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Title: Private-sector job growth biggest in 3 years
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URL Source: http://money.cnn.com/2010/12/01/new ... _jobs_reports/index.htm?hpt=T2
Published: Dec 1, 2010
Author: CNNMoney
Post Date: 2010-12-01 08:54:25 by go65
Keywords: None
Views: 27991
Comments: 50
NEW YORK (CNNMoney.com) -- Private-sector employment posted its biggest improvement in three years last month, according to a report issued Wednesday, while separate data showed the biggest increase in job cuts in eight months. Payrolls among private employers rose by 93,000 in November, the 10th consecutive month of increases, payroll processor ADP said in its report.. That was a much bigger jump than economists had expected. The ADP employment report was expected to show a gain of 58,000 jobs in November, according to the Briefing.com consensus of economist forecasts. In addition, the October gain was revised by nearly double to 82,000 from the originally reported 43,000. Employment in service jobs surged, adding 79,000 jobs. The goods producing sector added 14,000 jobs, the first monthly increase since March 2007. The nation's smallest businesses showed the most growth: Large businesses, defined as those with 500 or more workers, increased by 2,000. Medium-size businesses, defined as those with between 50 and 499 workers, increased by 37,000. And employment among small-size businesses, defined as those with fewer than 50 workers, increased by 54,000. Job cuts on the horizon: Employers announced plans to reduce payrolls by 48,711 jobs last month, according to Challenger, Gray & Christmas, a Chicago-based outplacement firm (see correction below). The figure was up 28% from October, but down 3.3% compared with November 2009. The November tally was the highest since March, when employers announced 67,611 job cuts. But the spike was "not indicative of a broader trend," according to John Challenger, the firm's chief executive. "Historically, job cuts tend to increase in the final months of the year," Challenger said in a statement. "This is the period when many companies make budget and payroll decisions for the coming year." Planned job cuts were highest in the public sector and among non-profit companies, which announced a combined 10,761 layoffs during November. Challenger said the outlook for government workers next year is grim as Congress looks for ways to cut spending and reduce the deficit. President Obama on Monday called for a two-year freeze in the wages of federal employees. The reports are seen as a barometer for the government's closely-watched monthly jobs report, which comes out Friday. Economists expect that employers added a total of 130,000 jobs in November, after a gain of 151,000 in October. The unemployment rate is forecast to remain unchanged at 9.6%.
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#1. To: go65 (#0)
Business's understand whats about to happen on January 1st, and are cutting permanent jobs. The uptick here is from the holiday temp hirings in my opinion. Its the economy stupid. Owe-bama's doomed his own Presidency.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
So if business pays low, low taxes they'll expand their workforce even if the amount of business they do does not expand?
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
And then the Truth finally gets it's pants on. Those 'jobs' are perms or temps? Those 'jobs' are low wage or high wage? LMFAO 8D Those jobs are balanced out by plans to cut jobs in November : Page after Page: # Ohio.com - Green school board plans to cut up to 75 jobs Nov 12, 2010 ... Green school board plans to cut up to 75 jobs November 13,2010 01:36 AM GMT George W. Davis Beacon Journal Publishing Co. ... www.ohio.com/news/107601308.html - Cached Roche Restructuring Plan Includes 4800 Job Cuts | GenomeWeb Daily ... Roche Restructuring Plan Includes 4800 Job Cuts. November 17, 2010 ... global restructuring plan, which includes reducing its global workforce by 4800 jobs, ... www.genomeweb.com/roche-r...an-includes-4800-job-cuts - Cached
Business's understand whats about to happen on January 1st, and are cutting permanent jobs. So if business pays low, low taxes they'll expand their workforce even if the amount of business they do does not expand? Sigh...one more time, goofy. Business's DO NOT PAY TAXES. You and I do when we purchase their goods or services. When you finally accept the truth of the above, we can continue.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
You are right, after hiring a couple of folks in the last month, we're holding off any further hiring until we see whether or not the incoming GOP leadership will destroy the economy to try and gain an electoral advantage heading into 2012. So far that appears to be their plan. You and I both agree that things will get worse next year.
