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2012/06/01 14:48:28
Subject: U.S. stock futures plummeted Friday after poor job market report
NEW YORK (AP) -- U.S. stock futures plummeted Friday after the release of a report on the job market that was far weaker than economists expected.
Dow Jones industrial average futures, which fell 100 points before the report came out at 8:30 a.m. EDT Friday, tumbled an additional 100 points within minutes.
A loss of 200 points when the stock market opens at 9:30 a.m. would wipe out what was left of the Dow's gain for the year.
The yield on the benchmark 10-year U.S. Treasury note plunged to 1.46 percent, the lowest on record, from 1.56 percent. That was an indication that investors were flocking to bonds for safety.
U.S. employers created 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up to 8.2 percent from 8.1 percent. Economists had forecast a gain of 158,000 jobs.
The Labor Department also said 49,000 fewer jobs were created in March and April than first expected.
The price of gold, which was trading at about $1,550 an ounce before the report, shot up almost $40. For much of the past three years, investors have seen gold as a safe place to put their money during turbulent economic times.
The job picture also darkened elsewhere in the world. Unemployment in the 17 countries that use the euro currency remained at a record-high 11 percent in April,.
In Spain, the latest flashpoint in a crisis over European debt, unemployment spiked to almost 25 percent, and youth unemployment ballooned to 51.5 percent, up from 45 percent last year.
There were also signs that growth China, which was a bulwark during the global recession, is slowing significantly. China's manufacturing weakened in May, according to surveys released Friday.
The European debt crisis is pinching exports from China, and leaders in Europe must decide whether to abandon the severe budget cuts that have lengthened unemployment lines across the continent.
In a positive sign, Chrysler said its U.S. sales jumped 30 percent last month, a sign that Americans remain determined to replace their aging cars and trucks despite the falling stock market and shaky consumer confidence.
The company sold more than 150,000 cars and trucks in May, compared with 115,000 in the same month a year ago. Chrysler brand sales rose 80 percent, while Jeep sales were up 24 percent.
Consumer spending edged up modestly in April, but personal income growth was the slowest in five months, which means there is little clarity ahead for car manufacturers or anyone else.
Consumer spending increased 0.3 percent in April following a revised 0.2 percent gain in March, the Commerce Department said Friday.
Americans' income grew 0.2 percent in April, the poorest showing since incomes fell 0.1 percent in November. The April gain was just half the 0.4 percent March rise.
-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
I know woefully little about the US economy. What're economists saying about the next few years?
I assume similar to northern Europe (including the UK) - very slow growth held back by the reduction of demand caused by spending cuts.
Ever thought 40k would be a lot better with bears?
Codex: Bears.
NOW WITH MR BIGGLES AND HIS AMAZING FLYING CONTRAPTION
People are afraid to spend because they may well need the money to simply survive. Until companies start hiring, the fear will continue.
Companies are afraid to hire, because the added expense will reduce their profit. Until people start spending, the fear will continue.
Sooner or later one side or the other has to give or the whole thing comes tumbling down. And companies have a lot more room to give than the average joe, in my opinion.
CHAOS! PANIC! DISORDER!
My job here is done.
2012/06/03 03:06:54
Subject: U.S. stock futures plummeted Friday after poor job market report
Of course they do. Quite a damned few companies are havign record high profits.
But they're not really hiring. And the lack of private job growth combined with cutting jobs in the public sector (public sector job losses this year have so far been three times higher than private sector job losses) has caused our unemployment rate to decline far slower than it should have.
We have had a job gain of ~289,000, and in the same time period, we lost 161,000 government jobs. Along with private job losses, the end result was a final job gain of 69,000-- or 59,000 private jobs lost. A ratio of approximately three public jobs lost for every private job. Austerity has, effectively, quadrupled our job loss this year. And this is supposed to be GOOD for the economy.
Just like tossing a molotov cocktail in to a burning building is supposed to put out the fire I suppose.
This message was edited 5 times. Last update was at 2012/06/03 03:16:57
The people in the past who convinced themselves to do unspeakable things were no less human than you or I. They made their decisions; the only thing that prevents history from repeating itself is making different ones.
