BREAKING: US economy adds 146,000 jobs in November
The U.S. economy added a solid 146,000 jobs in November and the unemployment rate fell to 7.7 percent, the lowest since December 2008. The government said Superstorm Sandy had only a minimal effect on the figures.
AP reports:Hiring remained steady during the storm and in the face of looming tax increases. But the government said employers added 49,000 fewer jobs in October and September than initially estimated. And the unemployment rate fell from 7.9 percent in October mostly because more people stopped looking for work and weren’t counted as unemployed.
Photo: A man walks past destroyed homes on the Rockaway Peninsula in the Queens borough of New York on Nov. 27, 2012. (Seth Wenig/AP Photo)
The good news: Things are improving. The better news: A tough month after Sandy didn’t crimp the improvement.
hahaha it looks so stupid in EVERY FONT
I don’t like to think of this movie as jOBS, Nick. I like to think of it as “Kutcher in the Rye.”
They include in their ranks Congressman Allen West, former GE CEO Jack Welch, and more. The panel at Morning Joe cast suspicion on the numbers (“it doesn’t make sense”) but didn’t accuse anyone of cooking the books. Ezra Klein dismisses the claims outright, theorizing that we’re at “that moment in the election when people begin to lose their minds.” Labor economist Betsey Stephenson says that “anyone who thinks that political folks can manipulate the unempt data are completely ignorant about how BLS works & how data are compiled,” and Michael Tomasky notes that “if the administration were somehow manipulating the data, then they’re doing a terrible job at it.” Far-right Obama-hater Erick Erickson doesn’t doubt the numbers’ validity, though he doesn’t think they’re ultimately good news. source
1. Every Thursday for something like the last year, the previous week’s new claim report was quietly revised up.
2. This year’s early-season data was adjusting heavily for weather even though we had a very warm Winter. There is reason to believe employment conditions were overstated, meaning late-year reports will have to understate jobs.
3. Birth-death adjustments have been abnormally high and are rumored to be overstating exits from the economy significantly.
4. We are at historic lows for LF participation rate. This has benign explanations and not-so-benign explanations. One of the pieces of really bad news is that many of these folks are erroneously removed from the labor force by virtue of falling off of long-term unemployment rolls at historic rates after occupying them at historic rates.
5. Nearly all the jobs added since 2009 are bad ones: part time, under-employing jobs. Jobs are not created equal, and the ones created under this administration suck.
What do you guys think?
So much for Mitt’s post-debate bump.
Can’t say we’re still over 8 percent anymore, but that job increase isn’t super-high. That said, this is good news: “The Labor Department said Friday that employers added 114,000 jobs in September. The economy also created 86,000 more jobs in July and August than first estimated.”
Number-crunchers over at the Bureau of Labor and Statistics realized today that between April 2011 and March 2012, there were 300,000 more jobs created than originally estimated. If this upward revision is correct, President Obama is now in the green for job growth, having overseen a net gain in roughly 100,000 since taking office. This has just been an astonishingly bad week for Mitt Romney. source
» Hard times for educators: According to a report released today spearheaded buy the White House Council of Economic Advisers, as well as the National Economic Council and Domestic Policy Council, the above figure represents the losses in educational jobs since June 2009. The report does originate from the White House team, and as such is expectedly supportive of the President’s proposal to stem this tide – a package of $25 billion to prevent further layoffs. The last few years have seen heavy cuts to public funding, largely pushed by conservative politicians during dire economic times, and thus public-sector jobs have dwindled in states and localities, driving up unemployment despite months of sustained (if underwhelming) private-sector job growth.
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Long-distance “super commutes” of more than 90 miles (many on plane flights) are becoming more common, particularly given housing concerns.
Our hats are off to you, extreme commuters.
“Extreme commutes” sounds like the name of a terrible reality show. It probably feels like one, too.
Pro tip: If a potential employer asks about your “passion” and says “Any color you can add to your application would be appreciated,” don’t do this. That mistake is so funny it overshadows even his Comic Sans use.
“Please explain your rationale for the rainbow.” New catchphrase.
BlackBerrys were in fact considered in the survey but given very few respondents reported being a BlackBerry user, their numbers were not statistically relevant. Of those considering themselves smartphone owners, only 9 percent reported being BlackBerry users.Tucked away in this Obvious Survey is Obvious post over at POLITICO, which shows President Barack Obama has a commanding 49-31 percent lead over Mitt Romney among iPhone/Android users, is one of the saddest statistics about Research in Motion we’ve ever come across (via hypervocal)
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