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Unemployment in the U.S. unexpectedly dropped in November to a two-year low, while employers added fewer workers than projected and earnings eased, indicating the labor market is making limited progress.
The jobless rate declined to 8.6 percent, the lowest since March 2009, from 9 percent, Labor Department figures showed today in Washington. Payrolls climbed 120,000, with more than half the hiring coming from retailers and temporary help agencies, after a revised 100,000 rise in October that was more than initially estimated. The median estimate in a Bloomberg News survey called for a gain of 125,000.
Companies like DirectTV have said they will keep a tight rein on spending and employment in 2012, reflecting concern over the outlook for demand, Europe’s debt crisis and the U.S. deficit. The scant number of jobs is limiting wage gains and restraining consumers’ ability to boost spending, which accounts for about 70 percent of the economy.
“The labor market is showing very gradual progress, but it is progress,Stephen Stanley chief economist for Pierpont Securities LLC in Stamford, Connecticut said before the report. “Things are getting a little bit better on the economy. Firms are hiring but staying trim.”
U.S. Jobless Rate Unexpectedly Declines to 8.6% - Bloomberg
Good news for everybody except Gingrich/Romney. These economists are becoming laughable with their predictions as it seems almost every job report misses expectations and is later revised by 2 standard deviations. This one they were "right on" as payrolls came in as expected at 120k but the unemployment rate unexpectedly decline. Some pessimists are attributing this to a decline in the labor force. Either way, unemployment rate is now below 9%, the lowest it's been since it peaked at 10.1% back in March 2009.
U.S. Jobless Rate Unexpectedly Declines to 8.6% - Bloomberg
Good news for everybody except Gingrich/Romney. These economists are becoming laughable with their predictions as it seems almost every job report misses expectations and is later revised by 2 standard deviations. This one they were "right on" as payrolls came in as expected at 120k but the unemployment rate unexpectedly decline. Some pessimists are attributing this to a decline in the labor force. Either way, unemployment rate is now below 9%, the lowest it's been since it peaked at 10.1% back in March 2009.
Everything you guys said is true. Almost all the pundits attribute it to the decline in the labor force from 64.2% to 64% and from the article: "Payrolls climbed 120,000, with more than half the hiring coming from retailers and temporary help agencies, after a revised 100,000 rise in October." I agree with you 100% j-mac as I pointed out the stupidity of the estimates and the unreliability of the numbers in my OP. Here are some very telling charts from the report. Sorry for the HUGE images:
Unfortunately most people don't care to understand this part. It's a great political talking point to say the unemployment rate is at it's lowest since 2009 and under 9%
The unemployment rate, derived from a separate survey of households, was forecast to hold at 9 percent. The decrease in the jobless rate reflected a 278,000 gain in employment at the same time 315,000 Americans left the labor force.
U.S. Jobless Rate Unexpectedly Declines to 8.6% - Bloomberg
I agree, they aren't counting all they should. However, I have seen some progress in our area. A couple of new small businesses are going into a fairly stagnant small town, and I do see some big construction projects in several areas. Construction = jobs.
U.S. Jobless Rate Unexpectedly Declines to 8.6% - Bloomberg
Good news for everybody except Gingrich/Romney. These economists are becoming laughable with their predictions as it seems almost every job report misses expectations and is later revised by 2 standard deviations. This one they were "right on" as payrolls came in as expected at 120k but the unemployment rate unexpectedly decline. Some pessimists are attributing this to a decline in the labor force. Either way, unemployment rate is now below 9%, the lowest it's been since it peaked at 10.1% back in March 2009.
Either they are duping America, or not counting some people that absolutely be counted, or I don't know what, because I sure don't see the problem getting better.
Either they are duping America, or not counting some people that absolutely be counted, or I don't know what, because I sure don't see the problem getting better.
They tinker around with these stats in DC to the point where no one is telling the truth any more. I am disappointed in the lies.
j-mac
Of course the unemployment rate is sharply down. People are hiring for Christmas. After the holidays, watch it climb back up again.
So when economic data does not mesh with right wing talking points, THEN the data is incomplete? :lamo
Or.... The data, all the data, doesn't show the unemployment situation to be anywhere near as positive as the .4% drop in the unemployment that the government published indicates.
If you dispute what the data says, then by all means, let's hear it... If you don't, then your comment comes off as rather pathetic.
partisan much? good god, mac, do you HEAR yourself? we have good news, and you don't like it because god forbid obama get any kind of credit. perhaps you don't see things getting better because you don't want to see them getting better?
Reality is non partisan. Analogy here, if I owe you $20 bucks, and you say forget it, I don't get to claim that I paid you back do I?
j-mac
U.S. Jobless Rate Unexpectedly Declines to 8.6% - Bloomberg
Good news for everybody except Gingrich/Romney. These economists are becoming laughable with their predictions as it seems almost every job report misses expectations and is later revised by 2 standard deviations. This one they were "right on" as payrolls came in as expected at 120k but the unemployment rate unexpectedly decline. Some pessimists are attributing this to a decline in the labor force. Either way, unemployment rate is now below 9%, the lowest it's been since it peaked at 10.1% back in March 2009.
So when economic data does not mesh with right wing talking points, THEN the data is incomplete? :lamo
Reality is non partisan. Analogy here, if I owe you $20 bucks, and you say forget it, I don't get to claim that I paid you back do I?
j-mac
additionally, it seems like every report in the past several years begins with the term "unexpectedly," whether it's a rise or drop. it looks like economists might need some new models.
The labor market, those looking for jobs shrunk by 315K people that gave up! There is your percentage drop, but it isn't very honest is it?
j-mac
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