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Thread: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

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    Re: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

    Quote Originally Posted by Amigo View Post
    Here you go:
    The problem I have is with them not counting those who have given up, and not counting those who have been unemployed for over 12 months.
    COOL!! now were getting somewhere, as soon a you inlighton me with what you consider " REAL NUMBERS! "

    Myself the closest that i can come to an unbiased source is the BLS site.Which,incidentally has been using the same procedure that you're bitching about from before Obama was elected president.

    Its not like it just jumped up and bit you in the ass during his presidency.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

    Quote Originally Posted by iguanaman View Post
    No other western country is.
    Your chart does a bit of cherry-picking. Try adding Canada and Australia at the very least, then Switzerland, Sweden, Norway... there are lots of western countries doing better.

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    Re: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

    If the unemployment rate was the only measure of how well the economy was doing, I'd agree, this would be great news. As it is, it's good that at least some Americans are finding work. The official numbers for September are 114K new jobs. 10K are public sector jobs. So 104K new private sector jobs. In order to keep up with population growth, they say we need to average out 150K new jobs a month. Septembers numbers are actually worse than those for August. Is that improvement?

    Something most media ignores is the participation rate. Right now, we are near the lowest mark ever, floating around 58-59% of those who want jobs, actually having or looking for work. Those who have quit looking for work were added into the numbers, we would be at 10.7% unemployment.

    Another thing economists look at is the U6 number. This number includes people that are working, but are underemployeed, meaning they want full time work, but all they have found is part time, or their job is at a pay rate that can not sustain themselves and their family. That number is 14.7% and has been right around that area for a long time.

    None of this, as a whole picture, is good, or shows much of any 'recovery'.

    Anything or anyone that suggests the 'big picture' shows we are doing fine, is either a partisan hack or is just showing off how little they comprehend things.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

    Quote Originally Posted by Arbo View Post
    If the unemployment rate was the only measure of how well the economy was doing, I'd agree, this would be great news. As it is, it's good that at least some Americans are finding work. The official numbers for September are 114K new jobs. 10K are public sector jobs. So 104K new private sector jobs. In order to keep up with population growth, they say we need to average out 150K new jobs a month. Septembers numbers are actually worse than those for August. Is that improvement?

    Something most media ignores is the participation rate. Right now, we are near the lowest mark ever, floating around 58-59% of those who want jobs, actually having or looking for work. Those who have quit looking for work were added into the numbers, we would be at 10.7% unemployment.

    Another thing economists look at is the U6 number. This number includes people that are working, but are underemployeed, meaning they want full time work, but all they have found is part time, or their job is at a pay rate that can not sustain themselves and their family. That number is 14.7% and has been right around that area for a long time.

    None of this, as a whole picture, is good, or shows much of any 'recovery'.

    Anything or anyone that suggests the 'big picture' shows we are doing fine, is either a partisan hack or is just showing off how little they comprehend things.
    SSSSsshh...dont let amigo see this.

    <The change in total nonfarm payroll employment for July was revised from
    +141,000 to +181,000, and the change for August was revised from +96,000 to
    +142,000.>

    Employment Situation Summary
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

    And by sheer happenstance, 98 percent of the new jobs created were accepted by unemployed Democrats.

    Amazing, the coincidence.

    Chicago politics at its finest. No stoop to low to stoop to.

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    Re: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

    Quote Originally Posted by treedancer View Post
    and the change for August was revised from +96,000 to
    +142,000.>
    Yes, I read about this. The revisions accounted for public sector workers. Private sector workers was revised down 5K from the original estimate from what I have read.

    Public sector jobs are not the 'backbone' of the economy.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

    Quote Originally Posted by Arbo View Post
    Yes, I read about this. The revisions accounted for public sector workers. Private sector workers was revised down 5K from the original estimate from what I have read.

    Public sector jobs are not the 'backbone' of the economy.
    I wonder if we had the number of public sector jobs now,that we had before the recession what the nubers would look like?my bet is ti would be,using the same procedure that was used previously, below 6%.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

    Quote Originally Posted by treedancer View Post
    SSSSsshh...dont let amigo see this.

    <The change in total nonfarm payroll employment for July was revised from
    +141,000 to +181,000, and the change for August was revised from +96,000 to
    +142,000.>

    Employment Situation Summary
    The fact is that the unemployment situation is actually better than the numbers suggest:

    Last month, for instance, the government estimated that 386,000 more jobs than it had originally reported were created between April 2011 and March 2012, or about 32,000 per month. These estimates will be refined and officially incorporated into the numbers, when the government announces its benchmark revisions to the labor numbers on Feb. 1, 2013.

    Jobs News Makes Obama's Case Easier - NYTimes.com
    In other words, an additional 386,000 jobs have been created but they are not yet reflected in the BLS database.

    CES Preliminary Benchmark Announcement
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

    Why Did Obama Name Far-Left Bureaucrat To Head The Bureau Of Labor Statistics? - Investors.com

    Five months ago Barack Obama nominated union backer, liberal economist and Federal Reserve bureaucrat Erica Groshen to lead the U.S. Bureau of Labor Statistics (BLS) the agency best known for calculating the nation's unemployment rate each month.

    Obviously Groshen's nomination was yet another sop to organized labor which doled out big dollars and major manpower to help elect Obama in 2008 (and which has already been rewarded handsomely for its efforts).

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    Re: U.S. Jobless Rate Unexpectedly Falls to 7.8%; 114,000 Jobs Added

    Nice attempted ad hominem attack by a far right wingnut -- completely devoid of facts ... BUT ... John M. Galvin is the acting Commissioner of BLS.

    Commissioner's Corner
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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