Much to the chagrin of Republicans, the US jobs picture improved signficantly last month...blowing away expectations. The US added more than 150k jobs. That is break even territory. And previous month employment numbers were revised upward by 100k. This is very good news for the economy and bad news for Republicans/Tea Partiers everywhere. http://www.bloomberg.com/markets/economic-calendar/
Oh yes it is mr. roam. There are an estimated 150k new entrants into the job market every month. So we are no longer going under...getting behind on the employment front. When Obama first came to office, we were loosing almost a million jobs a month. Now we are adding 150+k jobs per month. That is break even mr. roam. We still have to drop the unemployment rate to the full employment level of 4-5 percent and get those 8 million who have lost their jobs reemployed. But the ugly news for you Republicans/Tea Partiers is that the employment situtaion in the US continues to improve and improve signficantly. The other bad news for you guys is that as people learn more and more about healthcare reform, it is going to be more difficult for Republican/Tea Partiers to repeal it. I look forward to hearing the arguement for repeal, knowing full well that repealing the bill will add more than a 140 billion dollars to the deficit in this decade.
Don't forget to count the level of underemployment. I know several people who now share a job, which adversely affects their benefits and paycheck. They are however, falsely considered as employed http://my.firedoglake.com/imperialf...l-unemployment-rate-so-why-arent-we-using-it/
Ah, yes it did. But you had to click the button that said "Employment Situation". And if you did that you would see the below report on Bloomberg. Employment Situation Released on 11/5/2010 8:30:00 AM For Oct, 2010 Consensus Consensus Range Actual Nonfarm Payrolls - M/M change 60,000 -2,000 to 97,000 151,000 Private Payrolls - M/M change 159,000 Unemployment Rate - Level 9.6 % 9.6 % to 9.7 % 9.6 % Average Hourly Earnings - M/M change 0.2 % 0.1 % to 0.2 % 0.2 % Av Workweek - All Employees 34.2 hrs 34.2 hrs to 34.3 hrs Average Workweek - level 34.3 Highlights Payroll jobs finally returned to positive territory as the impact of layoffs of temporary Census workers has dwindled and the private sector is strengthening. Payroll employment in October rebounded 151,000, following a revised 41,000 decline in September and a 1,000 decrease in August. The October gain came in higher than analysts' projection for a 60,000 increase. The August and September revisions were net up 110,000. The October jobs report saw the last notable drop in temporary Census workers. But the government sector was not as negative as feared. Government employment fell 8,000 after decreasing 148,000 in September. Private nonfarm employment posted another gain, advancing 159,000 in October, following a revised boost of 107,000 in September. The consensus called for an 85,000 boost for private payrolls. In the private sector, service-providing jobs advanced 154,000 after an 111,000 increase in September. Within services for October, temp help gained 35,000; health care added 24,000 jobs; and retail trade jumped 28,000. Goods-producing industries edged up 5,000 after a 4,000 dip in September. In the latest month, manufacturing was little changed, slipping 7,000; construction rose 5,000; and mining increased 8,000. Average hourly earnings gained 0.2 percent in October after rising 0.1 percent in September. The October number matched the market forecast. The average workweek for all workers edged up to 34.3 hours from 34.2 hours in October, marginally topping expectations for 34.2 hours. On a year-ago basis, overall payroll job growth rose to up 0.6 percent in October from up 0.3 percent the month before. Turning to the household survey, the unemployment rate was unchanged at 9.6 percent, equaling analysts' median forecast. Today's report shows the labor sector healing more than anticipated. This is good news for the economy, though there is still a long way to go to return to pre-recession unemployment. On the release, equity futures rose modestly. Market Consensus Before Announcement Nonfarm payroll employment in September declined 95,000, following a revised 57,000 dip in August and a 66,000 decrease in July. But weakness was mostly in the government sector. Government payrolls declined 159,000 after decreasing 150,000 in August. A drop in federal government employment was due to the loss of 77,000 temporary Census 2010 jobs. As of September, about 6,000 temporary decennial census workers remained on the federal government payroll, down from a peak of 564,000 in May. But on the positive side, private nonfarm employment continued to rise, advancing 64,000 in September, following a revised increase of 93,000 the prior month. Average hourly earnings were unchanged in September after rising 0.3 percent in August. The average workweek for all workers was steady at 34.2 hours in September. Turning to the household survey, the unemployment rate was unchanged at 9.6 percent. Looking ahead, recent declines in initial jobless claims have analysts mildly optimistic for improvement in the unemployment rate and payroll gains. Also, employment indexes in a number of manufacturing surveys have shown improvement. Definition The employment situation is a set of labor market indicators based on two separate surveys in this one report. Based on the Household Survey, the unemployment rate measures the number of unemployed as a percentage of the labor force. Other key series come from the Establishment Survey (of business establishments). Nonfarm payroll employment counts the number of paid employees working part-time or full-time in the nation's business and government establishments. The average workweek reflects the number of hours worked in the nonfarm sector. Average hourly earnings reveal the basic hourly rate for major industries as indicated in nonfarm payrolls. Why Investors Care During the mature phase of an economic expansion, monthly payrolls gains of 150,000 or so are considered relatively healthy. In the early stages of recovery though, gains are expected to surpass 250,000 per month. Data Source: Haver Analytics The civilian unemployment rate is a lagging indicator of economic activity. During a recession, many people leave the labor force entirely, so the jobless rate may not increase as much as expected. This means that the jobless rate may continue to increase in the early stages of recovery because more people are returning to the labor force as they believe they will be able to find work. The civilian unemployment rate tends towards greater stability than payroll employment on a monthly basis. It reveals the degree to which labor resources are utilized in the economy. Data Source: Haver Analytics 2010 Release Schedule Released On: 1/8 2/5 3/5 4/2 5/7 6/4 7/2 8/6 9/3 10/8 11/5 12/3 Released For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Pretty amazing isn't it. Please Register or Log in to view the hidden image! Except for one thing, the numbers are for October which was before the election. And the Republicans elected yesterday have not yet been sworn into office.
