Following up on the earlier item, the economy added far more jobs in November than expected, offering some good economic news against the discouraging backdrop in Washington. And while the monthly totals are arguably the most important jobs metric, I also wanted to note the steady drop in the overall unemployment rate.
The new jobless rate of 7.7% is the lowest in four years, and clearly the lowest since President Obama took office. It's also dropped a full point in just the last year, going from 8.7% in November 2011 to 7.7% in November 2012.
All of this progress can end quickly, and will almost certainly reverse course if congressional Republicans force austerity measures through the fiscal negotiations. For that matter, another debt-ceiling crisis forced by GOP lawmakers would take a severe toll on job creation, just as it did in the summer of 2011.
For now, however, the improvements are generally heartening.
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They're just cooking the books so that Obama can be reelected! Oh wait...
For the uninitiated, this number is a measure of how many people dropped out of the work force, making the percentages look good. 540,000 are no longer looking for work.
http://www.zerohedge.com/news/2012-12-07/146000-jobs-added-november-beat-expectation-85000-unemployment-rate-lower-77
http://seekingalpha.com/article/1051281-weekly-unemployment-claims-at-370k-back-to-the-pre-sandy-range
Shooter face it. Despite the best efforts of the Republicans in Washington to run out the clock on President Obama the economy IS recovering and WILL continue to do so. Period. You can willingly believe what you wish but that will not change the reality of the situation.
The other thing to remember is that the spring should see another major bump in job growth thanks to the rebuilding efforts for the effects of Sandy. That means more money in the hands of channel from consumers who are the ones who actually drive market forces.
Psst: Shooter, the election is over! Your guy lost! But I would venture to guess that you think we would all be in Shangri-la by now if Romney had won. You and Foxnot News are still rooting for a bad economy. Just as you and the rest of consertives rooted for the auto industry to fail. Right now any good economic news is good for the country,but apparently you do'nt think so. No your still still stuck in campaign mode. Just get over it and hope the economy keeps improving for your benefit and for the rest of America.
You make it sound like there are 370,000 applicants for 146,000 jobs, leaving 224,000 more people unemployed. That is not the way it works.
A company can employ on average 100 people, fire 10 and hire 10, and generate 10 new unemployment claims without changing their staffing level.
To generate a "new" job they'd have to increase their workforce to 101.
And perhaps more to the point, no one has changed the metrics. The chart reflects the same data interpreted the same way as we have for decades.
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Also NOTE: Increased unemployment in the summer of 2011. Yup, just when the GOP was holding the debt-limit hostage and lowering the US credit rating.
Yes, that's theoretically possible, but doesn't seem plausible. Business doesn't fire and hire. They generally just fire these days
As for the two above you on the thread... why are you content to have the Obama administration jerk your chain? If there were as many people in the labor force as there was in 2009, unemployment would be closer to 11%. You'll accept that kind of BS because IOKIYAD?
http://www.washingtonpost.com/blogs/wonkblog/post/wonkbook-the-real-unemployment-rate-is-11-percent/2011/12/12/gIQAuctPpO_blog.html
If there were as many people in the labor force as 2009 we would have no retirement age.
The baby boomers are retiring, which is a big part of why the workforce is shrinking.
Shooter why do I think things are going to get better? simple one word answer: History.
Face it in the history of the United States I defy you to find me two things:
One: a recession or depression that wasn't caused by over speculation in an under regulated market.
Two: A time when we did NOT recover when those things were corrected.
Go on show me. You always call me a "Class warrior" I'm not actually what I am is a social justice warrior. The problem isn't in wanting to make money the problem is wanting to make ALL the money and being willing to do anything to get it.
Should read "Unemployment Rates Under the Republican Congress"...opps, it would be the same chart!
Should read "Unemployment Rates
Under the RepublicanDespite the Rape-Public-CON Congress"...Oops. Fixed that for you. And, since you obviously didn't read past the headline, here's a bit of what you missed:
*** All of this progress can end quickly, and will almost certainly reverse course if congressional Republicans force austerity measures through the fiscal negotiations. For that matter, another debt-ceiling crisis forced by GOP lawmakers would take a severe toll on job creation, just as it did in the summer of 2011. ***
Who knew that the GOP's Farm Dust Regulation Prevention Act would would have such a positive impact on the jobless rate?
If it gets to five, do Sean Hannity and Rush Limbaugh explode?
Only if the rest of us have been very, very good.
Folks,
Please keep in mind that this months jobs and economic reports are based on data gathered while hurricane Sandy was knocking out power, mass transit, and telephone service across the single most influential economic region in the country. The level of uncertainty and short-term effects in these results should cause us all to place a big, fat, asterisk next to this month's national numbers.
Once the regional and state-by-state numbers come out we can have a better idea what the trends are.
And the caveats are that single months can be misleading. It's the overall trend that's important.
My God, the rate is still so disastrously high! I think the last time 8% unemployment was considered good was under Democrat President Carter. We all know where that led us.
And "Pascoguy 65"...remember that 1/2 of the Congress is, and has been, for several years, Democrat-controlled....the Senate....remember them, led by Harry Reid, who hasn't brought up a budget vote in the past 4 years? The House, and only the House, has been Republican for a mere 2 years. So your byline should read "Unemplyment Rates under the Democratic Congress" to be fair.