HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » U.S. Economy Adds 146,000...

Fri Dec 7, 2012, 08:37 AM

U.S. Economy Adds 146,000 Jobs In November; Unemployment At 7.7 Percent (updated)

U.S. Economy Adds 146,000 Jobs In November; Unemployment At 7.7 Percent

The U.S. economy added 146,000 jobs in November, according to the Labor Department. The unemployment rate fell to 7.7 percent.

http://livewire.talkingpointsmemo.com/entry/us-economy-adds-146-000-jobs-in-november


Updated to add:

Job numbers far exceed expectations, unemployment drops

By Steve Benen

<...>

Just last night, Ezra explained on the show that the new monthly job figures would be released this morning, and a lot of folks would be shocked by how bad the numbers would be. Why? Because of Hurricane Sandy. Most expected to see only 80,000 jobs created.

This morning, everyone's shocked for a very different reason. The Bureau of Labor Statistics reports that the U.S. economy added 146,000 jobs in November, nearly double the projections. What's more, the overall unemployment rate dropped to 7.7%, its lowest point in four years...job totals from September and October were revised down a bit.

To be sure, 146,000 jobs isn't evidence of a robust economic recovery, but given Sandy-generated expectations, the figures come as a pleasant surprise.

<...>

Update: Here's another chart, this one showing monthly job losses/gains in just the private sector since the start of the Great Recession.



http://maddowblog.msnbc.com/_news/2012/12/07/15751977-job-numbers-far-exceed-expectations-unemployment-drops


19 replies, 1302 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 19 replies Author Time Post
Reply U.S. Economy Adds 146,000 Jobs In November; Unemployment At 7.7 Percent (updated) (Original post)
ProSense Dec 2012 OP
yellowcanine Dec 2012 #1
Liberal_in_LA Dec 2012 #17
Democratopia Dec 2012 #2
JackN415 Dec 2012 #3
malaise Dec 2012 #6
JackN415 Dec 2012 #4
ProSense Dec 2012 #10
malaise Dec 2012 #5
mythology Dec 2012 #7
malaise Dec 2012 #19
ProSense Dec 2012 #11
Turbineguy Dec 2012 #8
BeyondGeography Dec 2012 #9
econoclast Dec 2012 #12
ProSense Dec 2012 #13
coalition_unwilling Dec 2012 #14
ProSense Dec 2012 #16
econoclast Dec 2012 #15
Johonny Dec 2012 #18

Response to ProSense (Original post)

Fri Dec 7, 2012, 08:42 AM

1. Obama obviously cooking the books to win .... Oh Wait... Never mind...

Last month's meme somehow got in there.....

Reply to this post

Back to top Alert abuse Link here Permalink


Response to yellowcanine (Reply #1)

Fri Dec 7, 2012, 02:25 PM

17. lol. Trump & that other rich old guy owe Obama an apology

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ProSense (Original post)

Fri Dec 7, 2012, 08:43 AM

2. Unemployment rate is now officially lower than January 2009

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ProSense (Original post)

Fri Dec 7, 2012, 08:44 AM

3. Paging Jack Welch and others... report to battle station... Paging...

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to JackN415 (Reply #3)

Fri Dec 7, 2012, 08:49 AM

6. Bwaaaaaaaah hahahahahha

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ProSense (Original post)

Fri Dec 7, 2012, 08:45 AM

4. Had Mitt Romney won... (shudder)... the GOP would claim: see, Romney's magic already started.

 

imaging living 4 years under this

Reply to this post

Back to top Alert abuse Link here Permalink


Response to JackN415 (Reply #4)

Fri Dec 7, 2012, 09:52 AM

10. Yup, and the other good thing with this report:

No one gives a damn about Mitt's opinion of it.



Reply to this post

Back to top Alert abuse Link here Permalink


Response to ProSense (Original post)

Fri Dec 7, 2012, 08:48 AM

5. Fabulous

GObama!!

