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Fri Dec 7, 2012, 07:50 PM

Something great happened today...

I woke up, turned on the TV, saw the news about the unemployment rate and then didn't hear Mitt Romney pooh-pooh positive economic developments. I didn't hear, "how is this going to impact the presidential race..." and an absurd amount of over-analyzing what the numbers actually mean - you know, outside an improved economy.

It was extremely refreshing.

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Arrow 22 replies Author Time Post
Reply Something great happened today... (Original post)
Drunken Irishman Dec 2012 OP
Squinch Dec 2012 #1
coalition_unwilling Dec 2012 #4
NMDemDist2 Dec 2012 #5
coalition_unwilling Dec 2012 #9
Marie Marie Dec 2012 #6
coalition_unwilling Dec 2012 #10
Squinch Dec 2012 #16
Sekhmets Daughter Dec 2012 #20
coalition_unwilling Dec 2012 #22
geckosfeet Dec 2012 #7
UnrepentantLiberal Dec 2012 #8
geckosfeet Dec 2012 #11
UnrepentantLiberal Dec 2012 #14
treestar Dec 2012 #12
Comrade_McKenzie Dec 2012 #18
Voice for Peace Dec 2012 #2
amuse bouche Dec 2012 #3
Rowdyboy Dec 2012 #13
DarthDem Dec 2012 #15
Sunlei Dec 2012 #17
DavidDvorkin Dec 2012 #19
Capt. Obvious Dec 2012 #21

Response to Drunken Irishman (Original post)

Fri Dec 7, 2012, 08:25 PM

1. But the tv station I watched immediately went into the "because people have left the

workforce" BS. Which simply isn't true this month. Given the effect of Sandy, these numbers were actually pretty stupendous. There is NO BUT in there.

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Response to Squinch (Reply #1)

Fri Dec 7, 2012, 09:40 PM

4. 542,000 Americans left the workforce in November. Had they continued to look for work (without

 

finding it), the UE rate would have stayed the same or even increased.

Sorry, but them's the facts. Thing to remember is that it's not Obama's or the Dems' fault, as legislation originates in the House and the Rape-publi-scum have brought forward no jobs bill EVER!

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Response to coalition_unwilling (Reply #4)

Fri Dec 7, 2012, 10:09 PM

5. link? n/t

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Response to NMDemDist2 (Reply #5)

Fri Dec 7, 2012, 10:38 PM

9. While I do not endorse the sentiments of this writer, this link will

 

show you where I got the number:

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

However, the true source for numbers related to unemployment comes from the U.S. Government Bureau of Labor Statistics. The source data for the 542,000 figure is found here:

http://stats.bls.gov/news.release/empsit.htm

It's a sure-fire cure for insomnia, but still makes for interesting reading.

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Response to coalition_unwilling (Reply #4)

Fri Dec 7, 2012, 10:24 PM

6. Agreed, BUT, the same thing was true with Bush's UE figures.

You just never heard the Republicans willing to add the unemployed who had dropped off the UE benefit roles and/or had simply given up looking to their UE statistics. They only count when a Democrat is in office.

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Response to Marie Marie (Reply #6)

Fri Dec 7, 2012, 10:45 PM

10. I'd like to clear up a couple misconceptions: the unemployment 'rate' (UE) has

 

nothing whatsoever to do with the number (or 'rate') of those receiving unemployment insurance (UI) benefits.

The UE 'rate' is calculated based on statistical sampling and surveys conducted by the Bureau of Labor Statistics. Thus, even if someone has exhausted his or her unemployment insurance benefits, he or she is still counted as 'unemployed' provided he or she continues to seek employment.

In normal times, UI lasts for 26 weeks. During the Great Recession and its aftermath, several extensions have been granted that take this 26-week number out to as much as 99 weeks. But many people have been unemployed longer even than 99 weeks (myself included) and the BLS still counts us as unemployed PROVIDED WE ARE LOOKING FOR WORK.

The key statistic in my opinion is the 'labor participation rate' which shows how many people are actually working. That number declined by 0.2% from October to November, as many Americans simply stopped looking for work. Once they stopped looking, they were no longer considered unemployed and thus helped reduce the UE rate that was announced today for the preceding month.

