The _resident's stealwardship has trashed our economy, our national security and our leadership role in the world. The _resident's stealwardship weakened this country in so many ways...The LNS reiterates its call to Sen. John F. Kerry (D-Mekong Delta) to name a Shadow Cabinet speedily --
Robert Rubin (D-Wall Street) Shadow Sec. of the Treasury
Gary Hart (D-Colorado) Shadow Sec. of Homeland Security
Elliot Spitzer (D-New York) Shadow SEC Chairman
Bob Graham (D-Fraudida) Shadow CIA Director
Wesley Clark (D-NATO) Shadow Secretary of State
Max Cleland (D-Georgia) Shadow Secretary of Defense,
Carol Mosely Braun (D-Illinois) Shadow FCC Chairman
Sen. John Edwards (D-NC) Shadow Attorney General
Gov. Janet Napolitano (D-AZ) Shadow EPA Director
This Shadow Government can spread out, launching an offensive on multiple fronts, with a common theme -- SECURITY...ECONOMIC SECURITY, NATIONAL SECURITY, SOCIAL SECURITY, ENVIRONMENTAL SECURITY...Let the VP conjecture bubble from within the malestrom of advocacy and attack...
CBS: The U.S. employment report for February proved to
be a major disappointment. The jobless rate remained
unchanged at 5.6 percent, and the economy was only
able to generate 21,000 jobs. The latest snapshot of
the employment climate released by the Labor
Department on Friday depicted the painfully slow job
growth the country has been enduring. Economists
expected February payrolls to rise 130,000, according
to a survey conducted by CBS MarketWatch. In the
economic derivatives market run by Goldman Sachs,
Deutsche Bank and ICAP were looking for a gain of
about 140,000 new positions.
Restore Fiscal Responsibility and Economic Acumen to
the White House, Show Up for Democracy in 2004: Defeat
Bush (again!)
http://www.cbsnews.com/stories/2004/03/05/national/printable604208.shtml
Major Jobs Disappointment
WASHINGTON, March 5, 2004
The U.S. employment report for February proved to be a major disappointment. The jobless rate remained unchanged at 5.6 percent, and the economy was only able to generate 21,000 jobs.
The latest snapshot of the employment climate released
by the Labor Department on Friday depicted the
painfully slow job growth the country has been
enduring.
Economists expected February payrolls to rise 130,000,
according to a survey conducted by CBS MarketWatch. In
the economic derivatives market run by Goldman Sachs,
Deutsche Bank and ICAP were looking for a gain of
about 140,000 new positions.
"Yuck," Joshua Shapiro, chief economist for MFR, told
CBS Marketwatch.
In addition, the job gains in January were revised to
show a pickup of just 97,000 positions, down from the
112,000 first estimated a month ago.
Nevertheless, the overall seasonally adjusted civilian
unemployment rate stayed at 5.6 percent in February as
thousands of prospective workers gave up looking for a
job. Approximately 392,000 people left the civilian
work force in February from January.
"Employers are still very, very cautious about adding
bodies," said Bill Cheney, chief economist at John
Hancock. "If you are out there looking for a job, this
is bad news."
Payrolls have risen for six months in a row, but job
growth has been tepid, averaging 61,000 a month, about
half of what's need just to stay even with population
growth.
The job climate is a major issue in this year's
presidential race.
Slow job growth has been a sore spot for President
Bush. Democratic presidential challenger John Kerry
has seized upon this as evidence of what he contends
is Bush's poor handling of the economy.
The economy, after struggling mightily to get back on
its feet after being knocked down by the 2001, finally
staged a material rebound in the second half of last
year. But for out-of-work Americans, it hasn't felt
like better economic times.
There were some 8.2 million people unemployed in
February, with the average duration of 20.3 weeks
without work. That marked the highest average duration
of joblessness in over 20 years.
Manufacturers lost jobs for the 43rd month in a row in
February. Factories cut 3,000 positions last month,
but that marked a slower pace than the 13,000 cut in
January.
Construction companies lost 24,000 jobs in February as
bad winter weather in some parts of the country
delayed projects. Leisure and hospitality firms cut
9,000 jobs in February.
Retailers, however, added 13,000 positions in
February. Temporary help firms added 32,000 and
education and health-care services gained 13,000 jobs
last month.
Analysts want to see the economy generate around
200,000 or 300,000 net jobs a month on a consistent
basis before they declare a recovery in the fragile
labor market.
Federal Reserve Chairman Alan Greenspan is optimistic
that job growth, which has been poking along, will
speed up. “We could get a pop in employment at any
time,” Greenspan said last week.
Despite the backdrop of the sluggish job market,
consumer confidence rebounded in early March as
Americans felt better about their current financial
situations as well as the economy's prospects in the
months ahead, according to an AP-Ipsos index of
consumers attitudes.
Since last June, the Fed's main lever to influence
economic activity, called the federal funds rate, has
been at 1 percent, a 45-year low. Near rock-bottom
short-term interest rates have helped motivate
consumers and businesses to spend and invest, an
important factor to lift economic growth.
Most economists expect the Fed to hold rates steady
when it meets next on March 16. Looking ahead,
economists have mixed opinions about the direction of
short-term interest rates. Some economists believe the
Fed will start to push up rates this year. Others
don't believe higher rates will come until 2005.
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material may not be published, broadcast, rewritten,
or redistributed. CBSMarketwatch and the Associated
Press contributed to this report.