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Today's Jobs, Tomorrow's Economy

Friday, June 01, 2012

Today's May jobs report shows a slowing recovery and a rise in unemployment to 8.2% Dan Gross, columnist and economics editor at Yahoo! Finance, discusses the report, and how the US is trying to rework its economy for future success. His new book is Better, Stronger, Faster: The Myth of American Decline . . . and the Rise of a New Economy.

Guests:

Dan Gross

The Morning Brief

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Comments [29]

"When the jobs market weakened in March and April, economists could tell a sensible story about why the weakening wasn’t as severe as it looked. . . .

" . . . But you can’t tell that story anymore. . . .

" . . . Over the last three months, the economy has added an average of only 96,000 jobs a month, down from a three-month average of 252,000 in February. The growth of the last three months is the weakest since August. It’s weaker than the three-month growth in most of 2011 and half of 2010. . . ."

http://economix.blogs.nytimes.com/2012/06/01/the-spring-slowdown-has-arrived/?ref=davidleonhardt

Jun. 01 2012 02:07 PM
Amy from Manhattan

There's a discussion series on renewable energy in NY called ReNEW New York. They've had events on solar energy, wind & water turbines, energy efficiency, boiler conversion (there are more choices than "lighter" petroleum products), & biodiesel, w/more coming up. More info at saneenergyproject.org/events.

Jun. 01 2012 11:51 AM
Antonio from Westfield, NJ

This interview is painful to listen to. It's as if Mr. Dan Gross discovered that all of a sudden American industry is suddenly innovating and producing. Yes, money is being made---but not by the middle class. Since the National Defense Authorization Act of 2012 allows for federal propaganda...I bet Mr. Gross will be asked to provide propaganda content.

Jun. 01 2012 11:43 AM

Why am I nor inspired by having anything in our country compared, even favorably, to Saudi Arabia - as in "the United States is the Saudi Arabia of food" ?

Epic failure to understand the workings of our economy - but it sounds like a great media marketing meme.

Jun. 01 2012 11:43 AM
jgarbuz from Queens

The US was built on agriculture and exporting tobacco, cotton, and with refrigeration, wheat, meat, and all kinds of foodstuffs, and still are. If the US, Canada, Australia, Argentina and such food exporting countries developed an OFEC (Organization of Food Exporting Countries) to counter OPEC, we could destroy the economies of those who want to bring us down. But we give a lot of our food away to places like Egypt. We don't use food as a weapon the way our natural enemies use oil. We are above that, and can't even think in such brutal terms.

Jun. 01 2012 11:43 AM
Rick from Manhattan

Re. Balance of trade; higher fuel prices increases domestic production. The cost of shipping goods from China is part of the cost. There are tipping points where its cheaper / more efficient to produce the product here. Higher fuel prices aren't all bad. Also air becomes cleaner.

Jun. 01 2012 11:39 AM
Amy from Manhattan

We do have those solar compactors in NY--I've seen them in Union Square.

Jun. 01 2012 11:38 AM
Latisha from Bronx

These guys are also wrong when they talk about the affordability of housing. The never take into account insurance coats, real-estate taxes, heating/cooling, etc. etc. that have all skyrocketed.

Jun. 01 2012 11:36 AM
RL

When the Bush economy collapsed and the "ownership society" was debunked, we all admitted it was going to take over a decade to get out of this hole. Martin, why is 4 years too much now???

Jun. 01 2012 11:35 AM
Taher from Croton on Hudson

The guest, Mr. Feel Good, and Marry Christmas by the way- is talking about how a company is making softballs again in the US. Great!!!!! The whole planet will be playing baseball soon as the it is no longer an Olympics game.
And while Germany is making precision tools and instruments for the world's future economies in Asia.
Yes, we are back to softball making.

Jun. 01 2012 11:35 AM
jgarbuz from Queens

Learn to live with less and enjoy it more! When I lived in the tenements,we played stickball in the streets by day, and with the rats at night. We survived. Try Brooklyn without air conditioning in the 1950s. Then we got cars and started running around, and life became all about getting into a car and running around. "Route 66." On the Road. Well, maybe we just have to be more satisfied with staying home, watching Netflix and playing Call of Duty on our Xboxes :)

Jun. 01 2012 11:34 AM
Latisha from Bronx

this guy is wrong about the increased spending of late. it is caused by people no longer paying their mortgages having cash to spend

Jun. 01 2012 11:34 AM
Antonio from Westfield, NJ

Regarding Dan Gross saying the "US Government made money on TARP" is entirely false. Look, the govt gave an interest free loan to the banks. This by definition the US Government lost money since it didn't even apply an inflation rate to that amount. Idiot.

Jun. 01 2012 11:33 AM

Mr. CheeleWhiz,

I might remind you that it took eight years to squander a nations treasure and hundreds of thousands of human lives.

It takes real GENIUS to squander a sizable surplus and kill that many people.

Jun. 01 2012 11:27 AM
sophie from Poughkeepsie, NY

Of course he's positive, he's getting paid! I have friends who've been unemployed/under-employed for 3 years!

I look at main street to see what's really going on. And I look in my neighborhood to see how many more houses are up for sale or have the foreclosure sticker on the door.

Jun. 01 2012 11:25 AM
Antonio from Westfield, NJ from Westfield, NJ

Sure, I guess things are dandy if you ignore the elephant in the room (unsustainable $16 Trillion US National Debt). Thank you Mr. Dan "Head in the Sand" Gross.

