Nearly 300K Jobs Created in Past 3 Months

[durutti]

http://story.news.yahoo.com/news?tmpl=story&u=/ap/20031108/ap_on_bi_go_ec_fi/economy&cid=668&ncid=716

WASHINGTON - The economy has created nearly 300,000 new jobs in the past three months after a half-year drought, pushing unemployment down to 6 percent in October and leaving little doubt that the jobs market is bouncing back.

The Labor Department (news - web sites) reported Friday that payrolls grew by 126,000 last month, many more than economists had predicted. That followed a revised 125,000 new jobs in September, more than double what initially was reported. U.S. companies added 35,000 to their payrolls in August.

October's job gains were in a range of service industries, including temporary employment, health care, social work, education, retail, leisure and hospitality, law and accounting.

"We can finally put the nail in the coffin of the jobless recovery," said Ken Mayland, president of ClearView Economics. "We are back on a rising job track."

But many of the new jobs were part-time or in low-paying industries, causing some economists to temper their enthusiasm over Friday's report. Still, the unemployment rate's decline to a six-month low — from the standstill 6.1 percent of the previous three months — buoyed Wall Street.

[frustrated_lefty]

1. Krugman estimated

we need to create somewhere between 250-300,000 jobs a month for the economy to truly recover. And those jobs need to be sustainable, not part-time or seasonal one shot wonders. BushCo isn't going to be smiling about the economy come February.

[0007]

11. I'm reading the "The Great Unravelling"

Another Krugman jewell.

[Voltaire99]

13. I'm enjoying it, too. However...

...as much as I enjoy his witty diagnoses and his sound warnings, Krugman's neoliberal remedy is questionable. I'm glad he's handing it to the Bushies; I don't think he could get us out of our mess.

For a dissenting view, check out Cockburn's essay on Krugman at Counterpunch.com. And for a more incisive and less worshipful look at Clintonian economics, see Thomas Frank's "One Market Under God."

[54anickel]

2. Oh, puhleez!!!

"We can finally put the nail in the coffin of the jobless recovery," said Ken Mayland, president of ClearView Economics. "We are back on a rising job track."

I am so sick of this same old, some old BS. SSDD!

You know where I'd like to put a "nail"

[conservdem]

48. I hope Mayland is right, and this is the end of a "jobless recovery."

I want to be optomistic about the economy and job growth.

[metisnation]

3. This is a damn joke!!!!

OK THIS IS DIRECTLY RELATED TO THE TROOP ROTATION IN IRAQ. AFTER ALL THEY DO HAVE TO HIRE TEMPS TO FILL THOSE POSITIONS RIGHT?????

[mhr]

7. I Don't Believe These Numbers For A Second

eom

[eablair3]

21. They phonied up numbers at Enron & in the Houston Schools

just to name a couple. companies are fixing the numbers all over the place.

I wouldn't put it past this cabal to play with the numbers and outright LIE.

[Fovea]

32. You dont have to put it past them

They lie damned near every time their mouths open.

[VolcanoJen]

36. Exactly!!!! And after they phonied-up the Houston schools...

... drop-out numbers, they elevated the lyin', cheatin' superintendent of Houston schools, Rod Paige, to Secretary of the US Department of Education!!!!

There was an amazing and illuminating piece about the Houston fraud on Bill Moyers a few weeks ago.

This pumping-up of phony economic numbers is just Rove's attempt to change the subject from Iraq to the "Bush Economic Miracle." It's up to US, and us alone, to be sure this doesn't happen.

[jeter]

23. We should do some research and discover what jobs kind of...

jobs were actually created.

Because manufacturing lost another 26,000. So were these hamburger flipper type of jobs or what?

[Frodo]

24. Those reservists must be D@MN productive!

Call up 40,000 and their employers need to hire 300,000 people to replace them. Wow!

[BuckeFushe]

25. THE 300K IS A FLAT OUT LIE

U.S. companies set 172,000 job cuts last month, the highest in a year, outplacement firm says.

http://money.cnn.com/2003/11/04/news/economy/challenger/index.htm

U.S. job-cut announcements rose in October to their highest level in a year, according to a report Tuesday by an outplacement firm that keeps track of job cuts.

