Tag Archives: Labor force plummets

Obama Hagan destroy US NC economies jobs healthcare, Obamacare and private insurance cost increases, Labor force plummets, Part time jobs spike, NC decimated by Barack Obama and Kay Hagan

Obama Hagan destroy US NC economies jobs healthcare, Obamacare and private insurance cost increases, Labor force plummets, Part time jobs spike, NC decimated by Barack Obama and Kay Hagan

“Over the last six months, of the net job creation, 97 percent of that is part-time work,”…Keith Hall, former BLS chief

“One of the CBO’s most intriguing estimates is that by 2017 there will be 2 million fewer full-time jobs on the market than there would have been without Obamacare, and that figure could climb to 2.5 million by 2024.”…Market Watch February 4, 2014

“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.

Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

I have been planning an article about the impact of Obamacare, the rising premium costs and destruction of full time jobs.

Senator Kay Hagan supported Obamacare and has voted with Obama nearly every time.

Before revealing the NC job impact, here is breaking news from Charlotte, NC.

From the Charlotte Observer October 20, 2014.

Charlotte’s Section 8 housing wait list triples to all-time high

A new number has emerged to help define Mecklenburg County’s affordable housing crisis: 32,128.

That’s how many low-income people filled out applications in just five days to be on the waiting list for Section 8 Housing Choice Vouchers: three times the number who applied for such rent help when the list last opened in 2007. The substantial jump caught housing officials off guard.

Equally surprising for the Charlotte Housing Authority is that 4,449 of those adults listed their housing status as homeless, a number that includes those in charity housing, extended stay hotels or living with a friend.

Read more:

http://www.charlotteobserver.com/2014/10/19/5251688/charlottes-section-8-wait-list.html#.VEU-oPnF-nY

NC jobs situation?

In August 2008 the labor force participation rate was 65.2 percent.

In August 2014 60.5.

That is a 4.7 percent plummet!!

God only knows what the real unemployment rate is.

Especially with so many full time jobs being replaced with part time as a direct result of Obamacare.

From Prison Planet October 20, 2014.

“Obamacare Premiums Expected to Rise By Double Digits”

“Even though President Obama has delayed the open enrollment period for Obamacare until after the mid-term elections, word is starting to leak out about how much those premiums will rise — and it isn’t pretty.

One report says subscribers to the the Obamacare “bronze” plan — the cheapest healthcare offering under the Affordable Care Act — could jump nearly 14 percent in price.

In its analysis, Investor’s Business Daily reports that 40-year-old non-smokers earning 225 percent of the poverty level face a 13.9 percent hike. The analysis catalogued expected prices for the largest 15 cities in the nation, including Washington, D.C..

Bronze subscribers in Seattle will see the largest spike, with their premiums jumping by 64 percent, from $60 to $98 per month. In Providence, R.I., the plan cost is expected to soar from $72 to $99 per month, from $88 to $111 in Los Angeles, $100 to $122 in Las Vegas, and $97 to $114 in New York, according to the Washington Times.”

“Still, people across the country are already receiving cancelation notices from their health care providers. A wave of such notices went out last week in Colorado, a state with a tight Senate race. More than 22,000 Coloradans received cancelation notices in the last month — and nearly 193,000 more will lose their policies at the end of 2015, the Times reported.

In all, more than half a million people in the state have lost their insurance. And the scene is being replayed in states across the country.”

Read more:

http://www.prisonplanet.com/obamacare-premiums-expected-to-rise-by-double-digits.html

From commenter RMinNC October 20, 2014.

“YOUR NOVEMBER SURPRISE….

Taken from ATS this am….this man is not a happy camper…don’t check your mail box…you may have a November surprise too!
—————————————————————————————————–

” I have always been opposed to Obamacare. While in theory, providing healthcare to everyone is a novel idea, I don’t believe it’s realistic in a capitalistic society. So I finally got around to opening my mail from yesterday and there’s a letter from my current provider Humana, outlining any changes to my plan for 2015.
My plan isn’t a Cadillac plan. It covers me, my wife and 2 boys with an 80/20 plan with unlimited doctor visits at reasonable co-pays.
I almost fell over when I saw the premium is going to be raised from $520 a month to $877 a month. That’s a 68% increase and in no way is affordable.

