Unemployment holds steady at 6.1%, economy adds jobs 1st time in months

[CMT]

After seven straight months of cutting payrolls, businesses began hiring again in september, adding 57,000 new non-farm payroll jobs to the economy and suggesting--at least to Wall Street--that the thus-far jobless economic recovery may be gaining momentum...

http://www.msnbc.com/news/975375.asp?0cv=CA01

[zbdent]

1. Good news for the Ford workers in Ohio and Michigan

when they close the plants!

And the Republic steel workers in Akron who lost their jobs (thanks for all your wonderful help - the commercials playing in NE Ohio have been lauding W's work in saving the steel industry! - whoops, forgot about all those waivers to various industries, allowing them to buy cheap steel!).

[ProfessorGAC]

2. Utter Nonsense

Question:
How does an economy add enough jobs to indicate recovery and not be statistically significant enough to change the jobless rate?

Answer: It Can't. The economists who said this are idiots.
The Professor

[papau]

3. Some negatives: 27 weeks or more hits 2.1 m, part-time hits 5 million

Number of jobless people looking for work for 27 weeks or more rose to 2.1 million last month. Also, people working part time because they can't find full-time work increased to nearly 5 million, per the Bureau of Labor Statistics.

I do not see that the tax cuts have not created jobs as promised, but they have created huge deficits that will stifle growth in the future and burden our children and grandchildren with debt

Services sector added 66,000 new jobs last month - but with half of the gain occurring in temporary employment services. Some 29,000 factory jobs were lost, but that was considerably fewer than in previous months - so I guess the US media will spin this as good news, and forget that the manufacturing decrease in jobs lost was due to the lower value of the dollar.

[jmcgowanjm]

4. Never before has a Recovery been Presaged by 3Mil JobLoss

Over 11% of US un/underemployed
or dropped out.

[zbdent]

5. Makes me think of a doctor who just lost a patient

on the operating table.

"Patient has stabilized . . ."

[Capn Sunshine]

6. It's BS They are moving numbers around.

Manufacturing didn't break its string of declines but the -29K dip was narrower than expected. Payroll gains in construction, retail, finance and services including a strong 33K rise in temp services -- a good leading indicator of labor demand. Uncle Sam gave up 15K. The workweek held unchanged from an upward revision in Aug as hourly earnings fell off -0.1%. The unemployment rate held unchanged at 6.1% as it continues to suggest a downtrend from the 6.4% of June.

To arrive at the "plus" number, they had to take "manufacturing" out of the mix.

They are grasping at anything; the markets desperately want to move up in their little shell game. So they ignore the bad parts that do not fit their view. This is called "bullishness" for a reason.