U.S. businesses announced 171,874 job cuts in October, up 125 percent from September's level of 76,506, according to Chicago-based Challenger, Gray & Christmas. It was the greatest number of job cuts since 176,010 in October 2002.

Though unemployment is typically a lagging economic indicator, the U.S. economy has enjoyed eight straight quarters of economic growth, including a growth rate of 7.2 percent in the third quarter of 2003, without significant job creation.

In fact, since the declared end of the latest recession, in November 2001, more than a million payroll jobs have been lost, according to the Labor Department.

http://story.news.yahoo.com/news?tmpl=story&cid=668&ncid=749&e=6&u=/ap/20031108/ap_on_bi_go_ec_fi/economy

October's job gains were in a range of service industries, including temporary employment, health care, social work, education, retail, leisure and hospitality, law and accounting. But many of the new jobs were part-time or in low-paying industries, causing some economists to temper their enthusiasm over Friday's report.


--

So you have a NET job creation of about 52,000, not 300,000. The new jobs added last month mostly were in lower-paying industries such as retail and temporary employment firms NO MANUFACTURING OR WHITE COLLAR JOBS (IT's THE XMAS SEASON, DOH). Average weekly earnings in those sectors are $366 and $318 respectively. The national average is $521 per week. What about all the replacement grocery workers who were just put on waivers when that strike ended?

This is pure bullshit, not good news.

[trogdor]

35. Yep, it's all doubleplusgood.

I, for one, am afraid to spend a lot of money this Christmas. The best present I can give my family is debt reduction.

[librechik]

4. but but there were 125,000 layoffs at the same time!

doesn't that sort of change the picture?

http://www.dol.gov/opa/media/press/eta/ui/eta2001422.htm

It's like the 7.8 % growth. What difference does that make when you've got a half a trillion dollar deficit?

It;s amusing how the media have spun this Friday. Can't tuck Shrub into bed for the weekend without giving him a nice present, I guess...

oh, and the "buoyed Wall Street" part? The Street closed down today, indicating that it was not impressed with the Unemployment Figures sleight of hand.

The Shrub's fans are just desperately tryiong to give him a boost this week for some reason, even though the media says this was a "good week for Republicans." I think the admin knows better and they're in pre-emptive strike mode.

[cosmicdot]

27. Authorities Worried Al Qaeda May Use Cargo Planes in Attack

... please, we can't have information about jobs lost vs. the White House cheer report of 300,000 new jobs ... even though the information was released virtually within hours of each other ...

(of course, I appreciate your report) :) and, that's likely over 150,000 jobs lost in a month vs. a 3 month period ... so, I'm sure we're talking a negative number in the "net" job category

and, this story is stuck for the weekend at the top of my start page new story items ... it even tops talk of Pearl Harbor type of any- second-now terrorist attacks at nuclear plants and such ...

U.S. News< more >

U.S. Adds Nearly 300,000 Jobs in 3 Months
Naval Academy Graduates Seek Gay Chapter
U.S. Warns of al-Qaida Cargo Plane Plot
Man Hit by Car, Lodged in Windshield
Sniper Suspect's Friend Implicates Him


... if we're all nice and quiet ... we might hear the economy grow ...

now, back to further distractions

[RDANGELO]

45. I just don't believe

we are ever going to have a sustained growth, job creating economy with budget and trade deficits running at a 500 bil a year clip ,but this is their big gamble.

[Jazzgirl]

47. I don't believe it either.

Unfortunately, their big gamble is playing with all our lives. I can honestly say the only jobs being created where I work are due to a high number or retirements and most positions aren't being filled. I still know lots of people getting layoff notices.

Jazzgirl

[sam sarrha]

5. They probably are all part time minimum wage at Wallmart..more illegal

aliens from Mexico crossed over in the same period of time.....they think that is great news the tax cuts worked... but ask what the 8,400,000 unemployed think about the Bush job victory.

