Unemployment at 8.6%

[IHateMyJob2004]

released today. No thread yet?

Pulls up lawn chair. FIGHT!

 

[Ausm]

Here is the link

http://bottomline.msnbc.msn.com/_ne...d-in-november-jobless-rate-fell-to-86-percent

The will make all hard right wingers cry in their beer tonight.

 

[MomentsofSanity]

It's all faked. The don't count those that gave up. It's an election ploy.

Did I miss anything?

 

[IHateMyJob2004]

It's all faked. The don't count those that gave up. It's an election ploy.

Did I miss anything?

I was expecting people to say it is just seasonal changes with others following up with seasonal changes are never 0.4%. So, I covered two more for everyone. Back to my lawn chair.

 

[Imp]

A lot of people must have given up?

...Or Christmas retail hiring.

 

[jstern01]

yeah, check on January 1st 2012. The real number will come out. But on a positive note, at least people are spending this holiday season, since the retailers have added staff to meet the demand.

 

[mshan]

http://video.cnbc.com/gallery/?video=3000060322 (unemployment rate is not revised down when previous month's employment gains are raised, so unemployment rate may have been trending down from 9% for last several months)

http://video.cnbc.com/gallery/?video=3000060097 (lots of discretionary purchases on Black Friday)


Almost 1 million household jobs in last 3 months, and something like 2 million or 3 million jobs (Mark Zandi comments this morning on CNBC) since February 2010, and that slowdown this year because of increased oil prices, Japanese earthquake, domestic debt ceiling crisis theater, Eurozone crisis has been holding back things this year. (Specific comments at 5:40 mark, but may want to start viewing from around 4 minute mark: http://video.cnbc.com/gallery/?video=3000060289)

Glimmers of small business formation, which is supposed to be real driver of new jobs, in these reports. I think Zandi said it has been problem because new small business owners used to use 1) loan using house as collateral, and 2) credit cards. I saw elsewhere on tv. banks are loosening credit requirements now (mountains of cash because of uncertainty and lack of demand, but I guess now it is starting to hold back their profitability).

Plus, I remember reading quite a while ago about how 59 or 60 year olds who were thinking about retiring were staying in job market to collect unemployment benefits, which may have expired recently(?)
(99 weeks)






And as an aside, interesting talking head on CNBC Asia yesterday discussing about how U. S. will essentially be on same competitive playing field from manufacturing point of view around 2015: http://www.cnbc.com/id/45517969

(also note that Japan car makers are finding it cheaper to take American built cars and import into South Korea, rather than build in Japan and import to same) Nominal labor costs in China will still be higher than U. S., but gap is closed because of relative productivity advantage in U. S.

""Five years ago, China was clearly the destination you wanted to be in," Ivo Naumann, Managing Director at AlixPartners in Hong Kong told CNBC on Friday. "What happened over the last couple of years that advantage of China has by and large been eroded, so what we are seeing now is, of course, that the U.S. is becoming awfully competitive again."

 

[Ausm]

http://video.cnbc.com/gallery/?video=3000060322 (unemployment rate is not revised down when previous month's employment gains are raised, so unemployment rate may have been trending down from 9% for last several months)

http://video.cnbc.com/gallery/?video=3000060097 (lots of discretionary purchases on Black Friday)

Almost 1 million new jobs in last 3 months, and something like 2 million or 3 million jobs (Mark Zandi comments this morning on CNBC) in 2010 before slowdown because of increased oil prices, Japanese earthquake, domestic debt ceiling crisis theater, Eurozone crisis...

Plus, I remember reading quite a while ago about how 59 or 60 year olds who were thinking about retiring were staying in job market to collect unemployment benefits, which may have expired recently (99 weeks)

Holyshit you think the Republicans would be on this like stink on shit...oh wait it's their base.

 

[OutHouse]

Here is the link

http://bottomline.msnbc.msn.com/_ne...d-in-november-jobless-rate-fell-to-86-percent

The will make all hard right wingers cry in their beer tonight.

we all should be crying in our beer tonight. the numbers are still dismal. so i have no idea what you are so happy about.

