General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsU.S. Economy Adds 146,000 Jobs In November; Unemployment At 7.7 Percent (updated)
The U.S. economy added 146,000 jobs in November, according to the Labor Department. The unemployment rate fell to 7.7 percent.
http://livewire.talkingpointsmemo.com/entry/us-economy-adds-146-000-jobs-in-november
Updated to add:
By Steve Benen
<...>
Just last night, Ezra explained on the show that the new monthly job figures would be released this morning, and a lot of folks would be shocked by how bad the numbers would be. Why? Because of Hurricane Sandy. Most expected to see only 80,000 jobs created.
This morning, everyone's shocked for a very different reason. The Bureau of Labor Statistics reports that the U.S. economy added 146,000 jobs in November, nearly double the projections. What's more, the overall unemployment rate dropped to 7.7%, its lowest point in four years...job totals from September and October were revised down a bit.
To be sure, 146,000 jobs isn't evidence of a robust economic recovery, but given Sandy-generated expectations, the figures come as a pleasant surprise.
<...>
Update: Here's another chart, this one showing monthly job losses/gains in just the private sector since the start of the Great Recession.
http://maddowblog.msnbc.com/_news/2012/12/07/15751977-job-numbers-far-exceed-expectations-unemployment-drops
yellowcanine
(35,699 posts)Last month's meme somehow got in there.....
Liberal_in_LA
(44,397 posts)Democratopia
(552 posts)JackN415
(924 posts)malaise
(269,054 posts)JackN415
(924 posts)imaging living 4 years under this
ProSense
(116,464 posts)No one gives a damn about Mitt's opinion of it.
malaise
(269,054 posts)GObama!!
Any comments from those effin' loser ReTHUGs?
mythology
(9,527 posts)To which I say and more than a little bit of
Apparently there are very few limits to the world of emoticons.
Ha!
ProSense
(116,464 posts)Mr. Tears?
Turbineguy
(37,343 posts)BeyondGeography
(39,374 posts)econoclast
(543 posts)Recall that the unemployment rate varies in accordance with the Household Survey not the reported headline jobs number, which comes from a different report... The Establishment Survey
Sticking with the Household Survey ... Which is the report from which the Unemployment Rate is calculated we see:
US Employment DOWN 122,000 - Household Survey
The Civilian Labor Force DOWN 350,000 - Household Survey
Not in Labor Force UP 542,000 - Household Survey
So since even more people stopped looking for work ( 542,000) than lost their jobs (122,000) .... The unemployment rate went down ....
But the reason why is dismal
ProSense
(116,464 posts)There were positives and negatives in the November employment report, and I'd like to start with two clear positives.
First, seasonal retail hiring was very strong in November (see 3rd graph below). There is a fairly strong correlation between seasonal hiring and holiday retail sales, and this record seasonal hiring suggests a solid holiday season.
Second, a key theme we've been discussing is that we are nearing the end of state and local government layoffs (see last graph). This has been ongoing for over 3 years, and it appears the drag from state and local governments is mostly over. Of course employment at the Federal level is still shrinking, and everyone expects more austerity in 2013.
Other positives include better than expected employment growth, the decline in the unemployment rate to 7.7% (the lowest level since December 2008), a decline in part time workers, and a decline in the long term unemployed (although this is still very high).
- more -
http://www.calculatedriskblog.com/2012/12/employment-report-more-positives-than.html
coalition_unwilling
(14,180 posts)labor force since 2009 were to re-enter it, i.e., resume looking for work, the national unemployment rate would be above 9.5%. Add the workers who have been forced to accept part-time employment but who would prefer full-time employment and that national rate rises to over 14.5%.
The unemployment rate dropped to 7.7% in November BECAUSE 542,000 Americans stopped looking for work.
That's not Obama's fault -- the Rape-publi-scum tabled his 2011 stimulus bill and never advanced a jobs bill of their own -- but please stop putting lipstick on a pig.
Yahoo takes a predictably right-wing slant, but even so, it's difficult to argue with the numbers:
http://finance.yahoo.com/blogs/the-exchange/unemployment-rate-falls-more-adults-discouraged-quit-looking-165711644.html
ProSense
(116,464 posts)"If all the people who have dropped out of the labor force since 2009 were to re-enter it, i.e., resume looking for work, the national unemployment rate would be above 9.5%. Add the workers who have been forced to accept part-time employment but who would prefer full-time employment and that national rate rises to over 14.5%."
...that was the reason the unemployment rate ticked up in October, as did the participation rate. An increase in the participation rate, while it would likely increase the unemployment rate, is not a bad thing. It's a sign the economy is recovering and people are more confident returning to the job search. The goal is to stimulate job creation enough to mitigate the impact.
Still, that it dropped this month is not good news, but could this be the impact of Sandy?
This ratio should probably move close to 80% as the economy recovers. The ratio declined in November to 75.7% from 76.0% in October. Not good news.
http://www.calculatedriskblog.com/2012/12/employment-report-more-positives-than.html
This is a relatively positive report coming on the heels of a major storm.
econoclast
(543 posts)The quotes you are citing are from the Establishment Survey
The unemployment rate comes from the Household Survey and my numbers are accurate. Disturbing, but accurate.