Turns out Obama was right!

[zappasguitar]

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.

[Bonestorm]

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:

[cawacko]

If you read the whole article Zap part of the reason for the drop is due to the number of people, 315,000, who quit looking for work.

http://www.cnbc.com/id/45521793

[Cancel 2016.2]

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.

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.

[zappasguitar]

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.

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.

[zappasguitar]

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:

No, not enough but it is a good start...nice to see.

[Bonestorm]

No, not enough but it is a good start...nice to see.

I wish I could share your optimism. At this rate we might get back to full employment by the end of the decade.

[Cancel 2016.2]

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.

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.

[Bonestorm]

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

[Cancel 2018. 3]

how does this make obama right?

[The Dude]

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.

[Phantasmal]

No, not enough but it is a good start...nice to see.

I agree, Zappa, it is better than the rate shooting up. It makes people more confident, more confidence spurs growth, growth creates jobs.

Merry Christmas, I say.

[Phantasmal]

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

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!

[Damocles]

If you read the whole article Zap part of the reason for the drop is due to the number of people, 315,000, who quit looking for work.

http://www.cnbc.com/id/45521793

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.

[Cancel 2016.11]

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!

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!