[mhr]

6. Ask The 15 Million Plus Unemployed or Underemployed

The 9 million number is only the "official" estimate.

I have seen estimates as high as 20 million including the official and all the unofficial unemployed that fall through the cracks.

[Name removed]

8. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Tom Yossarian Joad]

14. Am I loosing my mind? I had a message earlier that simply said

I heard that the vast majority of the jobs were between $6.00 and $7.00 an hour.

Didn't I?

Twilight zone time for me I guess.

[Name removed]

9. Deleted message

Message removed by moderator. Click here to review the message board rules.

[alcuno]

10. "bouncing back?" Not yet. It takes 120,000 jobs just to keep up

with the new workers entering the workforce. There's a lot more that needs to happen.

[many a good man]

12. Look on the bright side, you gloom and doomers!

Still, the unemployment rate's decline to a six-month low — from the standstill 6.1 percent of the previous three months — buoyed Wall Street.

Oh, wait a minute. Looks like the Dow fell 47 points today! I guess it means the ship of state is merely sinking at a slower rate. All that hot air must be providing a wee bit more flotation!

[dArKeR]

15. Bush spent every $ we made for the next 10 years. What do you expect

to happen?

Why isn't there analysis of this point when the Media Whore report about the job creation?

And where we could have been, 300% higher, if Bush was NOT the pResient and Gore continued the Clinton economic policies!!!!!

36 months of loss + a few months of gain = What Media Whores?

[MI Cherie]

16. 'Tis the season to be ...

... shopping! Don't most businesses hire a lot of part-timers and temps leading up to the holidays? Less than 46 shopping days until Christmas!

Recovery will only happen when everyone who has lost a job or taken a lower paying job is in better shape than they were three years ago. Anything less is not even breaking even!

[PsychoDad]

17. Seasonal Jobs?

Christmas is fast aproaching...
What does that do each year? Is this simply that, Seasonal hireing?

[Media_Lies_Daily]

20. Ding, ding, ding!!! We have a winner!!

[Dogmudgeon]

22. And what about after the Christmas season?

Springtime hiring doesn't even start to kick in until April.

We should also consider the impact of a weak Christmas buying season, as well as the impact of a colder-the-usual winter, and the possibility of mahor snowstorms.

Unless the economy really does pick up, there could be an enormous jump in unemployment in January and February. But since Team Bush has taken to playing games with the economic indicator reports, this won't be visible until mid-year, after competent economists have separated the wheat from the Bush.

--bkl
Bush, chaff ... what's the difference?

[demigoddess]

44. the stores I shop at are not putting on any new employees

But some of them are putting out loads of cheap gift items. they are blocking the doors with displays and most of them are things people buy as necessities. Jeans, socks, underwear. It all looks a little too desperate to me. almost as if they are expecting a bad year.

[Yavin4]

18. The Media Is Hyping The Economy

in order to get people shopping over Christmas. Everyone hears that the job market is fine, and they go out shopping. This also supports the advertisers that buy time on their networks.

[Beaker]

29. Give the man a cigar! DING-DING-DING!!

The Junta talked the economy down before election 2000, and now they're trying to talk it back up- there's nothing to worry about, your job is coming- go out and spend spend spend SPEND this holiday season.

[trapper914]

30. Watch the bankruptcy rate

In the next year, it'll be huge.

[kodi]

19. congratulations america you slowed the acceleration rate of decline

now there's some, well, um, um, second derivative good news.

the busheviks ballyhooing their tainted labor stats on employment is like a scientific quack using log versus log graphs to spot a trend when the real data shows chaos.

[jimbot]

26. Saw an economist from Tufts on PBS last night saying...

That it takes in increase of about 150K jobs/month to keep unemployment where it is because of the increase in the working age population.

--JT

[Gin]

28. Remember the 16 words....if it worked in the state of the union..

why not in these numbers?

Do not beleive it for a second.

