site.  The Democrats cannot debate on the facts, nor Obama's record.  They rely soley on attack politics to take the voters focus away from the facts.  

Obama's Failed Economy. Califonia gas prices all time high. The price of gasoline hit an all time high in California of $4.61 a gallon Saturday, fueled by a reduced supply and a volatile market. There are reports of gas as high at $5.80 in many California locations.

Obama say's one thing but his policies, restrictions and his regulatory happy Adminstration is doing something else all together, and that is mortgaging our national security and lowering our standard of living by refusing to leverage our national energy assets...instead relying on importing our energy needs. Instead he throws billions of dollars, $90 billion in fact, into failed alternative energy sources owned by his campaign contributors. And we now pay twice as much for gasoline as we did when he took office.

Unemployment. The Obama Administration comes out with new unemployment numbers, just three days after his debacle on stage at the Presidential debates and 30 days before the General Election. Wow, talk about good timing. He say's the unemployment rate has dropped from 8.1% to 7.8% and of course if using this figure as "proof" that his economic principles are working. Really?

There are less people working today desite the new 7.8% unemployment rate than the lowest number of workers during the 8 year Bush Administration, why is that if Obama's policies are working?

Most economists were expecting a slight rise in the unemployment rate, so the number has raised suspicions that the White House might be cooking the books ahead of the election next month. Then we find out that actual public sector lost over 5,000 jobs and the "rise" in jobs was due to a projection of additional government jobs,.....yes, a projection.

And then Breitbart.com reports that while only 114,000 jobs were created in September--which would have translated into a rise in unemployment from 8.1% to 8.2%--the unemployment rate fell dramatically to 7.8%. That unusual drop is the fastest in nearly three decades and one reason was the rise was an upward revision of 86,000 to the July and August jobs numbers--all of which came from a 91,000 increase in the estimate of public sector jobs.

Of course, the Obama Adminstration is not including the 2.5 million people who have stopped looking for work - because there is none to be found; the 12 million who are under employed working for wages far below their education and experience level and the 8.8 million who can only find part time work.

Shame on you Obama - you promised you would be a one term President if you didn't make things better - now you have made them worse. Keep you promise and leave office.

Libyan Consulate attacks. In yet another example that Obama has taken the reputation of the U.S. to an all time low, and after trying to convince the American people that the Libyan Consulate attack was caused by a spontaneous demonstration gone violent rather than a planned, well armed terrorist attack on the anniversary of 9-11, not to mention a follow-on investigations that didn't get started for three weeks allowing Libyans and even news groups to ravage the site and scoop up classfified information,.....now e-mail's and employee reports are coming to light about the Libyan Consulate's repeated requests for additional security which was denied by Hillary's State Dept and the Obama Administration.

In fact there was a Special Forces team in Libya providing security and assessing the threat. They were removed before the 9-11 anniversary and after their repeated requests for additional security measures, which were not fulfilled.

Coming on the heels of Obama's foreign policy blunder of a giant magnitude when he received Muslim Brotherhood members to the White House and refused to meet with Israeli Prime Minister Netanyahu, one cannot come to any other conclusion that we do indeed have an amateur in the White House. Let's send him back to Chicago.