Good economic news....

[johnhp]

• Tweet

Nonfarm payrolls jumped 243,000, the Labor Department said on Friday, as factory jobs grew by the most in a year. The gain in overall employment was the largest since April and outpaced economists' expectations for a rise of only 150,000.

The report pointed to underlying strength in the economy, despite expectations that growth will slow in the first quarter.

Economists had expected the jobless rate to hold steady at 8.5 percent. The rate is the lowest since February 2009 and has dropped 0.8 percentage point since August.

http://news.yahoo.com/job-growth-surges-jobless-rate-drops-8-3-133538110.html

[Case_Closed]

In other news, American Airlines announces they are going to cut 13,000 jobs.

[Boffo]

and now, the rest of the story........

"Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low"

http://www.zerohedge.com/news/record-12-million-people-fall-out-labor-force-one-month-labor-force-participation-rate-tumbles-

[johnhp]

Oh, a blog post.  Good for you ragebot.

[Pepsi]

terrible, terrible news for the GOP

[Case_Closed]

terrible, terrible news for the GOP

I don't know how "insulated" you must be, Pepsi, but there are actually "real live people" out here who can see the direct impact of what's going on outside of your cubicle.

[johnhp]

terrible, terrible news for the GOP

i think it is good news for the people who get jobs.  The real terrible news for the republicans concerns their candidates.

[johnhp]

I don't know how "insulated" you must be, Pepsi, but there are actually "real live people" out here who can see the direct impact of what's going on outside of your cubicle.

You are prevaricating.

[Case_Closed]

American Airlines parent AMR Corporation (NYSE:AAR) said it will seek to cut 13,000 jobs and terminate pensions in pursuit of $2 billion in annual cost savings to compete with rivals.

AMR filed for Chapter 11 protection from creditors in November 2011 and said it has been suffering from higher labor costs than its peers.

J.C. Penney Co. Inc. (NYSE:JCP), a once-favored destination for generations of middle-class shoppers, said on Jan. 25 it'll close 47 stores and cut about 5,500 jobs in a revamp of the struggling U.S. retailer.

J.C. Penney's sales performance in recent years has lagged that of Macy's Inc. (NYSE:M) and Kohl's Corp. (NYSE:KSS).

Microsoft Corporation (NASDAQ:MSFT), said it laid off about 200 employees on Feb. 1, 2012. The software giant is restructuring its marketing operations to reduce overlapping responsibilities.

CEO Steve Ballmer doesn't think the company is getting enough return on the billions it spends annually on marketing, especially at a time when Microsoft is facing increasing threats in corporate computing from Amazon Inc. (AMZN), Google Inc. (GOOG) and Apple Inc. (AAPL)

Procter & Gamble: 1,600

Procter & Gamble Co. (NYSE:PG), the world's largest consumer-products company, plans to eliminate 1,600 non-manufacturing jobs by June 2012, as part of an early-retirement plan for cost-saving reasons.

Morgan Stanley: 1,600

Banks all over the world have been in trouble and they have been shedding jobs in order to help keep themselves in the black.

Morgan Stanley (NYSE:MS) plans to eliminate 1,600 positions across the investment bank in the first three months of 2012 as it joins the list of financial firms cutting jobs amid poor business conditions (following Citigroup, Bank of America and Goldman Sachs Group).

The layoffs, to take place globally across all of the firm’s job levels, would represent 2.6 percent of the 62,648 employees Morgan Stanley reported as of the end of the third quarter.

Royal Bank of Scotland: 3,500

Royal Bank of Scotland Group Plc (NYSE: RBS), Britain's biggest state-owned bank, has succumbed to the global squeeze on financial institutions trying to juggle shareholder pressure and worsening economic prospects.

RBS, which is 83 percent owned by the British government, will eliminate 3,500 jobs in a reorganization of its wholesale banking unit necessitated by worsening economic prospects and government pressure. These cuts will phase in over three years, and came in addition to the 2,000 losses announced by the bank in the summer of 2011.

Kraft Foods: 1,600

Kraft Foods Inc. (NYSE:KFT) said it plans to eliminate about 1,600 positions in North America in 2012 as it works toward splitting into two separate companies.

In August 2011, Kraft announced that it would separate into a North American grocery business and a world-wide snacks business.

About 40 percent of the job cuts will come from the sales staff in the U.S. and the corporate office.

UPS: 1,800

U.S. shipper United Parcel Service Inc. (NYSE:UPS) said on Jan. 9 it is cutting 1,800 management and administrative positions in a restructuring move.

