Turns out Obama was right!

zappasguitar

zappasguitar

Well-known member
I can't wait to start reading all the hysterical spinning that will be done to these latest numbers by hateful Righties so they can continue to demonize Obama...


WASHINGTON (Reuters) – Employment growth picked up speed in November and the jobless rate dropped to a 2-1/2 year low of 8.6 percent, further evidence the economic recovery was gaining momentum.

Nonfarm payrolls increased 120,000 last month, the Labor Department said on Friday, in line with economists’ expectations for a gain of 122,000.

The relative strength of the report was also bolstered by revisions to the employment counts for September and October to show 72,000 more jobs created than previously reported.

While part of the decline in the unemployment rate from 9.0 percent in October was due to people leaving the labor force, the household survey from which the jobless rate is derived also showed solid gains in employment

The unemployment rate had been expected to hold at 9 percent.

“The labor market is gradually healing. It’s a glacial pace, but we are taking small steps in the right direction,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. He made the comments before the release of the report.
 
There is good and bad news here. Unemployment down. Labor participation rate down. Employment-population rate up. +140,000 private sector jobs added. -20,000 government jobs. Still not enough:

EmployRecessAlignedNov2011.jpg
 
ZappasGuitar said:
I can't wait to start reading all the hysterical spinning that will be done to these latest numbers by hateful Righties so they can continue to demonize Obama...


WASHINGTON (Reuters) – Employment growth picked up speed in November and the jobless rate dropped to a 2-1/2 year low of 8.6 percent, further evidence the economic recovery was gaining momentum.

Nonfarm payrolls increased 120,000 last month, the Labor Department said on Friday, in line with economists’ expectations for a gain of 122,000.

The relative strength of the report was also bolstered by revisions to the employment counts for September and October to show 72,000 more jobs created than previously reported.

While part of the decline in the unemployment rate from 9.0 percent in October was due to people leaving the labor force, the household survey from which the jobless rate is derived also showed solid gains in employment

The unemployment rate had been expected to hold at 9 percent.

“The labor market is gradually healing. It’s a glacial pace, but we are taking small steps in the right direction,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. He made the comments before the release of the report.
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As Dung stated, you have to look at what caused the drop to 8.6%. 120k new jobs doesn't drop the unemployment rate by 0.4%. It dropped because people in the survey stopped looking to the tune of 315k. Even that doesn't explain the full 0.4%. Which is why some economists are being cautious with how they interpret the data.
 
Superfreak said:
As Dung stated, you have to look at what caused the drop to 8.6%. 120k new jobs doesn't drop the unemployment rate by 0.4%. It dropped because people in the survey stopped looking to the tune of 315k. Even that doesn't explain the full 0.4%. Which is why some economists are being cautious with how they interpret the data.
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I'm not saying the employment problem is solved and let's throw a party...I'm just saying this is some good economic news.
 
Dungheap said:
There is good and bad news here. Unemployment down. Labor participation rate down. Employment-population rate up. +140,000 private sector jobs added. -20,000 government jobs. Still not enough:

EmployRecessAlignedNov2011.jpg
Click to expand...

No, not enough but it is a good start...nice to see.
 
ZappasGuitar said:
I'm not saying the employment problem is solved and let's throw a party...I'm just saying this is some good economic news.
Click to expand...

The 120k new jobs is decent and it is certainly more welcome than anything less, but when the unemployment rate drops because people give up, that is where I would caution looking at this as good news. What the survey won't tell us is WHY people are giving up. It just doesn't go into that level of detail. If they gave up because there just isn't anything out there that tells one story. If they gave up because they will only accept the job/salary they want, that tells another. That is why many are cautious. We don't know. For now I would say this is good in terms of perception. The public doesn't tend to know how the unemployment rate is calculated. For those that pay attention to the actual number, it could boost confidence in the direction we are heading.
 
Here's decent piece that points out all the good in the most recent jobs report. Obviously, things are getting better, but unemployment is still way too high, and things have to pick up considerably for us to get back to levels that could be considered "good."


Edit: For some reason, I cannot paste the link. In any event, you can find it on this NY Times blog: economix.blogs.nytimes.com
 
How bout what a hard core democrat says. 200,000 new jobs counting previous revisions. Boo fucking yah!!
The stock market is flat this year, more often than not the following year is double digits up. This would give Obama 3 of 4 years in double digits, coupled with any more down tick in unemployment he's reelected.
 
Dungheap said:
Here's decent piece that points out all the good in the most recent jobs report. Obviously, things are getting better, but unemployment is still way too high, and things have to pick up considerably for us to get back to levels that could be considered "good."


Edit: For some reason, I cannot paste the link. In any event, you can find it on this NY Times blog: economix.blogs.nytimes.com
Click to expand...

Well, newts got a plan, bring back child labor! Force those under privileged kids to work, it will teach them responsibility. Something they aren't learning from their parents who both work two jobs!
 
Rana said:
Well, newts got a plan, bring back child labor! Force those under privileged kids to work, it will teach them responsibility. Something they aren't learning from their parents who both work two jobs!
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And the great part of his plan is in that in order to put the kids to work, he's going to put their dad's out of work.

So this is win-win baby! I will tell ya, that Newt, he's a thinker. A big thinker! He thinks big. That guy has more ideas before 7 am than most of us will have in our whole lives. Our whole lives!
 
Damocles said:
Why read the whole thing? There might be uncomfortable information like that included and that would wreck the excitement that people are getting from people getting seasonal retail jobs.
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Funny I used to point that out around this time of year when Bush was President. I fondly remember those days and how you used to race along to agree with me.
 
Damocles said:
Why read the whole thing? There might be uncomfortable information like that included and that would wreck the excitement that people are getting from people getting seasonal retail jobs.
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I'm cool w/ people getting excited. Since we stopped making stuff, about 90% of the U.S. economy is confidence...
 
Darla said:
Funny I used to point that out around this time of year when Bush was President. I fondly remember those days and how you used to race along to agree with me.
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True. I was always racing to agree with you. (I don't like pepper spray).
 
Onceler said:
I'm cool w/ people getting excited. Since we stopped making stuff, about 90% of the U.S. economy is confidence...
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True that. I'm not going to say anything to cramp that. If they get excited it can actually turn this around. I like money.
 
Damocles said:
Why read the whole thing? There might be uncomfortable information like that included and that would wreck the excitement that people are getting from people getting seasonal retail jobs.
Click to expand...


Or they might read that the figures are seasonally adjusted!
 
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