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

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

    Good timing for the President after his lackluster debate performance.

    The unemployment rate in the U.S. unexpectedly fell to 7.8 percent in September, the lowest since President Barack Obama took office January 2009, as employers hired more part-time workers.The economy added 114,000 workers last month after a revised 142,000 gain in August that was more than initially estimated, Labor Department figures showed today in Washington. The median estimate of 92 economists surveyed by Bloomberg called for an advance of 115,000. The jobless rate dropped from 8.1 percent and hourly earnings climbed more than forecast.


    Improving employment prospects that lead to stronger wage growth provide workers with the wherewithal to boost their spending, helping cushion the economy from a global slowdown. Today’s employment report is the penultimate before the November elections as President Barack Obama and challenger Mitt Romney debate whose policies would best spur job growth.
    "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

    I like how adding 114k jobs resulted in an increase of employed persons of 800k. Quite the dubious math.

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

    September jobs report probably won't sway election - Oct. 5, 2012

    Jobs Report May Mean More to Presidential Race Than Markets - US Business Blog - CNBC

    Sorry to burst your little bubble, but CNN is contradicting itself, and CNBC doesn't agree with your report.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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

    I would like to know what those jobs are... and if they are jobs that can bring people into the middle class or not. If not, then its a very, very small victory...

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

    It is a small victory, but they add up. Median income rise is nice, too.
    "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

    Quote Originally Posted by AdamT View Post
    Good timing for the President after his lackluster debate performance.
    This should get him back many, if not more, of the votes he lost since Wednesday night.

    What's good for America is bad for Conservatives.

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

    Quote Originally Posted by Samhain View Post
    I like how adding 114k jobs resulted in an increase of employed persons of 800k. Quite the dubious math.
    Figured it out. 600k took part time jobs because they couldn't find a full time one.

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

    Quote Originally Posted by Samhain View Post
    I like how adding 114k jobs resulted in an increase of employed persons of 800k. Quite the dubious math.
    Your confusion stems from comparing payroll data with current population survey data. Here's a clue ... That 114,000 net gain does not factor into the unemployment rate.

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

    the "unexpectedly" drinking game continues.

    i'm glad for any good news, and at the same time, i find the 7.8 percent figure to be dubious. hopefully, we'll have a strong holiday season to momentarily fix some of the problems. i think we're continuing to head towards recovery, but the fundamental problems with our economic model remain. this is due to the fact that there isn't enough wealth at the bottom to sustain the local economic ecosystem of small and medium sized businesses efficiently.

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

    The report contained some indications of improvement e.g. the increase in hourly earnings. A big boost in part-time jobs led to the large drop in the headline unemployment rate. If one looks at the broadest measure of the employment situation (U-6) that takes into consideration people who are employed part-time for economic reasons, that measure remained unchanged at 14.7%.

    The important question going forward concerns whether some share of those part-time jobs will turn into full-time ones. If such a transition is to occur, uncertainty concerning aggregate demand will need to decrease so that businesses have sufficient confidence to make full-time commitments. Headwinds concerning structural factors in the U.S. persist. An additional risk factor is the "fiscal cliff." Another risk factor concerns the possible impact of economic slowdowns in parts of Asia and the emergent contraction in parts of Europe. As a result, firms remain more cautious than usual in their hiring. Hence, in the current environment, some firms that would normally hire full-time employees to help meet demand for their goods and services are presently hiring people on a part-time basis.

    In terms of the political impact, the headline figure's dropping below the psychological 8% barrier increases the President's prospects of re-election. However, there will be one more release of employment information prior to the election (11/2). Should September's and earlier figures be revised to show less progress and should October's employment figures prove weak, that could have an adverse impact on his re-election chances.

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