WP: Unemployment rises to 8.9%; job cuts slow to 539K

[CounterTrey]

I love how our Government manipulates numbers for better readings

I hate to rant like this but it boggles my mind how investors and so called Wall Street experts are viewing the job data that came out this morning as optimistic and a signal that the end of the recession has officially begun. Besides the fact that 539,000 job losses is still an extremely high number, I don't hear any mention of the fact that 60,000 people were hired as a result of the 2010 census and that these jobs are part time, most likely close to minimum wage, and that these jobs will obviously only be short term. So add 60,00 + 539,000 and we have 599,000 (exactly what was estimated). Now let's add the 50,000 to 60,000 job losses that will most likely be added to this number after revisions are made in May similar to what we just saw for the months of March and February and now we have a worse than expected number. Now I'm just your average Joe and not some Wall Street big shot making 5mil a year, but do investors know this and just choose to sweep it under the rug or are they just plain dumb? I don't even want to start to get into these "Bank Stress Test's" which are completely misleading because of the fact that they are valuing loans on a cash flow basis!!!!! When is everyone going to realize that the only way we are going to rebound and get out of this recession is by keeping interest rates low on mortgages????? P.S. 8.9% unemployment highest since 1983.

[Larry]

U.S. consumer confidence soared in April

WASHINGTON - Hopeful signs that the worst may be over for the economy boosted Americans' moods in April, sending a closely watched barometer of sentiment to the highest level since November.

The New York-based Conference Board said Tuesday that its Consumer Confidence Index rose more than 12 points to 39.2, up from a revised 26.9 in March. The reading marks the highest level since November's 44.7 and well surpasses economists' expectations for 29.5.

http://www.msnbc.msn.com/id/30454387/

http://www.foxbusiness.com/story/consumer-confidence-surges--april/

Consumer confidence is moving in the right direction. Great? No. Improved? Very much.

This is, though, one of the things that bothers me anout our economy.

I used to joke that when you asked a Democrat about the economy, he'd tell you about the latest unemployment or welfare figures, and if you asked a Republican, he'd tell you about the stock market and how much profit the Fortune 10 announced last month.

Now, it seems, every time we talk about the economy, we talk about consumer confidence or consumer spending.

I seem to remember that Once Upon a Time, we used to be a nation that made things.

Have we become simply a nation that buys things? Is that what the American economy is, now? The customers for other people's economies? Is our place in the world to be somebody else's customers?

It would explain why, it seems, that every time the wind blows, the Fed's reaction is to encourage more debt. Nothing makes a vendor happier than for his customers to be borrowing money, and then sending the money to him.

[TheGoodBits]

CounterTrey, you don't think that the jobs from the Census could have actually been included in the initial estimate??? Sorry to be a buzz kill to half of your rant.

[Hubbs]

So what's going to be the bombshell over the summer/fall that sinks us to new lows again, historically, it will happen.

This.

[81artmonk]

I've heard (just word of mouth stuff on the web) that congress has been discussing a Gas price "floor" to go along with the Green push.

I know it sounds outlandish, but they mention somewhere around $6 per gallon floor. The rationale is to maintain tax income while oil prices drop and to "inspire" us to be more "green".

again, take it with a grain of salt because I am not sure of how valid those caims are.

Oh I wouldn't doubt that rumor one bit!! Obama is telling the automakers to slow production of their most profitable vehicles the SUV in favor of smaller greener cars.

How can they make people buy these cars?? They don't sell unless as we have seen gas goes above $4 a gallon. 2+2=4????

The dems have power and they will drag the american people where ever they want us to go if we don't do it ourselves.

[luckydevil]

Market would start turning around, and then 6-9 months later....jobs would follow.

Or we could be in the middle of bear market rally. All the traits are there. Kind of scary actually

[88Comrade2000]

Another wave of $4 gasoline?

Although, maybe the rotten economy will keep demand low, this year.

Irsael attacking Iran, bombing the shipping lanes near Saudi Arabia and attacking US forces in Bagdad. Also, Al Quedia-Taliban getting control of the Paki Nukes. That happens and you will see Pakistan wiped off the planet as India will nuke them in response to their attack that will surely happen.

[ChocolateCitySkin]

Oh I wouldn't doubt that rumor one bit!! Obama is telling the automakers to slow production of their most profitable vehicles the SUV in favor of smaller greener cars.

How can they make people buy these cars?? They don't sell unless as we have seen gas goes above $4 a gallon. 2+2=4????

The dems have power and they will drag the american people where ever they want us to go if we don't do it ourselves.

hahah you win. most retarded post ever.

[AAARedskin]

C'mon dems! What's up? I was led to believe you ppl had a plan.....where's the plan? You have control of the White House, Congress, and the courts. Where's the leadership? How come new jobs aren't being created? Seems like your propped up heroes are great at handing out welfare checks, but this won't cut it.....it feels like this nation is adrift with NO LEADERSHIP......

[81artmonk]

hahah you win. most retarded post ever.

It's a theory. If you look at the facts, people tend towards more fuel efficient cars when gas goes above $4 a gallon. So if you stop production on cars people want (SUV's) fact based on auto sales from the automakers, than it's not hard to believe that if the govt manipulates the gas prices and automakers production of certian cars how this could happen. just saying