Skip to comments.Unemployment sinks to 5-year low (11/3/06)
Posted on 03/07/2010 5:22:15 PM PST by originalbuckeye
NEW YORK (CNNMoney.com) -- The unemployment rate fell to the lowest level in more than five years in October, the government reported Friday, a sign of unexpected strength in the job market. The jobless rate sank to 4.4 percent from 4.6 percent in September, the Labor Department said. It was the lowest since May 2001. Economists had forecast the rate would hold steady. The department also said that employers added 92,000 jobs in October, down from a revised 148,000 in September, and short of Wall Street forecasts for a gain of 125,000. But the September reading was revised up from the originally reported 51,000, and the increase, together with a revision to the August reading as well, had employment up 139,000 above earlier estimates heading into October. Those revisions and the modest October gain mean that 1.5 million jobs have been added so far this year, which is above forecast by most private economists, and blunts the effect of the modest October gain. The Bush administration hailed the report, but one political analyst said it wasn't likely to help Republicans facing tough elections battles on Tuesday. Polls indicate the economy isn't the top issue in the midterm elections. State-by-state unemployment rates The tighter job market is apparently helping to lift wages, according to the Labor Department report, which showed that average wages rose 6 cents to $16.91 an hour last month, a shade above what economists had forecast. Average wages are now up 3.9 percent over the last 12 months while the Consumer Price Index, the government's main inflation gauge, is up 2.1 percent for the 12 months ending in September, partly due to the recent sharp decline in oil prices.
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So what did your BIL have to say for himself when presented with facts? :-)
The economy went downhill right after Nancy the Pelosi became Speaker.
glad you pulled this up.
There is also the factor that some economist consider 4% as zero unemployment as that is close to the amount of people that won’t look for a job because they would rather collect unemployment as long as they can.
That is one cool graph! What is the source, and have you verified it’s validity?
Bush’s Fault LOL!!!!
no validity is noted.
but, no validity is not noted.
W’s economy was a house of cards based on government growth, a commodities bubble, and a housing bubble.
I always figured thaty somehow or other Unemployment was tied to Global Warming!
Yeah. Funny how it is all Bush's fault. These types of graphs just keep popping up.
In the 2006 midterm elections, democrats took back control of congress. