January Job Gains Less Than Expected

[Pirate Smile]

WASHINGTON (Reuters) - U.S. employers added just 146,000 new jobs in January and hiring in the previous three months was revised lower, the government said on Friday in an unexpectedly weak report on the job market, but a drop in job-seekers pushed the unemployment rate to its lowest level in three years.

The gain in nonfarm payrolls in January came in below market expectations for 190,000 new jobs but was enough to return the nation's employment to where it was before the 2001 recession began. It also erased the jobs lost during President Bush (news - web sites)'s first term.

January's increase in hiring came after a downwardly revised 133,000 gain in December. The Labor Department (news - web sites) also cut its estimate of jobs created in October and November, trimming a total of 59,000 jobs over the fourth quarter of 2004.

Still, the unemployment rate fell to 5.2 percent, the lowest level since a 5.0 percent reading in September 2001. The drop came amid a fall in the number of people in the labor force, which includes both those with jobs and those looking for work.
http://story.news.yahoo.com/news?tmpl=story&cid=580&ncid=580&e=1&u=/nm/20050204/bs_nm/economy_jobs_dc

[papau]

1. Here is DOL - I liked the revisions that made it a 4 year plus!

http://www.bls.gov/news.release/empsit.nr0.htm

Friday, February 4, 2005.


THE EMPLOYMENT SITUATION: JANUARY 2005

Nonfarm payroll employment increased by 146,000 in January and the unem-
ployment rate decreased to 5.2 percent, the Bureau of Labor Statistics of the
U.S. Department of Labor reported today. Job growth continued in several ser-
vice-providing industries, while manufacturing employment declined over the
month.

Unemployment (Household Survey Data)

Both the number of unemployed persons, 7.7 million, and the unemployment
rate, 5.2 percent, declined in January. The jobless rate was down from 5.7
percent a year earlier. Over the month, the unemployment rates for adult men
(4.7 percent), whites (4.4 percent), and Hispanics or Latinos (6.1 percent)
edged down, while the rates for adult women (4.6 percent), teenagers (16.3
percent), and blacks or African Americans (10.6 percent) showed little change.
The unemployment rate for Asians was 4.2 percent, not seasonally adjusted.
(See tables A-1, A-2, and A-3.)

The number of long-term unemployed--those unemployed 27 weeks and over--was
about unchanged over the month. This group accounted for 20.9 percent of the
unemployed. (See table A-9.)

Total Employment and the Labor Force (Household Survey Data)

Total employment, as measured by the household survey, was little changed
at 140.2 million, seasonally adjusted, in January. The employment-population
ratio--the proportion of the population age 16 and older with jobs--remained
at 62.4 percent. The civilian labor force was 148.0 million, after seasonal
adjustment. The labor force participation rate edged down over the month to
65.8 percent. (See table A-1.)

The number of persons who work part time for economic reasons was 4.4 mil-
lion in January, seasonally adjusted. The January level was about unchanged
from December, but was down by 308,000 over the year. This category is com-
prised primarily of persons who indicated that they would like to work full
time but were working part time because their hours had been cut back or
because they were unable to find full-time jobs. (See table A-5.)

At 7.2 million, not seasonally adjusted, the number of persons who held
more than one job was about unchanged in January from a year earlier. These
multiple jobholders represented 5.2 percent of total employment, the same
proportion as in January 2004. (See table A-13.)

[Pirate Smile]

2. I'm watching CNBC and Larry Kudlow (RW shill) is fighting to say how

great everything is while all the other pundits are saying this isn't good. The market isn't following historical trends. Unemployment fell because people left the market (gave up looking).

[Maeve]

4. Seriously--if you get fewer jobs than expected

But unemployment, which you expected to remain stable, falls--that can only mean a smaller pool of job hunters.

[Pirate Smile]

5. Of course.

[sniffa]

3. surprised?

hardLy.

[cthrumatrix]

6. U.S. jobless rate falls to 5.2% (146,000 new jobs - 200,000 expected)

U.S. jobless rate falls to 5.2%
Nonfarm payrolls rise moderate 146,000 in January

By Rex Nutting, MarketWatch
Last Update: 8:30 AM ET Feb. 4, 2005
E-mail it | Print | Discuss | Alert | Reprint | RSS

WASHINGTON (MarketWatch) - The U.S. unemployment rate fell from 5.4 percent to 5.2 percent in January, the lowest since September 2001, the Labor Department reported Friday.


Nonfarm payrolls increased by 146,000 to a seasonally adjusted record of 132.573 million, as employment broke the February 2001 peak for the first time.

With the payroll increase and an upward revision to past data, job growth in President Bush's first term totaled 185,000, letting him avoid the stigma of being the first president since Herbert Hoover to preside over net job losses.

Economists were expecting payroll growth of about 189,000, according to a survey conducted by MarketWatch. The jobless rate was expected to remain at 5.4 percent.

