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Fri Oct 5, 2012, 10:09 AM

The death of a talking point

The death of a talking point

By Steve Benen



If I had a nickel for every time Mitt Romney has said the unemployment rate has been above 8% throughout the Obama presidency, I'd have, well, nearly as much money as Mitt Romney.

Today, however, the talking point died. The unemployment rate fell unexpectedly, dropping from 8.1% to 7.8%.

As we've discussed before, decreases in the jobless rate are not always good news -- the figure sometimes falls when discouraged Americans drop out of the workforce altogether -- but that's the case with the new data. The employment-to-population ratio went up, job creation went up, and the labor force went up.

In other words, the drop in the unemployment rate is heartening, not discouraging.

And given that there's a presidential election in 32 days, the figure carries a heavy political salience. In February 2009, President Obama's first full month in office, the jobless rate was 8.3% and climbing. As of today, it's 7.8% and falling.

- more -

http://maddowblog.msnbc.com/_news/2012/10/05/14241839-the-death-of-a-talking-point


...7.8% Unemployment Rate!!!! - Conservatives Charge Conspiracy
http://www.democraticunderground.com/10021475945


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Arrow 10 replies Author Time Post
Reply The death of a talking point (Original post)
ProSense Oct 2012 OP
porphyrian Oct 2012 #1
ProSense Oct 2012 #2
porphyrian Oct 2012 #9
begin_within Oct 2012 #8
porphyrian Oct 2012 #10
Tennessee Gal Oct 2012 #3
lumberjack_jeff Oct 2012 #4
bhikkhu Oct 2012 #5
nc4bo Oct 2012 #6
ProSense Oct 2012 #7

Response to ProSense (Original post)

Fri Oct 5, 2012, 10:11 AM

1. ...

 

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Response to porphyrian (Reply #1)

Fri Oct 5, 2012, 10:16 AM

2. LOL! n/t

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Response to ProSense (Reply #2)

Fri Oct 5, 2012, 12:39 PM

9. ...

 

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Response to porphyrian (Reply #1)

Fri Oct 5, 2012, 12:23 PM

8. That's the exact sound they use on The Price is Right

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Response to begin_within (Reply #8)

Fri Oct 5, 2012, 12:39 PM

10. I think you are correct. n/t

 

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Response to ProSense (Original post)

Fri Oct 5, 2012, 10:18 AM

3. Fabulous!!!

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Response to ProSense (Original post)

Fri Oct 5, 2012, 10:42 AM

4. More work to do.

This is the labor force participation rate.

This is the employment to population ratio.

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Response to ProSense (Original post)

Fri Oct 5, 2012, 10:49 AM

5. Its good to account the the baby boomers retiring as well

...as a part of the "discouraged workers dropping out of the workforce" is very likely the expected retirements and perhaps early retirements of the boomer generation. The baby boom had a big impact on the labor participation rate - driving it up for three decades - and their reaching retirement age has long been projected to drive it back down.



One of the predicted effects of this as well is that the old byline about how "you have to have 150,000 new jobs a month just to keep up with population growth" has been not even close to true for some time.

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Response to ProSense (Original post)

Fri Oct 5, 2012, 10:54 AM

6. Rec for Prosense's commonsense!! Btw, Romney's bombarding NC airwaves with his 8.2% unemployent

figure commercial saying O broke his promise blah-blah-blah.

- hope my NC folks are paying attention to the evening new when the rate is discussed and while a Mitt 8.2% commercial comes on immediately following it!

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Response to nc4bo (Reply #6)

Fri Oct 5, 2012, 12:21 PM

7. Well, he can take it back retroactively



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