I hope those mother f’ckers from Humana all get fired and that lying piece of trash Obama and anyone who supported his ACA are all voted out on their asses.
So much for if you like your plan you can keep it and so much for the proposed economies of scale reducing premiums. I knew that the ACA wasn’t going to end well, I just had no idea it would be this catastrophic financially.
All I can hope for is that the right takes over the Senate in a few weeks and do something to get rid of or mitigate this awful legislature.”.”

 

 

Obama Yellen Perez Big Brother, Distortions and lies aboout economy and jobs, Orwellian employment spin, Jobs added jobs lost, Labor force plummets, Obamacare and Obama economy cause part time jobs

Obama Yellen Perez Big Brother, Distortions and lies aboout economy and jobs, Orwellian employment spin, Jobs added jobs lost, Labor force plummets, Obamacare and Obama economy cause part time jobs

“Over the last six months, of the net job creation, 97 percent of that is part-time work,”…Keith Hall, former BLS chief

“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.

Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013

“The Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones. As for the third message, it referred to a very simple error which could be set right in a couple of minutes. As short a time ago as February, the Ministry of Plenty had issued a promise (a ‘categorical pledge’ were the official words) that there would be no reduction of the chocolate ration during 1984. Actually, as Winston was aware, the chocolate ration was to be reduced from thirty grammes to twenty at the end of the present week. All that was needed was to substitute for the original promise a warning that it would probably be necessary to reduce the ration at some time in April.”…George Orwell, “1984”

 

 
Of course jobs have been added over the past 5 years. Jobs have also been lost. The big story is the record drop in the labor force participation rate and the increase in part time jobs due to Obamacare and the Obama economy.

Obama, Janet Yellen and Labor Secretary Perez have used the best Orwellian linguistics to portray a dismal jobs situation as rosy.

Janet Yellen gave a speech yesterday.

Yellen talks out of both sides of her mouth.

From the transcript.

“Nearly five years into the expansion that began after the financial crisis and the Great Recession, the recovery has come a long way. More than 8 million jobs have been added to nonfarm payrolls since 2009, almost the same number lost as a result of the recession.”

“It is a sign of how far the economy has come that a return to full employment is, for the first time since the crisis, in the medium-term outlooks of many forecasters. It is a reminder of how far we have to go, however, that this long-awaited outcome is projected to be more than two years away.”

“The continued improvement in labor market conditions has been important in this judgment. The unemployment rate, at 6.7 percent, has fallen three-tenths of 1 percentage point since late last year. Broader measures of unemployment that include workers marginally attached to the labor force and those working part time for economic reasons have fallen a bit more than the headline unemployment rate, and labor force participation, which had been falling, has ticked up this year.”

“In sum, the central tendency of FOMC participant projections for the unemployment rate at the end of 2016 is 5.2 to 5.6 percent, and for inflation the central tendency is 1.7 to 2 percent. If this forecast was to become reality, the economy would be approaching what my colleagues and I view as maximum employment and price stability for the first time in nearly a decade. I find this baseline outlook quite plausible.”

“Other data suggest that there may be more slack in labor markets than indicated by the unemployment rate. For example, the share of the workforce that is working part time but would prefer to work full time remains quite high by historical standards. Similarly, while the share of workers in the labor force who are unemployed and have been looking for work for more than six months has fallen from its peak in 2010, it remains as high as any time prior to the Great Recession. There is ongoing debate about why long-term unemployment remains so high and the degree to which it might decline in a more robust economy. As I argued more fully in a recent speech, I believe that long-term unemployment might fall appreciably if economic conditions were stronger.

The low level of labor force participation may also signal additional slack that is not reflected in the headline unemployment rate. Participation would be expected to fall because of the aging of the population, but the decline steepened in the recovery. Although economists differ over what share of those currently outside the labor market might join or rejoin the labor force in a stronger economy, my own view is that some portion of the decline in participation likely represents labor market slack.”

http://www.marketwatch.com/story/text-of-janet-yellens-speech-2014-04-16?link=MW_latest_news
How about this gem.

“I believe that long-term unemployment might fall appreciably if economic conditions were stronger.”

Ya think?
Classic Obama lies from a speech yesterday in Oakdale, Pennsylvania.