Then all that nonsense about punishing small businesses that make $250,000 or more with higher taxes is just that, nonsense. Perhaps the GOP should be whining on behalf of those businesses customers and not the businesses themselves.
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
The problem with this bit of political propaganda is the Democrats control 2/3rds of the Federal government. I sincerely hope in 2012 Democrats try to run on this absurd assertion of yours.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Then won't Democrats be able to claim that the economy was recovering until the GOP got control of the House? BTW, whatever happened to that business cycle thing the GOP claimed was in effect during the Clinton years.
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
Wrong again, goofy. Raising taxes on small businesses that are desperately trying to survive in the Owe-bama led economy isn't 'nonsense' its flat out INSANE.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
While Democrats control the Senate and Whitehouse? Good luck with that lmao.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
If they have $250,000 in taxable income, they may not be where they wish, but they're not desperate either.
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
The White House doesn't count, remember?
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
I love it when you display your ignorance on a given topic like this, goofy.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
While Democrats control the Senate and Whitehouse? The White House doesn't count, remember? No.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Checkmate.
Don't see it, but you liberals live in an alternate universe these days.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Explain it to me then.
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
She's referring to those who blame the economic downturn on Pelosi/Reid and say that President Bush wasn't responsible. Do you know anyone like that?
Nope. Bush, as I've said repeatedly (and you know it cause it was to YOU) made his own bad decisions. But he did not cause the meltdown we had in 2008. That was due to several decades of insanity at Freddie and Fannie, which undermined the entire economic structure that year. What is at the feet of Pelosi, Reid, and Owe-bama is the CONTINUATION of the poor economy. Pelosi has been Speaker since January of 2007. Reids been SML since January or the same year. Owe-bama has been POTUS for 22 months. The stimulus package did not work. They were WRONG. And today, they'd rather negotiate with the Russians over something that simply isn't important (START), would rather continue deficit spending (Extension of UE benefits), and refuse to accept the huge political loss from last month via the American People (Reid). So, the bottom line. Goofy remains Goofy, for good reason. Thanks for helping out, GO.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Why? You didn't get it the first four dozen times, its doubtful you'll get it this time around, goofy.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Repeating an apothegm is not the same as explaining,
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
the 2008 meltdown had little to do with Fannie and Freddy, they weren't behind the rise of the unregulated CDS market. You really don't know what you are talking about here, sorry. Did you happen to see the title of this article? I do congratulate you for giving the CREDIT for the growth in private sector jobs, a reversal of what we saw under Bush, to the Democrats.
lol, awesome. too bad you will never be able to pound it through his thick fish-lipped skull. But thanks for the tagline anyway .....
I work hard to prevent them from brainwashing me ... and stay with hard science and SciFi as much as possible .... Goldi-Lox
Inability to comprehend basic thoughts is your problem.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Math says diffrent.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Fixed it for you.
Juvenile, but not unexpected.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
I never claimed to be able to read minds; I do better with the spoken or written word.
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
Who is Math?
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
I hope somebody to actually see something from you that demonstrates the above.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
You don't think he meant "Meth" do you? :-)
Meth heads are also assistance junkies. In other words, the base of the Democratic Party.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
In other words, the base of the Democratic Party. ted haggard is the base of the Democratic party?
Ah, that makes sense.
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
Who?
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Its fun watching you pretend you understand something, goofy.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Personal attacks in lieu of actual debate don't make you look as smart as you think.
