Skip to comments.Jobless rate hits 5-month low but payrolls fall
Posted on 02/05/2010 10:26:53 AM PST by NormsRevenge
WASHINGTON (Reuters) The U.S. unemployment rate surprisingly fell to a five-month low in January and factory payrolls grew for the first time since 2007, hinting at a labor market recovery even though the economy lost 20,000 jobs.
The White House cautiously welcomed the figures but said more needed to be done to put people back to work. Democrats fear voters could punish them in November congressional elections if headway is not made in tackling unemployment.
The decline in payrolls reported by the Labor Department on Friday was far smaller than the 150,000 drop posted in December. November's data from the survey of employers was revised sharply higher to a gain of 64,000, up from 4,000.
The jobless rate, based on a separate household survey, fell to 9.7 percent from 10 percent in December. ..
Analysts had expected payrolls to rise by 5,000 and the unemployment rate to edge up to 10.1 percent.
Details of the report were relatively upbeat. The length of the average workweek hit its highest in a year and overtime in manufacturing was the most since September 2008, suggesting growing pressure to add to payrolls.
Some analysts, however, were skeptical of the drop in the jobless rate .. U.S. stocks fell on worries about European fiscal problems, while investors were also struggling to interpret the jobs report.
U.S. government debt prices rose as traders focused on the unexpected fall in payrolls, ..
Annual revisions to the payrolls data showed job losses since the recession began were much deeper than originally thought. The economy has lost 8.4 million jobs since the start of the recession in December 2007. Before the revisions, the figure was 7.2 million.
In January, the number of 'discouraged job seekers' stood at 1.1 million, up from 734,000 a year ago.
(Excerpt) Read more at news.yahoo.com ...
I wonder how many times they’re going to revise these numbers before they even approach the truth?
How do you lose 20,000 jobs yet have the unemployment rate go down?
In the financial world, it’s called “Creative Accounting”............The IRS frowns upon such practices......................
THEY WILL BE REVISED, AND REVISED, AND REVISED UNTIL THE PUBLIC LOSES ALL CONFIDENCE AND TURNS AWAY IN DISGUST...................
What is this thing .. Truth? In Washington? LOLOL
The media can’t dance fast enough to report all the ups and downs and hows and whys..
These are crazy times ..
Over to You Gladys, What do you have for us.
What? Snow in Vancouver? Oh Please! ;-)
The Street is showing their confidence in The Zero...........
” ...U.S. government debt prices rose as traders focused on the unexpected fall in payrolls, ..
“Annual revisions to the payrolls data showed job losses since the recession began were much deeper than originally thought. The economy has lost 8.4 million jobs since the start of the recession in December 2007. Before the revisions, the figure was 7.2 million.
In January, the number of ‘discouraged job seekers’ stood at 1.1 million, up from 734,000 a year ago.”
Another misleading report. Do not buy it. The last statements point to the truth.
It’s it amazing?
Dow is down again. Wall street doesn’t believe the first historic multiracial bs’er.
Lies, lies, lies, lies, lies, lies!!!!!!!!!!!!!!!!!
492,312 people quit looking for jobs and gave up... therefore they are purged from the numbers... isn’t marxism lovely?!
“How do you lose 20,000 jobs yet have the unemployment rate go down?”
Be a democrat president?
You can never fill the bucket with water, until you fix the leaks...’nuff said.
Hummmm.. Math made simple????