“Now, we’ve spent the past five and a half years fighting back from the worst economic crisis in our lifetimes. The good news is our economy is growing again, our businesses are creating jobs. We’ve created nearly 9 million jobs over the past four years. We’ve cut our deficits by more than half. Our manufacturing sector that used to be losing jobs, just hemorrhaging jobs, is now adding jobs for the first time since the 1990s. (Applause.) The first time since the 1990s. High school dropout rates are going down. College attendance rates and graduation rates are going up. Our troops are coming home. (Applause.) We’re seeing an energy boom all across the country. And more than 7.5 million people have been able to sign up for health care, many for the very first time, through the Affordable Care Act. (Applause.) And 7.5 million people, by the way, is about the number that it would take to fill up Heinz Field 115 times.”

http://www.whitehouse.gov/the-press-office/2014/04/16/remarks-president-and-vice-president-skills-training

From Citizen Wells April 7, 2014.

 

“The US Labor Dept. reported the March employment data on Friday April 4, 2014.

US Secretary of Labor Thomas E. Perez issued the following statement:

“Today’s report tells the story of a solid and steady economic recovery delivering more opportunity for more people. We saw 192,000 new jobs in the month of March, and the private sector has now created 8.9 million jobs over the last 49 consecutive months of employment growth. The unemployment rate held steady at 6.7 percent and is down from 7.5 percent a year ago.
“There is encouraging news across sectors. Health-care employment increased by 19,000 jobs. The average work week in manufacturing rebounded to 42.0 hours, tied for the highest mark since July 1945. Motor vehicle sales had their strongest month in seven years. At the height of the recession, there were six job seekers for every job available. Today, it’s two-and-a-half people competing for every open job.
“Without question, there is more still to do. On issues from infrastructure to immigration reform, from manufacturing to the minimum wage, there are steps Congress can take that will help more people punch their ticket to the middle class.
“For the 57th straight month (since the middle of 2009), at least one-third of jobless Americans have been unemployed for more than 27 weeks. So, priority number one must be for the House and Senate to extend emergency unemployment benefits that they irresponsibly allowed to expire more than three months ago, creating profound hardship for 2.3 million people. These benefits are a critical lifeline for job seekers struggling to get back on their feet; but they also act as a broader economic stimulus, putting money in people’s pockets and spurring consumer demand.
“The success of the Affordable Care Act is helping working families enjoy greater economic security, the peace of mind of knowing they won’t be wiped out by an injury or illness. The open enrollment period ended with 7.1 million people signing up for health coverage they didn’t have before. The ACA will help provide a shot in the arm to the economy, as people are free to start their own businesses and pursue entrepreneurial ventures now that their health insurance is no longer tied to their job.”

http://www.dol.gov/opa/media/press/opa/opa20140572.htm

The “1984″ analogy is obvious.

As most of you know, Obamacare is costing millions of Americans far more in healthcare premiums.

Despite the best linguistic efforts of Secretary Perez to put a positive spin on the impact of Obamacare, it is also impacting jobs.

From the Duke University Fuqua School of Business, December 11, 2013.

“——————————————-
DUKE UNIVERSITY NEWS
Duke University Office of News & Communications

http://www.dukenews.duke.edu

——————————————-

FOR IMMEDIATE RELEASE: Wednesday, Dec. 11, 2013
CONTACTS: Kevin Anselmo (Duke’s Fuqua School of Business)
(919) 660-7722
kevin.anselmo@duke.edu
or
David W. Owens (CFO Magazine)
(617) 790-3000
davidowens@cfo.com

CFO SURVEY: AFFORDABLE CARE ACT COULD CURTAIL HIRING

Note to editors: For additional comment, see contact information at the end of this release.
Watch professor John Graham discuss the results (or use this link
http://youtu.be/F4oj8d5F9Jo). You may also post this video on your website. Names of CFOs who took part in the survey and agreed to speak with media are available by request.

DURHAM, N.C. — A significant percentage of U.S. chief financial officers indicate that because of the Affordable Care Act (ACA), they may reduce employment growth at their firms and shift toward part-time workers.

A majority of finance chiefs also believe the full Social Security retirement age should be raised to help close the budget shortfall.