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Response to coalition_unwilling (Reply #10)

Sat Dec 8, 2012, 08:45 AM

16. Two things, though: how many people leave the workforce in the average month, and

given that we are now in the thickest of the baby-boom retirement years, isn't it logical that the participation rate will naturally decline each month for a number of years to come? And using your numbers, isn't .002 of the people (.2%) just about right?

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Response to coalition_unwilling (Reply #4)

Sat Dec 8, 2012, 06:07 PM

20. 10,000 Baby Boomers

retire each day.... Perhaps the picture is not as grim as one might think?

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Response to Sekhmets Daughter (Reply #20)

Sat Dec 8, 2012, 08:29 PM

22. Neither grim nor rosy. That's a dead-cat bounce = anemic

 

recovery (GDP growing at less than 2%/year and unemployment well above 5%).

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Response to Squinch (Reply #1)

Fri Dec 7, 2012, 10:26 PM

7. And my guess is that after winter breaks there will be a lot more construction jobs

on the east coast where Sandy hit.

Frankly I was pleasantly surprised at the employment numbers. But did gag a bit when they quickly followed it up with the "because many have dropped out of the workforce". I do expect with the aging of the baby boomers that the workforce will shrink steady - unless the retirement is raised to 70.

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Response to geckosfeet (Reply #7)

Fri Dec 7, 2012, 10:35 PM

8. I hate to think of it that way but it has occured to me.

 

I'm in the NYC area and I'm in construction. These buildings will have to be rebuilt.

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Response to UnrepentantLiberal (Reply #8)

Fri Dec 7, 2012, 10:47 PM

11. Glad you made it through the storm. And I am sure that you folks

work in all kinds of weather, but once it warms up you can get a lot more done outside.

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Response to geckosfeet (Reply #11)

Sat Dec 8, 2012, 12:22 AM

14. Thanks.

 

I made it through a lot easier than some. Just had to be in the dark for a week.

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Response to Squinch (Reply #1)

Fri Dec 7, 2012, 10:54 PM

12. I happened to be in a restaurant lobby

Where they had Faux Noise on an overhead TV screen. Couldn't hear it, but saw that flashing across the bottom. Whenever the rate goes down, we hear the same thing.

If people leave the work force, then they don't need to be counted. If you're not looking for a job, why expect to be counted? It's stupid. If they can afford to quit looking for a job, what's the worry about?

Just a right wing attempt to squelch good news. And if Mittens had won, they wouldn't even be saying or scrolling it.

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Response to treestar (Reply #12)

Sat Dec 8, 2012, 11:10 AM

18. +1 You're not in dire straits if you've 100% given up on finding employment.

 

They're not counted in the number for a good reason and people on DU should not push the meme.

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Response to Drunken Irishman (Original post)

Fri Dec 7, 2012, 09:17 PM

2. ahhh... I had a similar experience today! Followed a link

which I thought was current, about Romney, and
as it turned out was from September, and was about
his "real agenda" .. but I didn't even read it. I was so
happy and relieved that I don't have to see him or
hear him any more.

high five!

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Response to Drunken Irishman (Original post)

Fri Dec 7, 2012, 09:34 PM

3. I agree

It was wonderful not to hear the right wing B.S and drooling

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Response to Drunken Irishman (Original post)

Sat Dec 8, 2012, 12:13 AM

13. Since Nov 6th, I wake and don't check to see if 538.com has been updated ....

I still check out Kos and DU and PoliticalWire but without the urgency. The terrible fear that money really could buy a presidential election, that the soulless automaton titled Willard Romney might actually become president is over-for ever and ever, amen. I can breathe again.

Yes, it is refreshing. Very refreshing.

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Response to Rowdyboy (Reply #13)

Sat Dec 8, 2012, 06:07 AM

15. I'm With You

I'm the exact same way. And it is really, really refreshing.

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Response to Drunken Irishman (Original post)

Sat Dec 8, 2012, 09:34 AM

17. refreshing to climb the cliff without Mitt nagging us :)

[link:|

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Response to Drunken Irishman (Original post)

Sat Dec 8, 2012, 01:54 PM

19. If you find that you miss such pooh-poohing, after all,

then you can always find it here on DU.

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Response to Drunken Irishman (Original post)

Sat Dec 8, 2012, 07:24 PM

21. But Donald Trump will be on soon

to harp on the monkey business of downgrading the last two months

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