Jobless Rate Dips, How Will Wall St. Respond?
Dow on rollercoaster ride
- Duration 5:39
- Date Aug 5, 2011
Dow on rollercoaster ride
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We have up.
David vs David again today joining me here on set we have David Webb -- thank you so much.
As always for joining us and you're the host of the David -- show I was like double checking the name but I guess it's pretty outrageous said -- -- -- definitely.
We have David I have to look.
David Mercer joining us now live from Washington DC and He is a democratic strategist and there He has had a good morning to you David.
Pleasure to see a good morning to you and David.
All right so let's start with the very latest unemployment numbers it did drop from nine point 2% unemployment down to nine point one and be.
Numbers were better than expected -- 1171000.
New jobs created that was better than the forecast nonetheless says we just heard from our correspondent Doug Luzader.
A long way to go and also that doesn't count the people who have given up or.
Who are underemployed what do you make it at all.
Does that to me I'm sorry.
Yes I'm sorry I didn't hear yeah listen it's one setting numbers that you got -- -- -- and with the cloud removed from.
The negotiations that we just went through aren't getting the debt ceiling raised.
You know I think you need additional -- so that we can remove some of the uncertainty.
As we saw over the last two months.
In terms of whether -- now we're gonna pay our bills.
And now you see some indication of again resuming a downward trend on the unemployment rate.
So hopefully with both we can start picking up steam on this economy.
The president today I believe is going to be asking congress to have a veterans' job bill for those coming back and asking corporations.
Where they tax credit to hire more veterans so.
I think you know where we need to focus on job creation at this point and it's good to see we are getting some head went on that.
-- -- Where do I start.
-- -- 400000.
New unemployment filings down a thousand from the prior week that was last week's numbers.
The under employed the use six numbers those who have left the market.
We have about 70000 -- the final numbers on private sector jobs out of that a 1171000.
The fact is it takes down a nine point 1%.
But it's -- -- -- anemic is a nice way of stated we're going into a part of the winter when.
There would be an uptick in employment if you will but it doesn't look that way especially for college graduates.
There to seventeen point 3% rate especially in blue collar sectors which are now losing jobs.
By the way I'm sorry I do have to mention this what I don't like.
Coming out of Washington.
Is frankly as Americans were already used to the -- of the sin of omission the lies the misstatements by.
Our politicians in general on both sides.
In all of this were being sold fear -- -- 70000 construction workers kicked out of jobs.
Not do it now we find out the real numbers 24000.
And I are talking about the Federal Aviation Administration -- -- right going out ahead saying it's the fault.
-- good Republicans that.
People are off the line that I -- be able to feed their families -- never -- we find out they're not true.
What I'm going to lose confidence would all of this when we have fear mongering and flat out lies when we have.
These anemic numbers when we have the market by the way for the short sellers yesterday it was a good day for those that come onto it today after the Asian markets closed.
Another good day bad manufactured numbers the ISM numbers.
And all this together the confidence.
-- so damaging to our economy and it doesn't help when the president stands up at the podium at his birthday party and says well I promise you change.
But I didn't say it was gonna come overnight the president has a huge bully pulpit and that is it irresponsible statement to make to the markets the businesses to the world.
All right let's so let's have David Mercer talk about what happened with the markets yesterday this a huge drop in the Dow.
Chris Wallace today.
Was saying that He is spoken with some other major economists.
And that many of them said that that despite the perception that this had to do with the US debt ceiling it talks it said Iraq.
That it was actually more about concerns about the global economy and particularly about the economic situation in Europe what do you make of what caused this.
I would tend to agree in -- With regard to Europe.
And the global markets there was concern you had what we were going through.
There being some doubt as to whether or not we would pay our debt.
And written by raising the debt ceiling for.
Goods and services that -- bought.
Having what was going on in Italy and Greece and other European currencies however we didn't do our part.
Who knows the markets could have gone even -- lower.
Had we not done our part -- -- I think that's almost guaranteed to at least we held it off and I think they will stabilize.
And going to the issue of uncertainty.
One thing we can be certain about.
It is -- we no longer have to deal with the debt ceiling issue.
For the next eighteen months until it's -- -- -- -- secondly is going back to Davis.
Issue about confidence.
You know I would've loved to have seen David during the bush years when we were -- losing 700.
During the bush -- the last remaining months 700000 jobs a month.
On that we have arrested that and we are trying to bring it down and beyond.