UPS said about 1,100 of the laid-off employees will be offered "voluntary separation" packages while others are to receive severance benefits and access to support programs based on service length.

[Case_Closed]

Banks are likely to see another 150,000 layoffs in 2012 — on top of the 230,000 estimated for this year — as government regulations and a weak economy continue to shrink the US financial system, banking analyst Dick Bove said.

Increasing regulatory constraints, rock-bottom interest rates and declining share prices have forced Wall Street institutions to pare back sharply on staff, pushing out as many as 230,000 finance professionals this year alone.

While targeting banks has become a popular sport for politicians and protesters, Bove said Americans ought to be careful how loudly they cheer the industry's troubles.

"What no one has figured out as yet is that the big government cannon is harming more than the big banks, evil though they may be," Bove, vice president of equity research at Rochdale Securities, said in a note to clients. "Small banks are hurt far more than the large ones due to the various restrictions on rate and balance sheet size plus government price fixing."

Those troubles will carom from the industry into the broader economy, he said.

That's a point not understood by the various forces that Bove contends are aligned against the banking industry: President Obama, New York Gov. Andrew Cuomo, Congress, regulators and even the media.

"It has not been understood that people who are fired cannot buy products. They cannot pay taxes. They receive government benefits like unemployment checks instead," Bove said. "New York’s governor cannot tax incomes that do not exist."

Big banks have come under scrutiny in large part because of their role in the subprime mortgage collapse, in which financial institutions backed home loans to unqualified borrowers who then defaulted on their mortgages and caused a global economic panic. The loans were packaged into securities and sold to investors, who lost billions when the mortgage defaults mounted.

The government ultimately had to step in and bail out most of Wall Street's biggest names, with executives all the while continuing to receive hefty bonuses.

Banks have thus become an easy political target in Congress, which passed the Dodd-Frank regulatory bill that Bove has faulted for its harsh restrictions on the industry.

Bank stocks have gotten crushed this year, even as the major averages have hovered around breakeven or slightly in positive territory.

The KBW Bank Index is down 27 percent on the year and the Standard & Poor's 500 financial sector was off 21.5 percent heading into Friday's trading.

That's no accident, said Bove, who cited low interest rates, higher capital requirements, price fixing on debit and credit cards, the elimination of proprietary trading and other investment vehicles and a higher cost structure as impediments for the industry.

"This, however, is just the beginning," he said. "There are hundreds of additional rules that must be written that will further increase the cost of financial services and reduce the industry’s revenues."

"President Obama has apologized more than once to audiences that he has not been able to put more Wall Streeters in jail because he cannot locate laws that they have broken," Bove added. "New York Governor Cuomo is seeking to increase taxes on those people he spent so many years trying to put in jail when he was the state’s attorney general."

Bove said a smaller banking industry will mean a weaker jobs picture and hamper U.S. competitiveness on a global level.

"Every major financial company in the United States will fire people," he said. "The government will have its way and cheer the process along."

http://www.cnbc.com/id/45696542/Bank_Layoffs_Far_From_Over_150_000_Likely_in_2012_Bove

[johnhp]

How odd is it that righty needs to piss all over good news.  i seem to recall the last time good news came out on unemployment numbers the same crowd went weird too.  i guess being rightie means being incapable of appreciating good news.

[Case_Closed]

This Break Out The Barrel, We're Gonna Have A Barrel Of Fun horseshit because of one "spike" shows you just how desperate the left is for ANY news at all that "OMG!!  We're out of the tunnel and I'm gonna buy muhsef a big screen t.v., by God!!!"

Morans!!

*spits*

[Boffo]

shades of Jiminy Carter !

THIRTY YEAR LOW !!!!!!!!

http://data.bls.gov/pdq/SurveyOutputServlet

POWER TO THE 99'ers!  and the 199'ers    !

[johnhp]

This Break Out The Barrel, We're Gonna Have A Barrel Of Fun horseshit because of one "spike" shows you just how desperate the left is for ANY news at all that "OMG!!  We're out of the tunnel and I'm gonna buy muhsef a big screen t.v., by God!!!"

Morans!!

*spits*

You are prevaricating.

[johnhp]

shades of Jiminy Carter !

THIRTY YEAR LOW !!!!!!!!

http://data.bls.gov/pdq/SurveyOutputServlet

POWER TO THE 99'ers!  and the 199'ers    !

Great link Bofftilda

Friday, February 3, 2012   11:22 AM

The database is currently unavailable.