Any comments from those effin' loser ReTHUGs?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to malaise (Reply #5)

Fri Dec 7, 2012, 08:51 AM

7. I believe their response is

coupled with and for some of them who are certain that this is all one big Obama conspiracy

To which I say and more than a little bit of

Apparently there are very few limits to the world of emoticons.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mythology (Reply #7)

Fri Dec 7, 2012, 07:25 PM

19. LOL

Ha!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to malaise (Reply #5)

Fri Dec 7, 2012, 11:09 AM

11. Yeah, remember how they had to comment on everyone?

Mr. Tears?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ProSense (Original post)

Fri Dec 7, 2012, 08:57 AM

8. Rebups will be upset.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ProSense (Original post)

Fri Dec 7, 2012, 09:02 AM

9. Those Chicago guys'll do anything

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ProSense (Original post)

Fri Dec 7, 2012, 12:05 PM

12. Actually not nearly that good

Recall that the unemployment rate varies in accordance with the Household Survey not the reported headline jobs number, which comes from a different report... The Establishment Survey

Sticking with the Household Survey ... Which is the report from which the Unemployment Rate is calculated we see:

US Employment DOWN 122,000 - Household Survey

The Civilian Labor Force DOWN 350,000 - Household Survey

Not in Labor Force UP 542,000 - Household Survey


So since even more people stopped looking for work ( 542,000) than lost their jobs (122,000) .... The unemployment rate went down ....

But the reason why is dismal

Reply to this post

Back to top Alert abuse Link here Permalink


Response to econoclast (Reply #12)

Fri Dec 7, 2012, 12:31 PM

13. Wrong

Employment Report: More Positives than Negatives

There were positives and negatives in the November employment report, and I'd like to start with two clear positives.

First, seasonal retail hiring was very strong in November (see 3rd graph below). There is a fairly strong correlation between seasonal hiring and holiday retail sales, and this record seasonal hiring suggests a solid holiday season.

Second, a key theme we've been discussing is that we are nearing the end of state and local government layoffs (see last graph). This has been ongoing for over 3 years, and it appears the drag from state and local governments is mostly over. Of course employment at the Federal level is still shrinking, and everyone expects more austerity in 2013.

Other positives include better than expected employment growth, the decline in the unemployment rate to 7.7% (the lowest level since December 2008), a decline in part time workers, and a decline in the long term unemployed (although this is still very high).

- more -

http://www.calculatedriskblog.com/2012/12/employment-report-more-positives-than.html

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ProSense (Reply #13)

Fri Dec 7, 2012, 12:37 PM

14. Let's not kid ourselves. If all the people who have dropped out of the

 

labor force since 2009 were to re-enter it, i.e., resume looking for work, the national unemployment rate would be above 9.5%. Add the workers who have been forced to accept part-time employment but who would prefer full-time employment and that national rate rises to over 14.5%.

The unemployment rate dropped to 7.7% in November BECAUSE 542,000 Americans stopped looking for work.

That's not Obama's fault -- the Rape-publi-scum tabled his 2011 stimulus bill and never advanced a jobs bill of their own -- but please stop putting lipstick on a pig.

Yahoo takes a predictably right-wing slant, but even so, it's difficult to argue with the numbers:

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

Reply to this post

Back to top Alert abuse Link here Permalink


Response to coalition_unwilling (Reply #14)

Fri Dec 7, 2012, 02:01 PM

16. I understand that, and

"If all the people who have dropped out of the labor force since 2009 were to re-enter it, i.e., resume looking for work, the national unemployment rate would be above 9.5%. Add the workers who have been forced to accept part-time employment but who would prefer full-time employment and that national rate rises to over 14.5%."

...that was the reason the unemployment rate ticked up in October, as did the participation rate. An increase in the participation rate, while it would likely increase the unemployment rate, is not a bad thing. It's a sign the economy is recovering and people are more confident returning to the job search. The goal is to stimulate job creation enough to mitigate the impact.

Still, that it dropped this month is not good news, but could this be the impact of Sandy?

In the earlier period the employment-population ratio for this group was trending up as women joined the labor force. The ratio has been mostly moving sideways since the early '90s, with ups and downs related to the business cycle.

This ratio should probably move close to 80% as the economy recovers. The ratio declined in November to 75.7% from 76.0% in October. Not good news.

http://www.calculatedriskblog.com/2012/12/employment-report-more-positives-than.html

This is a relatively positive report coming on the heels of a major storm.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ProSense (Reply #13)

Fri Dec 7, 2012, 01:25 PM

15. Nope. You are mistaken

The quotes you are citing are from the Establishment Survey

The unemployment rate comes from the Household Survey and my numbers are accurate. Disturbing, but accurate.


Reply to this post

Back to top Alert abuse Link here Permalink


Response to ProSense (Original post)

Fri Dec 7, 2012, 03:16 PM

18. DAMN YOU OBAMA!!!!

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread