Update on Hollywood's Sudden Interest in West vs. Islam War Pictures | Main | Partial Retraction on Hollywood Outrage Story
July 02, 2004

More Jobs Created, But Far Less Than Expected

It's not exactly bad news. What it is the absence of good news, which, in this close political contest, is effectively bad news:

WASHINGTON (Reuters) - The pace of U.S. hiring slumped sharply in June after several months of robust gains, the government reported on Friday, as employers added fewer than half the number of payroll jobs forecast and hours of work shrank.


The Labor Department said only 112,000 jobs were created last month, far fewer than the 250,000 that Wall Street analysts had anticipated. April and May new-job totals were revised down, to 324,000 and 235,000 respectively, from 346,000 and 248.000.

The unemployment rate was unchanged, as expected, at 5.6 percent.

June still represented a 10th straight month of job growth that has added about 1.5 million workers to payrolls, but the unexpectedly steep slowdown last month may make it harder for President Bush to campaign for re-election in November on a claim of accelerating economic momentum.

In a sign of broader weakness, the average workweek eased to 33.6 hours in June from 33.8 in May, the shortest since a matching level in December.

All of June's job growth in service industries. The manufacturing sector lost 11,000 jobs, a reversal after four straight months in which factories had added jobs following years of decline.

I sorta had a feeling:

But I actually think that the period of positive surprises is passing us; I think that economists have adjusted their thinking, and that therefore the estimates won't necessarily be lower than the real numbers anymore. We'll start seeing estimates that are high about half of the time and low about half of the time.

...but I'm not taking particular satisfaction in that.

June's job creation wasn't very impressive, but that's not real cause for alarm. Look back at Clinton's record; he didn't manage uniformly good job creation month-to-month. Some months a pittance of jobs were created; in other months, jobs were actually lost. And yet the average, which is all that's really important, remained fairly brisk.

George Bush's average also remains fairly brisk-- better than brisk, actually. I wouldn't want to see the June numbers become a trend, but we also have to be realistic. We can't expect 250,000+ new jobs every month. Some months will feature more jobs, some less.

Expect the media, which remained studiously uninterested in job growth for the past five months, perferring to fret about rising interest rates, to suddenly regain its interest in the subject.

At least until July's report.

Predictable as the phases of the moon.


digg this
posted by Ace at 01:16 PM

| Access Comments




Recent Comments
Insomniac - Getting Microaggressed on the Daily, Yo!: "Another good one for the Food Thread. Anyone famil ..."

Sandra F.: "[i]That means they're really being hard if Jimmy c ..."

Mike Hammer, etc., etc.: "Are we now lactophilia intolerant? Posted by: buz ..."

Lost Shaker Assault: "I've been a chef, cook, and restaurant manager 35 ..."

Donna&&&&V sez: Sorry Tribe fans. Go Astros!: "Not entirely OT, here is a vid of some sane - and ..."

Cosmic Charlie: "Tina Weymouth was extraordinary ..."

buzzsaw90: "One word: lactophilia. And celebrity chefs. Pu ..."

filbert: "[i]"Diversity" by itself is valueless. A bucket of ..."

Insomniac - Getting Microaggressed on the Daily, Yo!: "508 Let's face it, diversity is weakness, straight ..."

colfax mingo: "Eromero, Not a poet, but not a bullshitter eith ..."

Mike Hammer, etc., etc.: "It starts with lactophilia, then, the pudding. ..."

publius, the Persistent Poperin Pear: " Another good one for the Food Thread. Anyone fa ..."

Recent Entries
Search


MuNuvians
Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
News/Chat
Archives
Powered by
Movable Type 2.64