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Employment Situation SummaryTotal nonfarm payroll employment increased by 171,000 in October, and the unemployment
rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics
reported today.
The manufacturing workweek edged down by
0.1 hour to 40.5 hours, and factory overtime was unchanged at 3.2 hours. The average
workweek for production and nonsupervisory employees on private nonfarm payrolls edged
down by 0.1 hour to 33.6 hours. (See tables B-2 and B-7.)
In October, average hourly earnings for all employees on private nonfarm payrolls edged
down by 1 cent to $23.58....In October, average hourly earnings of private-sector production and
nonsupervisory employees edged down by 1 cent to $19.79. (See tables B-3 and B-8.)
The important thing is looking at a longer time frame. Peak employment was in Jan 2008 at 146million. Obama took office in Feb of 2009, by which time employment had fallen to 141million. The stimulus was passed the same month, and employment continued to fall for about a year to a low of 137million. Since then it has risen very slowly to a current level of 143 million, still about 3 million below pre-recession numbers. Unfortunately, millions have entered the workforce in the same timeframe, meaning 12 million are still unemployed, compared to 6 million before the recession.
At a cost of almost 5 trillion in debt, and 12 trillion in govt spending.
As I mentioned in another thread, no one should take either of the two top-line numbers (jobs added, unemployment rate) very seriously because they both have huge margins of error. But the campaigns and press always do....
The best news in the report is actually that last two months' jobs number were revised upward by 84,000.
Having said all that, this report probably benefits Romney slightly because of the statistically insignificant rise in the unemployment rate.
The biggest doubt I have is if it actually means anything in places like Ohio. I think people are going to vote for Obama despite the economic climate, which is fairly unique in my estimation. That can be a frustrating prospect, but it also means people might think something different about a President's ability to "get the economy going again."
Housing is not really "in the toilet". Not a lot of new housing starts but the worst of the foreclosure crisis seems to be over. The financing process is slow due to underwriting requirements, but existing homes are being reabsorbed into the market mostly which will eventually pull people from being underwater and lay the groundwork for new construction. Rates are expected to stay about where they are for the next 18-24 months so there is no rush. Slow and steady will clamp down on speculation that fed this mess.
According to the breaking news, the BLS report shows unemployment back up to 7.9% but also that 171,000 jobs were added.
Both campaigns will spin it in all directions. Obama will point to the 171,000 extra jobs, Mitt to the 0.1% rise in the unemployment rate.
Notice what I said--housing starts are down--but housing overall is not. Your chart is housing starts.
Using a broad brush, the national 'psyche' seems to be in a 'semi-depressed funk'.
I don't see how Obama can 'community organize' us out of the 'funk'.
Question to liberals: How long has it been since Obama picked up the phone and called Eric Cantor?
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