Despite these issues, underlying economic conditions are expected to improve in 2014 and, except in Europe, corporate charitable giving remains strong

These are some of the findings from the latest Duke University/CFO Magazine Global Business Outlook Survey, which concluded Dec. 5. The survey has been conducted for 71 consecutive quarters and spans the globe, making it the world’s longest running and most comprehensive research on senior finance executives. Presented results are for U.S. firms unless otherwise noted.

EMPLOYMENT EFFECTS OF THE AFFORDABLE CARE ACT

Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA.
One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.

Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”

Read more:

http://www.cfosurvey.org/14q1/PressRelease.pdf

From data provided by the US Labor Dept. we learn:

The Labor Force Participation Rate has dropped 2.5 percent since Obama took office in January 2009 and actually has dropped .1 percent the past year.

The number of people who could only find part time work has risen 1,055,000 since Obama took office and has risen 146,000 in the past year.

The only statement from Secretary Perez that reflects reality is:

“For the 57th straight month (since the middle of 2009), at least one-third of jobless Americans have been unemployed for more than 27 weeks.””

https://citizenwells.wordpress.com/2014/04/07/labor-secretary-perez-on-march-employment-numbers-fact-vs-fiction-solid-and-steady-economic-recovery-obamacare-helping-working-families-enjoy-greater-economic-security/

 

US & NC jobs data reality, Labor force plummets, Part time jobs created, WSJ The Hidden Rot in the Jobs Numbers, CitizenWells reveals unreported data, Media continues to protect Obama

US & NC jobs data reality, Labor force plummets, Part time jobs created, WSJ The Hidden Rot in the Jobs Numbers, CitizenWells reveals unreported data, Media continues to protect Obama

“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013

“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.

Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

2014 is an election year and the media continues to protect Obama.

Everyone could be unemployed and the mainstream media would portray the jobs situation as rosy.

The following article from the Wall Street Journal is a notable exception.

From the WSJ March 16, 2014.

“The Hidden Rot in the Jobs Numbers”

“Most commentators viewed the February jobs report released on March 7 as good news, indicating that the labor market is on a favorable growth path. A more careful reading shows that employment actually fell—as it has in four out of the past six months and in more than one-third of the months during the past two years.

Although it is often overlooked, a key statistic for understanding the labor market is the length of the average workweek. Small changes in the average workweek imply large changes in total hours worked. The average workweek in the U.S. has fallen to 34.2 hours in February from 34.5 hours in September 2013, according to the Bureau of Labor Statistics. That decline, coupled with mediocre job creation, implies that the total hours of employment have decreased over the period.

Job creation rose from an initial 113,000 in January (later revised to 129,000) to 175,000 in February. The January number frightened many, while the February number was cheered—even though it was below the prior 12-month average of 189,000.

The labor market’s strength and economic activity are better measured by the number of total hours worked than by the number of people employed. An employer who replaces 100 40-hour-per-week workers with 120 20-hour-per-week workers is contracting, not expanding operations. The same is true at the national level.

The total hours worked per week is obtained by multiplying the reported average workweek hours by the number of workers employed. The decline in the average workweek for all employees on private nonfarm payrolls by 3/10ths of an hour—offset partially by the increase in the number of people working—means that real labor usage on net, taking into account hours worked, fell by the equivalent of 100,000 jobs since September.

Here’s a fuller explanation. The job-equivalence number is computed simply by taking the total decline in hours and dividing by the average workweek. For example, if the average worker was employed for 34.4 hours and total hours worked declined by 344 hours, the 344 hours would be the equivalent of losing 10 workers’ worth of labor. Thus, although the U.S. economy added about 900,000 jobs since September, the shortened workweek is equivalent to losing about one million jobs during this same period. The difference between the loss of the equivalent of one million jobs and the gain of 900,000 new jobs yields a net effect of the equivalent of 100,000 lost jobs.”

“Another possibility for the declining average workweek is the Affordable Care Act. That law induces businesses with fewer than 50 full-time employees—full-time defined as 30 hours per week—to keep the number of hours low to avoid having to provide health insurance. The jury is still out on this explanation, but research by Luis Garicano, Claire LeLarge and John Van Reenen (National Bureau of Economic Research, February 2013) has shown that laws that can be evaded by keeping firms small or hours low can have significant effects on employment.”

Read more:

http://online.wsj.com/news/articles/SB10001424052702304250204579433442474053878

I would like to add the following bit of data from the BLS.