-- Adam Serwer
My blog
2012/06/03 10:43:59
Subject: U.S. stock futures plummeted Friday after poor job market report
"The Imperium is nothing if not willing to go to any lengths necessary. So the Trekkies are zipping around at warp speed taking small chucks out of an nigh-on infinite amount of ships, with the Imperium being unable to strike back. feth it, says central command, and detonates every vortex warhead in the fleet, plunging the entire sector into the Warp. Enjoy tentacle-rape, Kirk, we know Sulu will." -Terminus
"This great fortress was a gift to the Blood Ravens from the legendary Imperial Fists. When asked about it Chapter Master Pugh was reported to say: "THEY TOOK WHAT!?""
2012/06/03 15:34:12
Subject: U.S. stock futures plummeted Friday after poor job market report
This message was edited 2 times. Last update was at 2012/06/03 15:34:56
The people in the past who convinced themselves to do unspeakable things were no less human than you or I. They made their decisions; the only thing that prevents history from repeating itself is making different ones.
-- Adam Serwer
My blog
daedalus wrote:IN THE GRIM DARK FUTURES OF THE 21st CENTURY, THERE IS ONLY LOSS.
FROM HIS DOLLAR THRONE IN THE WHITE HOUSE, THE PRESIDENT WATCHES AS THE ECONOMY CRUMBLES.
STOCK HOLDERS AND EXPERTS FIGHT ON WITH THE DESPERATION OF MADMEN, ASKING FOR CONTRIBUTIONS THAT DO NOT EXIST AND CALLING FOR RESTRICTIONS THAT ARE NOT POSSIBLE.
BILLIONS ARE LOST DAILY,MARKETS ARE CLOSED AND PEOPLE ARE FIRED.
This message was edited 1 time. Last update was at 2012/06/03 18:03:41
What the hell... seriously... what is going on in that picture? Flying lawnmower? And what the hell is up with the monkey face? Seriously.
Follow your dreams.
"The Imperium is nothing if not willing to go to any lengths necessary. So the Trekkies are zipping around at warp speed taking small chucks out of an nigh-on infinite amount of ships, with the Imperium being unable to strike back. feth it, says central command, and detonates every vortex warhead in the fleet, plunging the entire sector into the Warp. Enjoy tentacle-rape, Kirk, we know Sulu will." -Terminus
"This great fortress was a gift to the Blood Ravens from the legendary Imperial Fists. When asked about it Chapter Master Pugh was reported to say: "THEY TOOK WHAT!?""
2012/06/03 18:32:45
Subject: U.S. stock futures plummeted Friday after poor job market report
The people in the past who convinced themselves to do unspeakable things were no less human than you or I. They made their decisions; the only thing that prevents history from repeating itself is making different ones.
-- Adam Serwer
My blog
2012/06/03 18:33:46
Subject: U.S. stock futures plummeted Friday after poor job market report
"The Imperium is nothing if not willing to go to any lengths necessary. So the Trekkies are zipping around at warp speed taking small chucks out of an nigh-on infinite amount of ships, with the Imperium being unable to strike back. feth it, says central command, and detonates every vortex warhead in the fleet, plunging the entire sector into the Warp. Enjoy tentacle-rape, Kirk, we know Sulu will." -Terminus
"This great fortress was a gift to the Blood Ravens from the legendary Imperial Fists. When asked about it Chapter Master Pugh was reported to say: "THEY TOOK WHAT!?""
Even the wiener legions respsct the awesome might of flying lawnmower!
-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
Even the wiener legions respsct the awesome might of flying lawnmower!
That photo inspired me, Instead of worrying about the economy I shall reflect on the universe itself.
"The Imperium is nothing if not willing to go to any lengths necessary. So the Trekkies are zipping around at warp speed taking small chucks out of an nigh-on infinite amount of ships, with the Imperium being unable to strike back. feth it, says central command, and detonates every vortex warhead in the fleet, plunging the entire sector into the Warp. Enjoy tentacle-rape, Kirk, we know Sulu will." -Terminus
"This great fortress was a gift to the Blood Ravens from the legendary Imperial Fists. When asked about it Chapter Master Pugh was reported to say: "THEY TOOK WHAT!?""
2012/06/04 11:14:37
Subject: U.S. stock futures plummeted Friday after poor job market report
3000+
Playing chess doesn't require skill, it just requires you to be good at chess...