Jesus, you're a broken record. You seem not to get that we're still in the Red, that the figures in no way shape or form tell the real unemployment rate or detail what kind of jobs are being accquired. Until you answer those questions, you remain out of touch with what is really happening.
And how long before the Obama administration revises those numbers down, it is typical spin at the beginning of every month that Obama has been in office, great and joyous news Obama has saved or created X number of jobs, three weeks later, the real numbers set in. This speaks volumes; Average Workweek - level 34.3
LOL, honest good news is tough on you Republican/Tea Partiers isn't it. Please Register or Log in to view the hidden image! Just like the fact that Obama is a natural born citizen, facts which disprove your notions rub you guys raw. So you just dismiss them with out reason or evidence.
How is that "false?" Not having the job and/or benefits that you'd like isn't the same thing as being unemployed. By all means bear in mind that the unemployment rate is hardly the only measure of the well-being of the labor force. But that doesn't mean there's anything wrong with the unemployment statistics as such. They measure the percentage of people who'd like to have a job, but don't. And that's all. If there's some other aspect of the labor force you'd like to address, then present statistics that address it. Complaining that a statistic that was never intended to address them fails to address them is just asinine.
And the jobs created or lossed number is not the unemployment number which remains at 9.6% because there are other factors that can affect the unemployment number/ratio. People move between under employment and unemployed. As the economy recovers, more of the under employed will likely move into the unemployed. Thus it is likely the unemployment rate/ratio will likely remain high for some time to come. But an improving job/loss number is essential to reducing the unemployment rate/ratio. So it is unequivocally good news. Plus it is kind of fun to watch how Republicans/Tea Partiers react to good news affecting the nation. Please Register or Log in to view the hidden image! But the jobs created/loss number can indicate potential changes in the unemployment rate in the coming months. You cannot hope to make meaningful changes in the unemployment ratio if you are not adding jobs to the economy as we now are and have been for several months.
I am amazed to be doing this, but I am going to defend Sam here. I think what she is speaking to is the overall health of the economy. In other words, a slight bump in this statistic does not suddenly make things anything like better. But your point is also correct. This can only measure what it is supposed to measure. The larger issue is that if people are finding work, but it's low paying work or part time work then we are not headed toward recovery. Related to that is the fact that the statistic -- as you rightly point out -- does not really capture the unemployment picture. People out of work for a set period are not counted, nor is it possible to count the people just out of school or who have simply given up looking for work. This is why the Gallup poll a few weeks back was higher than the Fed's numbers. Speaking from personal experience, I have parents back in the workforce, friends doing jobs well beneath their skill and education level and everyone pretty much saddled with tremendous amounts of credit card debt. How this all plays out remains to be seen. I told someone the other day, for example, that I thought home ownership was finished for perhaps a decade or more. Why? Most of the next generation is so saddled with a toxic combo of school debt and low paying jobs that imagining they will somehow be able to reinvigorate the housing market -- to say nothing of the "secondary" housing market in places like Florida -- seems absolutely delusional. They have no credit, less net worth and can't qualify for loans. Which is why the banks would be smart not to foreclose on all these houses. Nobody is going to buy them -- at least not at the prices the banks want.
This is more than just a slight blip. We have 10 months of jobs being added to the economy. Those people are counted in the household survey. There are a number of employment measures. The jobs survey is just one of those measures. http://en.wikipedia.org/wiki/Unemployment These numbers are not produced by the Fed. They are produced by the Bureau of Labor Statistics. http://www.bls.gov/ These people are counted. The BLS also calculates 5 alternate measures of unemployment, U1 through U6,[71] which have been charted over time[72][73] U1: Percentage of labour force unemployed 15 weeks or longer. U2: Percentage of labour force who lost jobs or completed temporary work. U3: Official unemployment rate per the ILO definition occurs when people are without jobs and they have actively looked for work within the past four weeks.[2] U4: U3 + "discouraged workers", or those who have stopped looking for work because current economic conditions make them believe that no work is available for them. U5: U4 + other "marginally attached workers", or "loosely attached workers", or those who "would like" and are able to work, but have not looked for work recently. U6: U5 + Part time workers who want to work full time, but cannot due to economic reasons (underemployment). - Wikipedia There is always a market for good real estate. The question is what price. At the moment there are a glut of homes on the market. So in order to bring supply and demand into equilibrium prices will fall. But there will still be a market for homes. There are people out there you do have the money and ability to buy homes. Before banks foreclose, they have the home appraised. So they have a good idea as to what it will sell for when they foreclose.
Repubs will always manage to find something to slam Obama about. It's simply a power grab. It has absolutely nothing to do with the facts of what is going on.
Ain't that the truth. Senate Republican leader Mitch McConnell just double downed on his statement that the number one objective of the Republician Party is to make sure Obama is a one term president. You might think that McConnell and his fellow Repubicans would think that the number one objective of government should be getting the nation back to full employment or gettting the nations finances in order. But no, their major objective is to make Obama a one term president. http://voices.washingtonpost.com/plum-line/2010/10/dems_rip_mitch_mcconnells_one.html