Payrolls have increased by an average of 137,000 in the past three months, a slow down from the 181,000 average pace in all of 2004.

http://www.marketwatch.com/news/story.asp?guid={6F6653F1-DE3F-46DA-A70D-D9A338579DFB}&siteid=

[papau]

7. Here is DOL - I liked the revisions that made it a 4 year plus!

http://www.bls.gov/news.release/empsit.nr0.htm

Friday, February 4, 2005.


THE EMPLOYMENT SITUATION: JANUARY 2005

Nonfarm payroll employment increased by 146,000 in January and the unem-
ployment rate decreased to 5.2 percent, the Bureau of Labor Statistics of the
U.S. Department of Labor reported today. Job growth continued in several ser-
vice-providing industries, while manufacturing employment declined over the
month.

Unemployment (Household Survey Data)

Both the number of unemployed persons, 7.7 million, and the unemployment
rate, 5.2 percent, declined in January. The jobless rate was down from 5.7
percent a year earlier. Over the month, the unemployment rates for adult men
(4.7 percent), whites (4.4 percent), and Hispanics or Latinos (6.1 percent)
edged down, while the rates for adult women (4.6 percent), teenagers (16.3
percent), and blacks or African Americans (10.6 percent) showed little change.
The unemployment rate for Asians was 4.2 percent, not seasonally adjusted.
(See tables A-1, A-2, and A-3.)

The number of long-term unemployed--those unemployed 27 weeks and over--was
about unchanged over the month. This group accounted for 20.9 percent of the
unemployed. (See table A-9.)

Total Employment and the Labor Force (Household Survey Data)

Total employment, as measured by the household survey, was little changed
at 140.2 million, seasonally adjusted, in January. The employment-population
ratio--the proportion of the population age 16 and older with jobs--remained
at 62.4 percent. The civilian labor force was 148.0 million, after seasonal
adjustment. The labor force participation rate edged down over the month to
65.8 percent. (See table A-1.)

The number of persons who work part time for economic reasons was 4.4 mil-
lion in January, seasonally adjusted. The January level was about unchanged
from December, but was down by 308,000 over the year. This category is com-
prised primarily of persons who indicated that they would like to work full
time but were working part time because their hours had been cut back or
because they were unable to find full-time jobs. (See table A-5.)

At 7.2 million, not seasonally adjusted, the number of persons who held
more than one job was about unchanged in January from a year earlier. These
multiple jobholders represented 5.2 percent of total employment, the same
proportion as in January 2004. (See table A-13.)

[cthrumatrix]

9. if jobs are less...why is unemployment rate dropping..?

is it becuase many are dropping off the "numbers that are counted" becuase they are out of work for so long?

[Tux]

8. Too bad

I still don't like corporate welfare so companies can send good or decent paying jobs overseas so we can work in restraunts and as stations. Where I live, that is the 2 major employers. I hope Bush gets morals and decides to be an American.

[Zeke]

10. Yes, But...

Wages are also down.

More people have no healthcare or benefits.

The wealthy get tax cuts, the poor & middle class get budget cuts.

Oh, and more people are dying and getting tortured under Bush Inc.

Have a nice day.

[Career Prole]

11. "Letting him avoid the stigma"...

With the payroll increase and an upward revision to past data, job growth in President Bush's first term totaled 185,000, letting him avoid the stigma of being the first president since Herbert Hoover to preside over net job losses.

Bullshit! And if the nuns had let me grade my own tests I'd have been the smartest kid in the school! :grr:

[cthrumatrix]

12. tell me that these numbers are not "cooked" ... Rove made sure

the Hoover tag was not to be applied.

Can we challenge these false numbers somehow?

[Palacsinta]

13. So the job numbers right before the election.........

were actually lower? Howzabout that!!

[zanana]

14. Have you ever noticed that...

With economics, they can make anything sound good? And unless you're an economist yourself, it's hard to know if they're just making it all up.

[xchrom]

15. the estimate of jobs cut in october and november.

hmmmm? coincidence?
i think not.

[Yavin4]

16. Weren't We Supposed to Have 10 Million New Jobs Because

of the 2nd Bush tax cut? Where's the media on that lie? Where's the media on the lie about WMDs? Can someone call Bush on his lies BEFORE we jump off the SS cliff?

[teryang]

17. Factoids of dubious distinction

<President Bush's first term in office ended up showing a net gains in payroll jobs. From January 2001 to January 2005, the economy generated a net gain of 119,000 jobs. That allows Bush to escape being the first president since Herbert Hoover to have a net loss of jobs on his watch, a forecast by Democrats throughout the 2004 presidential campaign.>

<Meanwhile, the share of the U.S. population working or actively seeking a job dropped in January to 65.8 percent, the lowest reading since June 1988.>

http://biz.yahoo.com/ap/050204/economy_22.html

Associated Press
Payrolls Grow at Lackluster Pace in Jan

[daleo]

18. Some apologist on MSNBC was saying less people were looking for work

But this is great, because it shows that people feel free to drop out of the labor force to raise their kids, enjoy life, blah, blah. I was just surprised she didn't say it was wonderful because they had more time for Bible study.

The idea that an economist would say a shrinking labor force was a good thing just floored me. It is just so counter to conventional economics, that it seemed like obviously biased spin for Bush.