The number of people who could only find part time work rose 121,000 from January to February 2014.

Did you see or hear that reported anywhere?

And now for NC.

From the Raleigh News Observer March 17, 2014.

“North Carolina’s unemployment rate continued improving in January to near the national average, falling to 6.7 percent, the state Commerce Department reported Monday.”

“”We’ve been in this kind of transitional period for years now. There are times when I say I wish I could have some news that was all good or all bad. If it was all good or all bad, it would be easy to interpret,” said Andrew Brod, a senior researcher at the business school at the University of North Carolina at Greensboro. “You take the numbers as a whole. They’re not all good or all bad.””

“About 60,000 dropped out of the pool of people either holding jobs or looking for work in the year ending in January, while nearly 106,000 left the unemployed list, the state report said. That indicated around 60 percent of the decline in the unemployment rate was due to people ending their job searches, for whatever reason, rather than landing jobs, Brod said.

“In terms of the flight from the labor force, it’s looking as though last year wasn’t as bad as we previously thought,” Brod said.”

Read more:
Here are a few interesting numbers from the NC state website.

Labor force participation rate

Jan 2009  64.9%

Jan 2013  62.6%

Jan 2014  61.1%

As you can see, the labor force participation rate plummeted 3.8% since Obama took office in January 2009 and 1.5% in the last year alone.

The number of people employed in NC in January 2013 was 4,310,807.

The number of people employed in NC in January 2014 was 4,356,090.

That is a one year increase of 45, 283 people employed.

Does that match up with the drop in unemployment rate and gain in jobs that you have read about?

No!

Check for yourself.

http://esesc23.esc.state.nc.us/d4/LausSelection.aspx

Thanks to commenter and patriot Zach.

 

Jobless claims of 331k shows labor market improvement?, Market Watch claims, Challenger Gray & Christmas January job cuts surge, ADP Jan job creation plunges, Labor force plummets

Jobless claims of 331k shows labor market improvement?, Market Watch claims, Challenger Gray & Christmas January job cuts surge, ADP Jan job creation plunges, Labor force plummets

“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013

“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.

Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

 

Is the primary function of Market Watch to keep people throwing money into the financial markets, prop up Obama or both?

From Market Watch February 6, 2014.

“Jobless claims show labor-market improvement”

“The number of people who applied to receive unemployment benefits in the last week of January fell by 20,000, reversing the increase from the week before and signaling that the U.S. labor market continues to gradually improve.

Initial jobless claims fell to a seasonally adjusted 331,000 in the seven-days ended Feb. 1 from a revised 351,000 in the prior week, the Labor Department said Thursday. Claims from two weeks ago were 3,000 higher than previously reported.

Economists polled by MarketWatch had expected claims to total 337,000.”

Read more:

http://www.marketwatch.com/story/jobless-claims-drop-20000-to-331000-2014-02-06?link=MW_home_latest_news

From the US Labor Dept. February 6, 2014.

“In the week ending February 1, the advance figure for seasonally adjusted initial claims was 331,000, a decrease of 20,000 from the previous week’s revised figure of 351,000. The 4-week moving average was 334,000, an increase of 250 from the previous week’s revised average of 333,750.

The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending January 25, unchanged from the prior week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 25 was 2,964,000, an increase of 15,000 from the preceding week’s revised level of 2,949,000. The 4-week moving average was 2,985,500, an increase of 25,750 from the preceding week’s revised average of 2,959,750.”

Read more:

http://www.dol.gov/opa/media/press/eta/ui/current.htm

From Challenger, Gray & Christmas, Inc. February 6, 2014.

“FOR RELEASE AT 7:30 A.M. ET, FEBRUARY 6, 2014

Job Cuts Surge 47% to Kick Off 2014

EMPLOYERS PLAN 45,107 JOB CUTS; RETAILERS LEAD PACK AS HOLIDAY SALES DISAPPOINT

CHICAGO, February 6, 2014 – After falling to a 13-year low in December, monthly job cuts surged nearly 50 percent to kick off 2014, as U.S.-based employers announced plans to reduce their payrolls by 45,107 in January, according to the latest report on monthly job cuts released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

The 45,107 job cuts last month were 47 percent higher than a December total of 30,623, which was the lowest one-month total since 17,241 planned layoffs were announced in June 2000. January job cuts were up 12 percent from the same month a year ago, when 40,430 job cuts were recorded.

