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February 1, 2013

Another month of modest job gains, but unemployment rate rises

  • 157k the number of jobs added to the economy in January, according to the Bureau of Labor Statistics latest report. The unemployment rate (U-3, not U-6) jumped to 7.9 percent. The U-6 stayed steady at 14.4 percent. The U-3 rate needs to hit 6.5 percent before the Federal Reserve will consider raising interest rates. source
11:00 // 1 year ago
December 7, 2012

twenty16 says: 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.

And how Businessweek played it:

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

12:35 // 1 year ago
breakingnews:

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.

breakingnews:

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.

8:49 // 1 year ago
November 3, 2012
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
14:43 // 1 year ago
October 5, 2012
17:18 // 2 years ago
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
13:09 // 2 years ago
September 28, 2012
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

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

4:33 // 2 years ago
September 11, 2012

Kodak expects another round of layoffs ahead of 2013

  • 1,000 workers will be cut from Eastman Kodak’s payroll by the end of the year, bringing the total number of employees laid off by the company in 2012 to 3,700.
  • $330M in salary and benefit expenses will be saved by the company as a result of the sweeping cuts. source
16:06 // 2 years ago
September 10, 2012

New round of layoffs announced at Hewlett-Packard

  • 2,000 more layoffs coming at Hewlett-Packard in the next two years, in an effort by former California gubernatorial candidate and current CEO Meg Whitman to right the ship at HP
  • 29,000 employees will be laid off by the end of fiscal 2014; the company expects to eat more than $3.3 billion in charges related to the reduction in workforce, which will lead to layoffs for just shy of 10% of the company’s 300,000 employees source
14:48 // 2 years ago
September 8, 2012
thedailyfeed:

Yesterday’s dismal jobs report showed the lowest labor participation rate in 31 years. 

Employers added only 96,000 workers in August, down sharply from the 141,000 in July and well below the 100,000 to 150,000 jobs needed just to keep pace with growth in the labor market.
The weak report aside, the unemployment rate still dropped — from 8.3 percent to 8.1 percent — because many of the out-of-work simply gave up. And only two out of three working-age Americans either had a job or were looking for one last month, the lowest level since Ronald Reagan took office.
“The economy is crawling up the down escalator,” said Patrick O’Keefe, head of economic research at financial consulting firm J.H. Cohn in Roseland, N.J.


Potential presidential debate question: How do we encourage people who have given up on finding work to  ”participate” again?

thedailyfeed:

Yesterday’s dismal jobs report showed the lowest labor participation rate in 31 years

Employers added only 96,000 workers in August, down sharply from the 141,000 in July and well below the 100,000 to 150,000 jobs needed just to keep pace with growth in the labor market.

The weak report aside, the unemployment rate still dropped — from 8.3 percent to 8.1 percent — because many of the out-of-work simply gave up. And only two out of three working-age Americans either had a job or were looking for one last month, the lowest level since Ronald Reagan took office.

“The economy is crawling up the down escalator,” said Patrick O’Keefe, head of economic research at financial consulting firm J.H. Cohn in Roseland, N.J.

Potential presidential debate question: How do we encourage people who have given up on finding work to  ”participate” again?

(via thedailyfeed)

14:17 // 2 years ago