The Job Data

[jiacinto]

Is it good mainly because of seasonal employment, ie low wage jobs at department stores just for Christmas? Will it be adjusted come January and February?

[metisnation]

1. adjusted

it will be adjusted to suit the GOP agenda

[Brucey]

2. These numbers have consistently been adjusted.

They are tweaked to give Bush amunition. Later, on page 3982 the adjusted numbers will be given. A lot of people have stopped looking for jobs and aren't counted anymore. Some employment has occurred in holiday arenas. Some to pick up slack from retirees (baby boomers reaching retirement age).

[lysergik]

3. It's not good.

Anyone who says it is, is surely smoking something.

All of these numbers that get reported leave out the people who have flat out given up or have had their unemployment benefits discontinued. Afterall if you're not giving them money to half-assedly support themselves, they don't matter. Right?

[adriennel]

4. do the math, people!

Please remember that the "good job news" is that the U.S. LOST fewer jobs in Oct 2003 than in previous months. Fewer jobless claims is good news, but hardly indicative of a surging economic recovery.

The Numbers:
65,000 new jobs created Oct 2003
US Businesses cut 171,874 jobs in Oct 2003
348,000 new jobless claims for the week ending 11/1/2003

From CNNMoney:
"Most economists believe payrolls need to grow by about 150,000 jobs per month in order to keep up with the natural growth of the labor force and keep unemployment from rising."

So basically, American businesses cut more than twice as many jobs during Oct 2003 than they created. This doesn't even come close to the estimated 150,000 new jobs needed to just to sustain the economy.

I do not want the economy to stay bad for political reasons. I just want to emphasize that we really have to look at the data ourselves. Is this good job news? Technically, yes. Is it spectacular? Not even close!

[Zynx]

5. It was a freak number.

That's all there is to it.

[Beaker]

6. 30,000 more reservists being called up-

means 30,000 potential vacancies to fill.