Jun. 01 2012 11:25 AM
jgarbuz from Queens

The US and Western standards of living are readjusting to the reality of the newly arisen Asia. THere is nothing we can do about it, short of nuking Asia the way we nuked Japan to end WWII. What it means is less housing space, but it also means cheaper electronics which brings a lot of movies and other entertainment to our home so that we don't have to go out and spend money on gas and movies, etc. The standard of, and way of living is simply going to be different than in the 1980s.

Jun. 01 2012 11:21 AM

And of course, Banks are being encouraged to invest in Government debt, rather than productive enterprise.

http://www.cnbc.com/id/47633576

"Time Bomb? Banks Pressured to Buy Government Debt"
"US and European regulators are essentially forcing banks to buy up their own government's debt—a move that could end up making the debt crisis even worse, a Citigroup analysis says.
"Regulators are allowing banks to escape counting their country's debt against capital requirements and loosening other rules to create a steady market for government bonds, the study says.

Jun. 01 2012 11:20 AM
RJ from prospect hts

I would like to see a comparison of the "dropped out of the workforce" number to the same number during a "good time"--sometime in the '90s or so--and to post-Katrina data. Remember those people who were "found" in the vicinity of New Orleans living by necessity on the edge who had been out of the workforce for way longer than 6 months? This number has only been discovered as massive numbers of "middle-class" workers have suddenly been pushed out of the workforce; the marginally and out-of the workforce numbers have nearly never been discussed this way since I, at 54 and a follower of employment news, have been listening. The poor, of course, perennially ignored.

Jun. 01 2012 11:20 AM
Martin Chuzzlewit from Manhattan

These low interest rates REALLY hurt retirees.....who depend on these safe financial instruments that now return almost zero.

Jun. 01 2012 11:19 AM

there is no guarantee that the US will have a great future.
We need to invest in infrastructure and education. We need to plan for the boomer retirement bomb.
Instead we have one party that fears science and leads the race to the bottom and always drags the nation in the wrong direction.

As for the long term unemployed they don’t have todays skills they should be back in school.

Jun. 01 2012 11:12 AM
Martin Chuzzlewit from Manhattan

Mr. Gross-

I am also optimistic .... that in January, 2013 we will give someone else a chance in the White House to get this country going again.

Really, this guy has had 4 years.

Jun. 01 2012 11:12 AM

" . . . Then too, there seems to be something more fundamental afoot when a man like bond vigilante Bill Gross makes a call to dump, instead of hold, U.S. debt. Does the writer Gross call the investor Gross "a declinist"? Bill Gross doesn't dump U.S. bonds to make a fashion statement. So what's going on here - I'd love the writer Gross to weigh in on this argument, but he doesn't. . . ."

This is from one of Mr. Gross's reviewers at Amazon. Maybe you'll ask him about that.

As for today's statistics, I'm sure the context, if any, that you supply will be un-comparable to anyone else's.

Jun. 01 2012 11:11 AM
jgarbuz from Queens

A lot of the former employment going to those third rate "academics" was in government and in the liberal university system! If you subsidize unproductive labor, that's what you're going to get: too many pseudoacademic malcontents. High schools should go back to producing WORKERS, not pseudo-academics, myself included.

There are lots of jobs that could be filled, but over-educated, highly indebted college grads either won't take them or just not qualified, or won't be satisfied with just plain old work! They weren't educated to be plain old regular workers.

Jun. 01 2012 11:10 AM

" . . . Then too, there seems to be something more fundamental afoot when a man like bond vigilante Bill Gross makes a call to dump, instead of hold, U.S. debt. Does the writer Gross call the investor Gross "a declinist"? Bill Gross doesn't dump U.S. bonds to make a fashion statement. So what's going on here - I'd love the writer Gross to weigh in on this argument, but he doesn't. . . ."

This is from one of Mr. Gross's reviewers at Amazon. Maybe you'll ask him about that.

As for today's statistics, I'm sure the context, if any, that you supply will be un-comparable to anyone else's.

Jun. 01 2012 11:09 AM

Life lesson :
unemployement rate for with college degree 3.9%
unemployement rate for without college degree 8.1%
unemployement rate for without high school degree 13%
http://www.bls.gov/news.release/empsit.t04.htm

Jun. 01 2012 10:23 AM
Martin Chuzzlewit from Manhattan

Brian and BLS producers-

THANKS fot the delicious choice of above "RELATED" links for this segment-

"Job Numbers Show Positive Sign For Ecocomy"..Feb 3,2012 - 243,000 new jobs
"Economy adds 227,000 jobs"...March 9, 2012 - 227.000 new jobs

Today June 1, 2012 - 69,000 new jobs...lowest in 12 MONTHS...AND THE APRIL NUMBERS WERE REVISED DOWN TO 77,000. So, there have been only 146,000 in the past 2 months (gee, but only until this 69,000 number is itself revised down further on July 1.)

PLEASE DON'T CHANGE THESE LINKS!!
....because sometimes the truth about President Grow-The-Economy is just plain gosh darn unavoidable.
Even here on Obama Public Radio.

Jun. 01 2012 09:44 AM

U.S. Filings for Unemployment Aid at Five-Week High

Read more: http://business.time.com/2012/05/31/us-filings-for-unemployment-aid-at-five-week-high/#ixzz1wWTvIpQH

Jun. 01 2012 03:07 AM

I bet President Obama would put a stop to this if he knew about it.

Federal Officials Shut Down 26 Bus Operators
http://www.nytimes.com/2012/06/01/nyregion/federal-officials-shut-down-26-bus-operators.html?_r=1&ref=todayspaper

Jun. 01 2012 02:59 AM

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