twenty16 asks: Come on SFB, no mention of the fact that the reason the unemployment rate went down is because 540k people stopped looking for work since they can't find jobs? Quit pissing on our heads and telling us it's raining.
» SFB says: Sure, let’s cover it. From the BLS report:
The civilian labor force participation rate declined by 0.2 percentage point to 63.6 percent in November, offsetting an increase of the same amount in October. Total employment was about unchanged in November, following a combined increase of 1.3 million over the prior 2 months. The employment-population ratio, at 58.7 percent, changed little in November. (See table A-1.)
Here’s a chart of how it compares to prior months:
Here’s how ZeroHedge played it (followed by a bunch of conservative sites that followed suit):
Confused why the unemployment rate dropped? The same, favorite BLS adjustment - a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.
The drop in the jobless rate, from 7.9 percent in October, wasn’t great news because of why it happened: More people dropped out of the labor force so they weren’t counted among the unemployed. The labor-force participation rate remains depressed more than three years after the end of the 2007-09 recession. If it were at normal levels, the unemployment rate would be substantially higher.
Anyway, quit creating DM-only burner accounts and acting like you’re a brave man because you sent an angry message to someone. In the great words of Damon Wayans, homey don’t play that game. (Even money that this guy is the same as this one.) — Ernie @ SFB
He should resign! He told us he would resign if he did this poorly. Do you remember that? Do you remember that he told us that if he couldn’t get employment above 6 percent, he wouldn’t run for a second term? He lied! He has been a disaster. The worst president for our economy in our lifetime. He doesn’t want a second term. He wants a second chance, because he screwed it up the first time.Former New York Mayor Rudy Giuliani • Fulfilling to a T the role of campaign “attack dog” surrogate, while stumping for the Romney/Ryan ticket in Ohio today. It’s worth noting that we can’t find any indication that President Obama ever said he wouldn’t run for a second term if unemployment was above 6%. Indeed, this at any point since the 2007 financial collapse would’ve been a rather mad pledge for him to make. It’s likely Giuliani was speaking of Obama’s comments in 2009, that if he didn’t turn the economy around by 2012 his presidency would be a “one-term proposition,” but that’s not a pledge to resign, or not run, so much as a frank assessment of the public’s voting inclinations. In addition to the above denunciations, Giuliani cast attacks at the American consulate in Benghazi as being a result of “incompetence,” and said that with a president who was paying attention, we wouldn’t have to investigate what was “covered up” there. source
The decline in unemployment under Mr. Obama this year since December is the largest in an election year since Ronald Reagan’s re-election bid.Nate Silver, chewing over the new jobs report. Silver notes that “there has been no relationship at all between the unemployment rate on Election Day and the incumbent’s performance” at the polling booths, which is why he focuses instead on the overall change in unemployment during election year. Unemployment has gone down by a total of .7% in 2012 so far, just shy of the 1% decrease Reagan saw in 1984. “For the first time in a long while, Mr. Obama should be happy if the discussion turns toward the economy,” Silver writes. “Especially with the Friday jobs report, the economic numbers now seem just strong enough to make the incumbent a favorite for re-election, based on the way the public has evaluated their presidents historically.” 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.
» Many analysts say it’s fair to assign some portion of the blame for the rise in lawsuits on the global recession, though it’s hardly the sole — or even largest — reason for the increase. High-profile cases like Wal-Mart’s recent $5 million settlement put the issue on some peoples’ radar, while some low-wage laborers that can’t afford legal counsel have had their cases taken up by the Department of Labor. Seyfarth Shaw, the legal firm that released the report, also admitted that some lawyers had become driven to wage litigation after seeing massive pay-offs in the news. But, clearly, there is still more that could be done.