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CitadelGrad wrote:It's even worse than that. A little over 80% of the newly created jobs are in the retail, leisure/hospitality and temp sectors. Virtually all of these jobs are min. wage or close to it. The vast majority do not have healthcare coverage or very little of it. Manufacturing lost jobs again for the second consecutive month and is the worst performing job-creation sector in the economy.

US jobs boom prompts fears Federal Reserve may call time on stimulus

Stock markets wobble as employment boom heightens jitters over central bank's $85bn-a-month bond-buying programme

Stock markets came under pressure and the dollar soared on Friday after better-than-expected US employment figures brought the end of the huge stimulus package for the economy a step closer.

The US added 195,000 jobs in June, beating expectations but leaving the unemployment rate unchanged at 7.6%. The headline figure was better than the 160,000 forecast by economists, while the numbers for the two previous months were revised upwards.

Last month the US Federal Reserve chairman, Ben Bernanke, sent markets tumbling when he hinted that the central bank's $85bn-a-month bond-buying programme might ease by the end of the year if the economy continued to strengthen.

The jobs figures added further evidence that could prompt the Fed to turn off the money taps that have helped support global markets for months.


The Bureau of Labour Statistics, which compiles the report, said leisure and hospitality added 75,000 jobs in June. Monthly job growth in this industry has averaged 55,000 in 2013, almost twice the median gain of 30,000 per month in 2012. Employment in professional and business services rose by 53,000 in June.

Employment in most other major industries, including mining and logging, construction, manufacturing, and transportation and warehousing, showed little change. The government continued to cut jobs during the month, shedding another 5,000 positions to comprise 65,000 in the past 12 months.

bluehenbillk wrote:As a hiring manager I will say this: there are reasons these people are unemployed. I had an opening recently and placed an ad, probably got about 250 resumes I'm guessing. I could dismiss about 85% of the resumes in ten seconds or less each. If the rate now is 7.6 we're probably only like 2 percentage points from "full employment" as there are always going to be 5.5% or so of miscreants that are out of work.

blueballs wrote:The fed's pull back has already been priced in to the interest rate market. In case any of you haven't been paying attention interest rates have exploded upward in the past 45 days based almost purely on speculation of the fed pull back.

Think about it.... the fed is has been juicing the economy in a unprecedented way yet growth is tepid at best. If they pull the rug out it will get ugly. 0bamacare, Dodd Frank, Stimulus, all boondoggle wrought of left wing ideology that are economy killers.

Quick, name the only two industries whose earnings are controlled by the government.

bluehenbillk wrote:As a hiring manager I will say this: there are reasons these people are unemployed. I had an opening recently and placed an ad, probably got about 250 resumes I'm guessing. I could dismiss about 85% of the resumes in ten seconds or less each. If the rate now is 7.6 we're probably only like 2 percentage points from "full employment" as there are always going to be 5.5% or so of miscreants that are out of work.

Chizzang wrote:[youtube]http://www.youtube.com/watch?v=bBx2Y5HhplI[/youtube]