November Jobs Report: Hiring Up, Unemployment Rate Falls -- Despite Sandy

[Freeper]

courseofhistory (794 posts)

November Jobs Report: Hiring Up, Unemployment Rate Falls -- Despite Sandy


 
(12/7/12) "November Jobs Report: Hiring Up, Unemployment Rate Falls -- Despite Sandy" (AP)

WASHINGTON -- The U.S. economy added 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.

The Labor Department's report Friday offered a mixed picture of the economy. 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 it initially estimated

Stock futures jumped after the report. Dow Jones industrial average futures were down 20 points in the minutes before the report came out at 8:30 a.m., and just afterward were up 70 points. As money shifted into stocks, it moved out of safer bonds. The yield on the benchmark 10-year U.S. Treasury note, which moves opposite the price, rose to 1.63 percent from 1.58 percent just before the report was released.

President Obama must be doing something right.   

http://www.democraticunderground.com/1251259885

They are so easy to fool. First of all hiring is up because retailers always hire temps this time of year, you know for that winter solstice holiday that fundies call Christmas, secondly 300k people fell off the unemployment rolls, not because they found jobs, but because they quit looking. The stupid DUmmies are going to be shocked as hell when unemployment unexpectedly rises in Jan. Then after the tax hikes by Feb we will be getting closer to the 10% range.

Scabby57 (10 posts)
1. GOP Obstructionists Need To Get Out Of The Way

They have done nothing for 4 years but blame the President for their mess!!!

 

coalition_unwilling (13,463 posts)
3. You are aware, I hope, that some 542,000 Americans stopped looking for work

Last edited Fri Dec 7, 2012, 05:04 PM USA/ET - Edit history (1)

in November. IOW, they dropped out of the work force for purpose of calculating the unemployment rate. Had they not dropped out of the work force, the UE rate would probably have stayed the same or even increased.

http://finance.yahoo.com/blogs/the-exchange/unemployment-rate-falls-more-adults-discouraged-quit-looking-165711644.html

Oops I stand corrected I thought I heard it was 300k, but the point is still valid and this DUmmy is at least honest enough to bring it up.

[marv]

http://pjmedia.com/blog/now-they-tell-us/?singlepage=true

(snip)

Oops. The bureau’s post-Thanksgiving release revised September’s number down by over 5 percent to 369,000 and also reported a slight October decline. Overall, it showed that the housing market has gone nowhere during the past eight reported months. Actual monthly sales during the past five months have badly trailed 2009, when most observers thought that things were already as bad as they could get. Those who believed that clearly underestimated the Obama administration’s ability to perpetuate misery throughout a sector which would have long since recovered if it had simply been left alone. The AP’s still overoptimistic reaction to the September revision was to insist that “the housing market (is) starting to recover more than five years after the bubble burst,” and to push a large portion of the blame for October onto Superstorm Sandy.

Readers are going to be seeing a lot of Sandy-related excuse-making during the next several months, and — who knows? — maybe even the next several years. Already, Sandy is being peddled as the reason why the ADP-Moody’s November private-sector employment report came in with only 118,000 jobs added. Mark Zandi, chief economist at Moody’s Analytics, claimed that the number would have been 86,000 higher if it weren’t for Sandy. Logically then, the December catch-up added to a supposedly typical month with 200,000 jobs added should cause the next ADP-Moody’s report to show a gain of almost 300,000. Wanna bet, Mark? November’s jobs report from the government released on Friday, though presented as pretty decent by the press, really wasn’t.

Now even the press is turning dour on the economy, as if lousy conditions totally invisible before November 6 have suddenly (and of course, “unexpectedly“) appeared to ruin things. But so are Obama and Democratic legislators, who while demanding economy-retarding, job-killing pound-of-flesh tax increases and insisting that entitlement spending stay off the table for another ten years, want to add “tens of billions of dollars of … stimulus measures” to any deal to prevent the January 1 “fiscal cliff.”

(snip)

Yes! Oops.....

Many, many links at the URL.

[jukin]

UE down because 350,000 people left workforce. Another month under the economic genius of 0bama has brought yet another record low of labor force participation. Looks like 2012 will see an exit of almost 4 million people out of the workforce. Pretty soon we will be at full employment if this trend keeps going. It's going to be a glorious future comrades, GLORIOUS!!!!

[Bad Dog]

I find it interesting that they make unspecified "seasonal adjustments" that bring the rate down but, never adjust for part time holliday hiring or folks leaving the workforce. 

[USA4ME]

... , secondly 300k people fell off the unemployment rolls, not because they found jobs, but because they quit looking.

This is where the dishonesty and hypocracy with the primitives dwell.  With a Dem, these things aren't mentioned, but with a Repub it would be the first thing they mention.  We all know this.  Why they continue to fool themselves into not recognizing they do this is something I don't understand, it changes nothing by them turning a blind eye except to make them feel better.  But liberalism is an emotional ideology and not one built on logic and analysis, so it does fit.

.

[DumbAss Tanker]

The official U3 unemployment number has so much fakery built into it that people should be ashamed to quote it in any serious discussion.