The heaviest downsizing activity occurred in retail, where poor earnings led to a wave of job cut announcements from several national chains, including Macy’s, Sam’s Club, JC Penney, Sears, Best Buy and Target. Overall, retailers announced 11,394 job cuts in January; a 71 percent increase from the 6,676 retail cuts tracked in January 2013. Last month’s retail cuts were the heaviest for the sector since last March, when 16,445 planned layoffs were announced.
“Holiday sales gains were relatively weak and many retailers achieved the gains by slashing prices on their products, which adversely impacted their year-end earnings. The post-holiday job-letting in the sector was inevitable,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.
“Retail employment will, in fact, fall further than the announced job cuts indicate. Starting in January, retailers started shedding the tens of thousands of temporary seasonal workers hired to help handle the holiday rush. The announced job cuts, on the other hand, will impact full-time, permanent workers in the stores and at the corporate offices of these struggling chains,” he added.”

Read more:

http://www.challengergray.com/press/press-releases

From Zero Hedge February 5 2014.

“ADP Plunges In January To 175K; Biggest Miss Since August; December Revised Lower: “Cold, Storms” Blamed”

“Earlier today, we predicted with absolute accuracy what today’s joke of an ADP print would be:

And sure enough, the January ADP print missed as we expected, printing at 175K vs the expected 185K, while the December 238K was revised lower to 227K, confirming that ADP is nothing but an NDP trend follower and an absolutely worthless and meaningless data point that does nothing to add relevant data to the economic picture.

For those who care, this was the biggest miss since August and the largest monthly drop since August 2012, and the weakest print since August as well.”

Read more:

http://www.zerohedge.com/news/2014-02-05/adp-plunges-january-175k-biggest-miss-august-december-revised-lower

The labor force participation has plummeted since Obama took office.

 

 

 

 

Obama omits 32 stark facts from speech, Real state of the union, These stats don’t lie, Whose economy improving?, Increased poverty food stamps, Labor force plummets

Obama omits 32 stark facts from speech, Real state of the union, These stats don’t lie, Whose economy improving?, Increased poverty food stamps, Labor force plummets

“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013

“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.

Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

Whose economy is improving?

Yours on main street?

From The Economic Collapse January 29, 2014.

“32 Statistics That Obama Neglected To Mention During The State Of The Union Address”

” On Tuesday evening, Barack Obama once again attempted to convince all of us that things have gotten better while he has been in the White House.  He quoted a few figures, used some flowery language and made a whole bunch of new promises.  And even though he has failed to follow through on his promises time after time, millions upon millions of Americans continue to believe him. ”

“The following are 32 statistics that Obama neglected to mention during the State of the Union address…
“#1 According to a recent NBC News/Wall Street Journal poll, only 28 percent of all Americans believe that the country is moving in the right direction.

#2 In 2008, 53 percent of all Americans considered themselves to be “middle class”. In 2014, only 44 percent of all Americans consider themselves to be “middle class”.

#3 In 2008, 25 percent of all Americans in the 18 to 29-year-old age bracket considered themselves to be “lower class”. In 2014, an astounding 49 percent of them do.

#4 Right now there is approximately a billion square feet of vacant retail space in the United States.

#5 There are 46.5 million Americans that are living in poverty, and the poverty rate in America has been at 15 percent or above for 3 consecutive years. That is the first time that has happened since 1965.

#6 Barack Obama says that the unemployment rate has declined to 6.7 percent, but if the labor force participation rate was at the long-term average it would actually be approximately 11.5 percent, and it has stayed at about that level since the end of the last recession.

#7 While Barack Obama has been in the White House, the number of Americans on food stamps has gone from 32 million to 47 million.

#8 While Barack Obama has been in the White House, the percentage of working age Americans that are actually working has declined from 60.6 percent to 58.6 percent.

#9 While Barack Obama has been in the White House, the average duration of unemployment in the United States has risen from 19.8 weeks to 37.1 weeks.”

Read more:

http://theeconomiccollapseblog.com/archives/32-statistics-that-obama-neglected-to-mention-during-the-state-of-the-union-address