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
I think it's fun watching him pretend he has a job.
huh? Fannie and Freddie were at the heart of the matter. Fannie, Freddie default swaps likely to be reintroduced Credit default swaps protecting the debt of mortgage finance companies Fannie Mae and Freddie Mac are expected to be reintroduced with different terms, after payments on existing contracts were triggered by their government bailout, analysts said. The government on Sunday seized control of the companies, launching what could be its biggest bailout ever to support the U.S. housing market and ward off more global financial market turbulence. Credit default swaps written on the agencies' debt were triggered by the action, meaning the contracts must be paid out even though the underlying bonds will continue to be repaid. With $1.6 trillion in debt outstanding between Fannie Mae and Freddie Mac, new contracts protecting the bonds against default will likely start trading, analysts said. "New CDS contracts without the conservatorship trigger should begin to trade," analysts at Barclays Capital said in a report. Another market player who declined to be named said new contracts are "in the works." Credit default swaps are used to hedge against the risk of a borrower defaulting on their debt, or to speculate on a company's credit quality. The most common credit default swap trigger is when a borrower defaults on its debt though some contracts, such as those written on Fannie Mae and Freddie Mac's debt, can be paid out on changes of control, or in this case, a conservatorship. "There will undoubtedly be much discussion about where (Fannie Mae and Freddie Mac) CDS should trade in this new environment," Barclays analysts Vince Breitenbach and Jeff Meli said in the report. The cost to insure Fannie Mae and Freddie Mac's "AAA"-rated senior debt was around 38 basis points on Friday, or $38,000 per year for five years to insure $10 million in debt, according to Markit Intraday. Credit default swaps on the mortgage companies' subordinated debt traded at around 219 basis points on Friday, Markit data showed. Trade association the International Swaps and Derivatives Association (ISDA) said on Monday it will create a protocol that includes a process to set the value of existing Fannie Mae and Freddie Mac default swaps in an auction to simplify their settlement. The swaps are expected to recover close to their par value due to the high trading levels of Fannie Mae and Freddie Mac's debt.
the same tired old myths repeated over and over again don't make them true: You can win $100k if you prove this article wrong. Let me know when you collect.
Mother Jones? Why even bother. The fact is that Fannie and Freddie were about to default on their debts. Doing so would have obligated many major financial firms under the CDS (which the firms received mucho bucks to sell) to pay 1.4 trillion dollars to cover the default. This would have bankrupted Wall Street. In a nutshell, that's the crisis and the reason for the bailout.
You can win $100k if you prove the author wrong. Let me know when you collect.
Thar article doesn't even CDSs; it's just more of that BS that the CRA and the GSEs did not cause the subprime crisis. Been debunked many times, such as here: http://www.mcclatchydc.com/2010/12/02/104433/commentary-fannie-mae-freddie.html
Let's put an end to your spin, shall we: Peak years of housing bubble: GSE's share during those years: Volume of securitization by private entities: Any questions?
and here's more: http://www.mcclatchydc.com/2008/10/12/53802/private-sector-loans-not-fannie.html ----- Any questions?
Like the leash comment you made about Palin? Sit, Goofy, sit!
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Like the leash comment you made about Palin? I ask you a question and you respond with a personal attack. I'm not debating Sarah - she isn't on this forum. The answer is no, not like that.
Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. Thomas Jefferson
Sit, goofy, sit.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
No, but you obsess over her. All you lefties do. You all come across as hysterics posting articles and comments about an unemployed former Governor who holds no office but the one in your head. My advice to all of you is grab a brown paper lunch bag and breathe regularly.
Well, [war's] got to do something for attention, his multiple personalities aren't speaking to him any more, and his imaginary friends keep finding excuses not to come over.
while separate data showed the biggest increase in job cuts in eight months.
#2. To: Badeye (#1)
Business's understand whats about to happen on January 1st, and are cutting permanent jobs.
#3. To: go65 (#0)
#4. To: lucysmom (#2)
#5. To: Badeye (#1)
(Edited)
Business's understand whats about to happen on January 1st, and are cutting permanent jobs. The uptick here is from the holiday temp hirings in my opinion.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#6. To: Badeye (#4)
Business's DO NOT PAY TAXES. You and I do when we purchase their goods or services.
#7. To: go65 (#5)
You are right, after hiring a couple of folks in the last month, we're holding off any further hiring until we see whether or not the incoming GOP leadership will destroy the economy to try and gain an electoral advantage heading into 2012. So far that appears to be their plan.
