Jobs Report Slightly Better Than Expected

Friday, August 05, 2011

A businessman looks at an electric quotation board flashing the stock prices at a window of a security company in central Tokyo on August 5, 2011. Tokyo shares plunged 395.09 points or 4.09 percent. (TOSHIFUMI KITAMURA/AFP/Getty Images/Getty)

The U.S. economy added 117,000 jobs in July, lowering the unemployment rate to 9.1 percent. The new figures from the Bureau of Labor Statistics bring a flicker of optimism to the markets after the worst day on Wall Street in three years. The European debt crisis conflated with fears the U.S. may be entering another recession has lead to a violent investor sell off around the world. Asian markets all closed down around 4 percent, and U.S. futures have been volatile this morning. Louise Story, Wall Street and finance reporter for The New York Times, has the latest.

Comments [3]

amalgam from NYC by day, NJ by night

Thanks to the Takeaway for being one of the few news outlets to actually mention globalization and its resultant structural shifts and flows as one reason that we are experiencing the Great Recession as we have been. Much has been said and written about this, and I've already commented on this myself numerous times.

As with the foolish, ideologically driven talk over budgetary issues and debt reduction that just occurred (and probably will continue), there's never one solution to complex economic stagnation, but many contributing factors.

The answer often includes a mix of ideas and actions; in other words, it's not just A), but all of the above.

Aug. 05 2011 10:07 AM
Steve from Massachusetts

Special to the NYTimes: Sept. 1, 2011, Provincetown, MA. Suave take away cohost Celeste Headlee just returned from a working vacation on beautiful Cape Cod. She investigated in depth the 8/3/11story on the Jamaican workers at a restaurant here. Celeste discovered that she had been snookered by the restaurant owner who had failed to tell her that Americans cannot afford to work there since the housing costs are so high. She inspected the housing that he provides and will report soon.

Aug. 05 2011 09:30 AM
Kip from Work

I am getting tired of posting these comments every time you discuss the jobs report and having no one on the show address it.

Briefly, we need 200,000 jobs per month just to cover our organic population growth. Kids entering the jobs market from high school, college, military, etc. Then we need at least another 200,000 to cover immigration both legal and illegal and then another 200,000 to begin re-employing all that have lost work in the recent downturn. That adds up to more than 600,000 per month just to stay even. So the present report is abysmal and we are heading into the abyss.

Aug. 05 2011 09:23 AM

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