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MrRodgers -> RE: Unemployment drops for 5th straight month down to 8.3 (2/3/2012 10:05:22 AM)
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quote:
ORIGINAL: Yachtie
quote:
ORIGINAL: Owner59
"Unemployment rate hits 8.3 pct. after hiring burst
Employers went on a hiring spree in January and drove down the unemployment rate for a fifth straight month to 8.3 percent, its lowest point in nearly three years.
The result pointed to a resurgent job market, and it sent stock futures surging. The Dow Jones industrial average futures, which were flat before the report, jumped more than 100 points.
The economy created 243,000 net jobs in January, the most in nine months, and the unemployment rate fell two ticks."
It should also be noted that January saw the largest decrease in history of the Labor Participation Rate.
it appears that the people not in the labor force exploded by an unprecedented record 1.2 million. No, that's not a typo: 1.2 million people dropped out of the labor force in one month! So as the labor force increased from 153.9 million to 154.4 million, the non institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation. As for the quality of jobs, as withholding taxes roll over Year over year, it can only mean that the US is replacing high paying FIRE jobs with low paying construction and manufacturing. So much for the improvement.
BLS chart
CBO says otherwise about the unemployment rate -
"Had that portion of the decline in the labor force participation rate since 2007 that is attributable to neither the aging of the baby boomers nor the downturn in the business cycle (on the basis of the experience in previous downturns) not occurred, the unemployment rate in the fourth quarter of 2011 would have been about 1¼ percentage points higher than the actual rate of 8.7 percent" translation: CBO just admitted that the BLS numbers are bogus and real unemployment is 10%.
Breaking out the champagne as things are improving may be a bit premature.
A very good historical measure as to just how big a mess the repubs and 'W' left this country. There isn't anything that Obama has done to slow the economy but there is obvious and substantial evidence the senate repubs have done all that they can.
I love those people who say they want smaller govt., get [it] out of our lives but want jobs and look to blame Obama (govt.) for not using govt. policy...to create those jobs. Hypocrites...all of them.
The CBO BTW says that since 2009...over 3 million jobs created and as of 12/11 unemployment was 8.5%. Nowhere do I find that the CBO disputes BLS or has suggested that unemployment is 10%.
That's 3 million since inauguration. or about 36 months. That comes to 83,333 jobs/mo. recovering from the worst recession in at least 30 years and maybe in 80 years. But then of course in Washington, we don't have any conservatives...only politicians.
After the 8 years of 'W' starting with a better economy and with a federal surplus used them to cut some $4 trillion in taxes...created only 7 million jobs total in 8 years or 72,916 jobs/month.
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