#8. To: go65 (#5)
You are right, after hiring a couple of folks in the last month, we're holding off any further hiring until we see whether or not the incoming GOP leadership will destroy the economy to try and gain an electoral advantage heading into 2012.
#9. To: lucysmom (#6)
Then all that nonsense about punishing small businesses that make $250,000 or more with higher taxes is just that, nonsense.
#10. To: lucysmom (#8)
Then won't Democrats be able to claim that the economy was recovering until the GOP got control of the House?
#11. To: Badeye (#9)
Raising taxes on small businesses that are desperately trying to survive in the Owe-bama led economy isn't 'nonsense' its flat out INSANE.
#12. To: Badeye (#10)
While Democrats control the Senate and Whitehouse?
#13. To: lucysmom (#11)
If they have $250,000 in taxable income, they may not be where they wish, but they're not desperate either.
#14. To: lucysmom (#12)
#15. To: Badeye, lucysmom (#14)
No.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#16. To: go65 (#15)
#17. To: Badeye (#13)
I love it when you display your ignorance on a given topic like this, goofy.
#18. To: Badeye (#16)
Don't see it, but you liberals live in an alternate universe these days.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#19. To: go65 (#18)
She's referring to those who blame the economic downturn on Pelosi/Reid and say that President Bush wasn't responsible. Do you know anyone like that?
#20. To: lucysmom (#17)
#21. To: Badeye (#20)
Why? You didn't get it the first four dozen times, its doubtful you'll get it this time around, goofy.
#22. To: Badeye (#19)
(Edited)
But he did not cause the meltdown we had in 2008. That was due to several decades of insanity at Freddie and Fannie, which undermined the entire economic structure that year.
What is at the feet of Pelosi, Reid, and Owe-bama is the CONTINUATION of the poor economy.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#23. To: go65 (#22)
You really don't know what you are talking about here, sorry.
#24. To: lucysmom (#21)
#25. To: go65 (#22)
the 2008 meltdown had little to do with Fannie and Freddy, they weren't behind the rise of the unregulated CDS market.
#26. To: Badeye (#25)
GOP talking points/spin says diffrent.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#27. To: go65 (#26)
#28. To: Badeye (#24)
Inability to comprehend basic thoughts is your problem.
#29. To: Badeye (#25)
Math says diffrent.
#30. To: lucysmom (#28)
do better with the spoken or written word.
#31. To: lucysmom (#29)
Who is Math?
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#32. To: go65 (#31)
You don't think he meant "Meth" do you? :-)
#33. To: Badeye, lucysmom (#32)
Meth heads are also assistance junkies.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#34. To: go65, Badeye (#31)
You don't think he meant "Meth" do you? :-)
#35. To: go65 (#33)
ted haggard is the base of the Democratic party?
#36. To: lucysmom (#34)
#37. To: Badeye (#36)
Its fun watching you pretend you understand something, goofy.
#38. To: lucysmom (#37)
#39. To: go65 (#22)
the 2008 meltdown had little to do with Fannie and Freddy, they weren't behind the rise of the unregulated CDS market.
#40. To: no gnu taxes (#39)
(Edited)
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#41. To: go65 (#40)
#42. To: no gnu taxes (#41)
Mother Jones? Why even bother.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#43. To: go65 (#42)
#44. To: no gnu taxes (#43)
You can win $100k if you prove the author wrong.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#45. To: no gnu taxes (#43)
(Edited)
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#46. To: no gnu taxes (#41)
Private sector loans, not Fannie or Freddie, triggered crisis
WASHINGTON — As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.
Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.
Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.
Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.
Federal Reserve Board data show that:
- More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
- Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
- Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.
- The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets reported Friday.
Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.
On January 3, 2011 the GOP assumes responsibility for deficit spending.
#47. To: lucysmom (#37)
Personal attacks in lieu of actual debate don't make you look as smart as you think.
#48. To: Badeye (#47)
Personal attacks in lieu of actual debate don't make you look as smart as you think.
#49. To: lucysmom (#48)
#50. To: lucysmom (#48)
(Edited)
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