[newyawker99]

40. Hi jimbot!!

Welcome to DU!! :toast:

[Melsky]

31. How many living wage jobs?

From the article:
The new jobs added last month mostly were in lower-paying industries such as retail and temporary employment firms. Average weekly earnings in those sectors are $366 and $318 respectively, said John A. Challenger, chief executive officer of Challenger, Gray and Christmas, an employment research and recruiting firm. The national average is $521 per week.


Also, 1.4 million workers were only able to find part-time work, up 27 percent from a year ago. To make ends meet, 7.5 million Americans worked two or more jobs last month, up from 7.3 million a year ago.

So what if there are a few more temp jobs, mc jobs and wally jobs. Basically, these jobs are around 8-9 dollars an hour. Not the sort of thing you can support a family on.

I would also like to know how many of these jobs have employer paid health insurance.

At the same time we see this rosy headline, I have heard barely a peep about how Orrin Hatch is pushing a plan to circumvent the 65,000 cap on H-1B temporary worker visas by expanding exemptions. Those are the tech jobs that actually do create a living wage.

I really do think they want us to be a nation of lords and serfs.

[tom_paine]

42. Of course they want us to be a nation of lords and serfs

Busheviks don't like the Old American Republican, with it's vulgar upstarts imagining themself to be above their betters.

Every step they take brings us close to being a nation of bootlicking serfs.

[Snellius]

33. Why is everything about Bush?

Watching the news, it doesn't really seem that anyone really cares that real people are still really worried whether they will have a job next week. How they can spend time with their kids when they have to spend so much time at work. How are they going to pay their kids dentist bill or their mother's nursing care.

The war dead are tallied like a football game while we are sending our sons and daughters to their death.

Everything's about Bush. Any piece of news is immediately interpreted in terms of whether it's good or bad for Bush. Black hawk down -- bad for Bush. Unemployment down or factory orders up = score one for the Bush team. It's all a sport to the media.

[lumpy]

34. Old hat- manipulating the figures

nt

[arikara]

37. We have the same headlines in Canada

They never bother mention what type of jobs, obviously they're not good jobs. Its Christmas shopping time, of course the stores always hire extra help only to lay them off in January. The news reporter also remarked wonderingly that the DOW Jones wasn't affected by this good news. In fact, I've noticed that the market only goes up when a company "downsizes", so why would it go up when a few peons get a part-time temporary job???

and another wonderment - a little off topic - they said that walmart stock went up when they got caught for using illegals for janitors because it reminded people that its time for Christmas shopping. What a world.

[study_war_no_more]

39. Hoyaasquatii- a way of life that consumes others

Probably spelt it wrong but i understand it perfectly. Bah walmart.

[pfitz59]

38. 300,000 fruit-pickers?

Seasonal jobs? What about full-time, 100% benefits, living-wage. career jobs?

[samsingh]

41. Bingo - see the last paragragh

the jobs are mainly part-time or low-paying. this is not a recovery.

[htuttle]

46. Welcome to McJobs

300,000 underserved.

[wellst0nev0ter]

49. You're Right About The "McJobs"

Surge in new jobs, but most are low-paying

By Seattle Times staff and news services

The U.S. economy has begun to create jobs, pushing the national unemployment rate to its lowest level since last spring.

But most of the new jobs were part time or in low-paying sectors, such as education, health care and services.

<snip>

While the numbers are good news in general, the new jobs added last month mostly were in lower-paying industries such as retail and temporary employment firms. Average weekly earnings in those sectors are $366 and $318, respectively, said John Challenger, chief executive officer of Challenger, Gray and Christmas, an employment-research and recruiting firm. The national average is $521 per week.

Also, 1.4 million workers seeking full-time jobs were in part-time jobs, up 27 percent from a year ago. To make ends meet, 7.5 million Americans worked two or more jobs last month, up from 7.3 million a year ago.

http://seattletimes.nwsource.com/html/nationworld/2001786196_jobs08.html

[October]

43. Christmas Seasonal Hiring?

Just a guess...but isn't this a yearly trend that drops again in January/February?