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Fri Nov 2, 2012, 10:03 AM

Employment growth picks up in October with addition of 171,000 jobs

This discussion thread was locked as off-topic by muriel_volestrangler (a host of the Latest Breaking News forum).

Source: LA Times

WASHINGTON -- Employers added a larger-than-expected 171,000 jobs in October across a broad spectrum of businesses, the government said Friday in the final snapshot of the economy before election day.

The nation's unemployment rate rose to 7.9% from 7.8% in September, but that came as more people jumped back into the labor market -- a positive sign that workers may be feeling more confident about their job prospects.

The new Labor Department report, which also revised sharply higher job growth in September and August, may give a slight boost to President Obama, whose record on the economy has been the most vulnerable part of his reelection bid -- though at this late stage the vast majority of voters have made up their minds about the economy and what that means for their choices.

* * *
In October, a broad spectrum of employers in the service industry added a solid batch of new jobs, including professional services, healthcare, retail and leisure businesses. Manufacturing was little changed over the month, but the construction industry added 17,000 jobs in October, reflecting an emerging recovery in the housing market. Analysts were forecasting 125,000 new jobs in October.


Read more: http://www.latimes.com/business/money/la-fi-mo-jobs-unemployment-20121102,0,642852.story



Cue the right wing complaints about a conspiracy by the federal government, employers and reality in general.

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Reply Employment growth picks up in October with addition of 171,000 jobs (Original post)
TomCADem Nov 2012 OP
4lbs Nov 2012 #1
julian09 Nov 2012 #3
progree Nov 2012 #6
jsr Nov 2012 #2
SunSeeker Nov 2012 #7
SpankMe Nov 2012 #4
BumRushDaShow Nov 2012 #5
SunSeeker Nov 2012 #8
muriel_volestrangler Nov 2012 #9

Response to TomCADem (Original post)

Fri Nov 2, 2012, 10:12 AM

1. Of course, Rmoney ignores the 171,000 jobs created and focuses only on the 0.1% increase in the rate

by saying that the Obama administration is failing to create jobs, so that's their (the Rmoney compaign) explanation regarding the rise in unemployment.


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Response to 4lbs (Reply #1)

Fri Nov 2, 2012, 10:24 AM

3. What was jobs creation back in Oct 2008 before election, there wasn't any.

 

Romney wants to go back to Bush policies that brought us zero growth.

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Response to julian09 (Reply #3)

Fri Nov 2, 2012, 11:17 AM

6. October 2008? 489,000 jobs lost. (Nov 2008: 803,000 jobs lost)

# Payroll Jobs: http://data.bls.gov/timeseries/CES0000000001
# Monthly change of above: http://data.bls.gov/timeseries/CES0000000001?output_view=net_1mth
# . . Hint: to see both of the above two together on the same page, go to http://data.bls.gov/timeseries/CES0000000001 and click on the "More Formatting Options" link in the upper right and check the "Original Data Value" and the "1-Month Net Change" checkboxes and click the "Retrieve Data" button halfway down the page on the left

# The economy Bush handed to Obama lost 4.3 million jobs during the last 10 months of the Bush administration. Furthermore, at the end of the Bush administration the rate of job losses was accelerating -- losing 2.28 million jobs just in his last 3 months -- an average of 760,000 lost jobs a month (the average of the last 3 months of the Bush presidency).

# Bush's entire 8-year record: created 1.1 million payroll jobs - by creating 1.8 million government jobs and destroying 0.7 million private sector jobs. ( the actual numbers are, in thousands: Total: 1,080, Govt: 1,753, PrivateSector: -673 ). Yes, it is ironic that a supposed "small government conservative" ended up creating government jobs and destroying private sector jobs.

# Unemployment rate rose 3.5% from the beginning to the end of the Bush presidency.

# Stock market (S&P 500) fell 37% during Bush's 8 years.

More: EF 0. Economy facts - numbers to refer to in discussions with persuadables. With official sources; EF.1. Job Loss and Creation - Payroll Jobs; # EF.2. Unemployment Rate, Labor Force Participation Rate, Unemployment Insurance Claims. # EF.3. Recessions and Expansions # EF 4. U.S. Stock Market # EF 5. National Debt. Budget Deficits and Surpluses # EF 6. U.S. Dollar Index (DXY) http://www.democraticunderground.com/111622439

Will update EF 1 and EF 2 before midnight ET for the new job numbers.

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Response to TomCADem (Original post)

Fri Nov 2, 2012, 10:16 AM

2. Good news for America.

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Response to jsr (Reply #2)

Fri Nov 2, 2012, 11:23 AM

7. And bad news for Romney.

Funny how those interests conflict.

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Response to TomCADem (Original post)

Fri Nov 2, 2012, 10:27 AM

4. Couldn't be a better jobs report, for us politically

If it had shown a dramatic decrease in unemployment (say, down to 7.3% or something wild like that) Republicans will go into a full court press of conspiracy theories about the Whitehouse manipulating the numbers to curry favor with the electorate this close to an election. Fox News would be obediently serving up the propaganda and there'd be vomit-inducing, distracting noise for the duration of the campaign.

If it had shown a dramatic increase - like up into the mid-8's, then Republicans would pounce on that as a sign that the President's policies are not working and that things are going the wrong way. That would be a setback for us this close to the election.

But, a number that is essentially unchanged from last month's takes away the Repub's opportunity to take either approach.

Plus, since unemployment didn't bump up into the 8.XX% range, the psychological effect of that first digit staying at 7 has people thinking (correctly) that we're still in a recovery mode and that things are continuing to get better - and not worse.

Plus, even the MSM is reporting that jobs were still added in the last month and that the 0.1% increase in unemployment is due to an influx of job seekers and not a decrease in actual jobs created. Repubs will still try to debunk this. But, I think it'll stick.

Best of all worlds, here.

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Response to TomCADem (Original post)

Fri Nov 2, 2012, 11:02 AM

5. I can attest to this

as an unemployed sister and BIL both got jobs last month where they were due to start employment this week and next.

Hopefully the logjam has broken!

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Response to TomCADem (Original post)

Fri Nov 2, 2012, 11:24 AM

8. k&r

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Response to TomCADem (Original post)

Fri Nov 2, 2012, 11:55 AM

9. Locking - duplicate thread

of http://www.democraticunderground.com/1014287832 . Please continue discussion there.

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