More dismal economic news. But don’t you worry…according to Barry, it’s just a bump in the road.
Stocks fell sharply Friday, posting a sixth straight weekly loss — longest losing streak since the fall of 2002.
The 1.4% drop came a day after the market broke its longest losing streak in more than a year.
The market’s last seven-week stretch of losses began in May 2001, as the dot-com bubble deflated.
Stocks have suffered this month after a raft of weak economic news dampened hopes for a speedy recovery. Traders fear that weaker hiring, industrial output, and a moribund housing market are reversing a bull market that lifted the Dow Jones industrial average 20% the past year.
It must have killed the rump swabs at the New York Times to print these poll results.
At a time of rising gas prices, stubborn unemployment and a cacophonous debate in Washington over the federal government’s ability to meet its future obligations, the poll presents stark evidence that the slow, if unsteady, gains in public confidence earlier this year that a recovery was under way are now all but gone.
Capturing what appears to be an abrupt change in attitude, the survey shows that the number of Americans who think the economy is getting worse has jumped 13 percentage points in just one month. Though there have been encouraging signs of renewed growth since last fall, many economists are having second thoughts, warning that the pace of expansion might not be fast enough to create significant numbers of new jobs.
The dour public mood is dragging down ratings for both parties in Congress and for President Obama, the poll found.
Disapproval of Mr. Obama’s handling of the economy has never been worse — up to 57 percent of Americans — a warning sign as he begins to set his sights on re-election in 2012. And a similar percentage disapprove of how Mr. Obama is handling the federal budget deficit, though more disapprove of the way Republicans in Congress are.
The Times doesn’t even mention the most devastating number for Obama – Right Track/Wrong Track. It must have been too painful:
Right Track = 26%
Wrong Track = 70%
Say it with me….Malaise.
The recovery that wasn’t continues at breakneck speed.
NEW YORK (CNNMoney.com) — The economy continued to add jobs last month, but at a much slower pace than expected, while the unemployment rate rose to 9.8%.
U.S. employers added 39,000 jobs to their payrolls in November, the Labor Department reported Friday. That marks a major slowdown from October, when the economy added an upwardly revised 172,000 jobs.
November’s numbers also fell short of the 150,000 gain that economists surveyed by CNNMoney.com were expecting.
And what would an Obama loving news outlet story on unemployment be without the “U” word:
The unemployment rate, which is calculated in a separate survey, unexpectedly ticked up to 9.8% after holding at 9.6% from the prior three months, the government said.
What a difference nineteen plus months can make. Back in his rock star days, Obama had them fainting and crying like Beatles fans at town halls. These days, he’s facing tough questions from his supporters who are suffering under his disastrous presidency.
(photo credit: NY Post)
In question after question during a one-hour session, which took place on Monday at the Newseum here and was televised on CNBC, Mr. Obama was confronted by people who sounded frustrated and anxious — even as some said they supported his agenda and proclaimed themselves honored to be in his presence.
People from Main Street wanted to know if the American dream still lived for them. People on Wall Street complained that he was treating them like a piñata, “whacking us with a stick,” in the words of Anthony Scaramucci, a former law school classmate of Mr. Obama’s who now runs a hedge fund and was one of the president’s questioners.
“I’m exhausted of defending you, defending your administration, defending the mantle of change that I voted for,” said the first questioner, an African-American woman who identified herself as a chief financial officer, a mother and a military veteran. “I’ve been told that I voted for a man who was going to change things in a meaningful way for the middle class and I’m waiting sir, I’m waiting. I still don’t feel it yet.”
A 30-year-old law school graduate told Mr. Obama that he had hoped to pursue a career in public service — like the president — but complained that he could barely pay the interest on his student loans, let alone think of getting married or starting a family.
“I was really inspired by you and your campaign and the message you brought, and that inspiration is dying away,” he said, adding, “And I really want to know, is the American dream dead for me?”
After a net loss of 54,000 jobs in August and an uptick to 9.6% unemployment, this is the headline in today’s New York Times:
Growth in Jobs Beats Estimates, Easing Concerns
Oh really? Whose concerns were eased exactly? At least the author didn’t completely skip the pesky 54,000 lost jobs as Obama did in his Rose Garden comments yesterday. Hot Air notes Reuters also got the talking points:
However, Reuters unexpectedly finds this to be good news:
U.S. employment fell for a third straight month in August, but the decline was far less than expected and private payrolls growth surprised on the upside, easing pressure on the Federal Reserve to prop up growth.
Nonfarm payrolls fell 54,000, the Labor Department said on Friday as temporary jobs to conduct the decennial dropped by 114,000.
Private employment, considered a better gauge of labor market health, increased 67,000 after a revised 107,000 gain in July. In addition, the government revised payrolls for June and July to show 123,000 fewer jobs lost than previously reported.
So we created 40,000 fewer private sector jobs and the unemployment rate went up, and that’s a surprise on the upside? That’s mighty fine spin by Reuters … and completely expected.
Lipstick on a pig.
15 year low…
Sales of previously owned U.S. homes dropped more steeply than expected in July to their lowest pace in 15 years, an industry group said on Tuesday, implying further loss of momentum in the economic recovery.
The National Association of Realtors said sales dropped a record 27.2% from June to an annual rate of 3.83 million units, the lowest level since May 1995. June’s sales pace was revised down to a 5.26 million-unit pace.
Valerie Jarrett gets the hand from the U.S. Chamber of Commerce.
The U.S. Chamber of Commerce on Wednesday rejected a request from top White House adviser Valerie Jarrett to speak at a jobs summit hosted by the business group, the latest escalation in an ongoing war between the two camps.
“We would have loved to have gone and participated. We weren’t invited. In fact we were told not to come,” Jarrett said, during an interview on Bloomberg Television.
Chamber officials said Jarrett requested that she be allowed to address their gathering, a several-hour long “Jobs for America Summit,” on Wednesday morning, a few hours before the event began. They said the program was too full to fit her in.
At the summit, Chamber President and CEO Thomas Donahue railed against President Obama’s economic policies.
“Our current economic direction is not working,” Donahue said.
Donahue said that Obama’s health care and financial regulation initiatives are onerous to the point that the Americans will lose freedoms unique to the country.
“Taken collectively, the regulatory activity now underway is so overwhelming and beyond anything we have ever seen, that we risk moving this country away from a government of the people to a government of regulators,” Donahue said.
No wonder these companies – large, medium and small – aren’t hiring.