 

[werepossum]

Good news, though just barely. We added 120,000 net new jobs, after the 400,000+ we lost, but three times as many people gave up looking. (I'm assuming these were people whose unemployment benefits had run out, not unemployed people who tired of free money.) So 3/4 of the good news is bad news.

I believe these numbers are seasonally adjusted, so the 120,000 net new jobs would be on top of those expected to be added for the Christmas shopping season. And just as something purely subjective, it seems to me that there are more people out spending money lately. (I mean over the last few months, not just people Christmas shopping.) That puts more strain on the existing work force, which in turn puts more pressure on employers to hire more workers to reduce that strain. So I suspect that the additional activity will drive unemployment down further in the months to come. On the down side, when the next unemployment extension is passed, those people who have given up even looking for work will re-register to get benefits, so the unemployment numbers will spike back up to 9% or beyond. But it won't actually be bad news, there will still be slightly more people working.

We're crawling forward, but at least we aren't still sliding backward. The slowest recovery ever is still a recovery.

 

[Londo_Jowo]

Hot damn those tax breaks on the 1% are finally taking effect and hiring has increased!!!!

 

[OutHouse]

Holyshit you think the Republicans would be on this like stink on shit...oh wait it's their base.

seniors are the republicans base? so only seniors vote repbublican? wtf are you smoking.

 

[MomentsofSanity]

I was expecting people to say it is just seasonal changes with others following up with seasonal changes are never 0.4%. So, I covered two more for everyone. Back to my lawn chair.

Dammit how did I miss Christmas hiring?!

I am so ashamed.

 

[woolfe9999]

It's all faked. The don't count those that gave up. It's an election ploy.

Did I miss anything?

Yeah, you left out the fact that "Obama kills brown people."

 

[IceBergSLiM]

why do they still report this? Don't they always comeback a few months later and say oh wait its actually worse than we reported?

 

[MomentsofSanity]

Yeah, you left out the fact that "Obama kills brown people."

And because the right believes it just brown people unemployed (or mostly) that would be the reason for the decrease? Damn that's a good one to use.

 

[Londo_Jowo]

why do they still report this? Don't they always comeback a few months later and say oh wait its actually worse than we reported?

It's a ploy used by the corporations to make every one feel better and spend more this holiday season.

 

[Ausm]

we all should be crying in our beer tonight. the numbers are still dismal. so i have no idea what you are so happy about.

It's simple Republicans are banking on the jobless rate staying at 9% or better yet getting even higher.

 

[Ausm]

seniors are the republicans base? so only seniors vote repbublican? wtf are you smoking.

I would say 3/4 of the Republican base are Seniors...and that base is shrinking rapidly due to something called their deaths.

Why do you think the Repubs dropped the Ryan plan or when they want to gut Medicare or SS but it won't affect anyone over 55...it doesn't take a rocket scientist to connect the dots.

 

[OutHouse]

It's simple Republicans are banking on the jobless rate staying at 9% or better yet getting even higher.

thats bullshit and you know it.

stop the partisan crap dude its old. both parties suck period end of story.

 

[JockoJohnson]

It can only be good news for the country...I don't care what political party people belong to. However, let's see what the numbers are after the holiday season to make sure it isn't being bumped down because of seasonal hiring.

 

[OutHouse]

I would say 3/4 of the Republican base are Seniors...and that base is shrinking rapidly due to something called their deaths.

lol lol lol lol lol lol lol. do you just fucking pop numbers out of your head? so 75% of all republican voters are seniors? AHAHAHAHAHAHHAHAHAHAHAHAHAHAH **gasp for air**** BWHAHAHAHAHAHHAHAHHAHAHAHAH

 

[JockoJohnson]

seniors are the republicans base? so only seniors vote repbublican? wtf are you smoking.

Hopefully, it's not weed or he may be executed

 

[OutHouse]

It can only be good news for the country...I don't care what political party people belong to. However, let's see what the numbers are after the holiday season to make sure it isn't being bumped down because of seasonal hiring.

Thumbs up

 

[Ausm]

thats bullshit and you know it.

stop the partisan crap dude its old. both parties suck period end of story.

Partisan crap? Oh what you mean is reality....