Signs of slowing economy yank stock market lower; Dow off 138

  • Article by: STEVE ROTHWELL , Associated Press
  • Updated: May 1, 2013 - 5:20 PM

NEW YORK - Signs of a slowing economy dragged down the stock market Wednesday. Even the prospect of continued stimulus from the Federal Reserve didn't help.

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boozlesMay. 1, 13 5:17 PM

Who cares what the stock market says? The stock market is a ponzu scheme set up to further siphon 401k's and investment monies from the less affluent up to the wealthiest. Think the game of Monopoly® and think of what happens during the game when one person owns all the money in the bank and all the properties on the board. That is what we have in America.

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handsomepeteMay. 1, 13 5:47 PM

Truth of the matter is the economy was bad last year before the election. The media just did not report it for obvious reasons. Mass layoffs hit a 4 year high late in 2012. Did you know that? I did. GDP growth was a measly 0.4% for the 4th quarter 2012. Did you know that? I did. Did you know the Federal Reserve is printing $85 BILLION every month and using it to buy securities in order to push interest rates down and asset values like bonds, stocks, and housing up? I did. Did you know that most of the "job creation" under the Obama regime is not real, but is the product of "seasonal adjustments"? The economy actually lost 2.7 million jobs in Jan. 2012, yet the Obama administration reported a "seasonally adjusted" net job gain of 315,000, which is very impressive during a strong economy and unbelievable in a weak economy. Tomorrow, the media spin doctors will publish articles about how "good" the economy is doing which will completely contradict all the bad news. One day you get positive news about how great the economy is doing, the next day you get real data showing a weak economy, then you get articles about how good the economy is doing again. You can't believe what the media tells you. Look at the statistics--not Obama's "seasonally adjusted" job creation numbers--for yourself. You will see that things are soon going to get much, much worse. The economy not only did not recover during the Obama presidency, there are MORE out of work Americans today than the day he took office.

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blahstateMay. 1, 13 6:19 PM

Can anyone explain why the revised job figures always show far fewer jobs than what team Obama originally publish? This is really horrible news and a clear sign that Obamacare will have a negative effect on our economy like most of us knew it would. We are in year five of Obama policies. Dont you think its about time to admit the truth?

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boozlesMay. 1, 13 6:19 PM

@handsomepete "The economy not only did not recover during the Obama presidency, there are MORE out of work Americans today than the day he took office." All thanks to an obstructive Republican Congress who have record filibustered every effort by this President to create jobs and fix the economy. The majority of Americans are on to the little game, and the Republicans have boasted openly of their intent all over the media.

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blahstateMay. 1, 13 6:47 PM

boozles, what about this?---------------Stocks edge lower after manufacturing growth slows and ahead of Fed announcement Article by: STEVE ROTHWELL , Associated Press Updated: May 1, 2013 - 9:59 AM

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blahstateMay. 1, 13 6:51 PM

boozles, More FORWARD Obama economy for you!!!!!!!----------------News Summary: US private employers add just 119K jobs in April, fewest in 7 months Article by: THE ASSOCIATED PRESS , Associated Press Updated: May 1, 2013 - 2:53 PM 2 comments resize text printbuy reprints HIRING SLOWS: A survey by payroll processor ADP shows U.S. companies added just 119,000 jobs in April, the fewest in seven months. And hiring in March was slower than first thought, with job gains revised down to 131,000 from an initial estimate of 158,000. GOVERNMENT DRAG: The report suggests that government spending cuts and higher taxes could be starting to weigh on the job market. It also points to smaller job gains in the government's monthly jobs report, to be released Friday, than many economists expect. HEALTH CARE IMPACT: Mark Zandi, chief economist at Moody's Analytics, which compiles the data, said health care reform may also be discouraging some employers from hiring.

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boozlesMay. 1, 13 7:14 PM

Manufacturing growth slows because less people have jobs and less people are buying things. Why does this surprise anybody when nothing is being done to stop the outsourcing of American jobs? 10 years of tax-cuts for the "job creators" created NO jobs and only added to our economic misery while increasing our national debt. With lower revenues came austerity ideas from Republicans to further stick it to the working class and poor. We can argue until we're blue in the face as to who's to blame but the reality is that the wealthiest Americans have recovered very nicely and are doing better than they were 4 year ago while everyone below them is struggling or worse.

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armybratMay. 1, 13 7:18 PM

boozles - The obstructionists are Obama and the senate democrats. Reid has allowed 12 jobs bills to die on his desk. As long as Obama and the senate democrats refuse to compromise or negotiate with the house GOP we will not see any progress. The filibuster is used only because the party in power refuses to negotiate.

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gopherdudeMay. 1, 13 7:32 PM

Government and the Fed can only print so much money and easing can only prop the American economy up so long which has been the case for the last decade not just the last 4 years. Just like the housing bubble was a big scam so will these current markets be. Just keep on outsourcing all of those real wage jobs and soon everyone will work for $10 bucks an hour. The stock market is a house of cards and soon all of our 401K will be in the dumps again. The only sector that has grown jobs is Government and now they are starting to cut everything. Problem with that is it is taxpayer money and we have borrowed our way to oblivion. What does anyone expect especially the CEO's and top managment of all of the American corporations when they demand an ever larger piece of the pie while expecting more productivity for less pay even for skilled labor. Add in the dumb Obamacare and we are all hosed. When real wage growth not only decreases it has every year since 1984 for those that make less than $150,000 a year everyone in the middle income bracket adjust for inflation makes 8% less than they did even 10 years ago. Everything goes up but wages, the cost of gas, housing, food everything has seen inflationary pressure because of comodity's trading and Wall Street speculation but wages. Consumers are tapped out and leveraged to the hilt on credit card and student loan debt. People think 2008 was bad get ready for 2014. All the politician in Washington will only point fingers, but it is corporate greed that will sink us all as much as Washington. CEO's and management used to get that workers needed to make something so they could afford to buy there products, now everyone thinks oh they will just charge it.

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webfootMay. 1, 13 7:36 PM

boozles is CORRRECT. If you want to know what's happened to this country, take a look at the Fair Trade Agreement and the outsourcing of our jobs that was supposed to be a good idea (according to our politicians for the past 30 years). They KNOW what it did, and they don't know how to fix it!

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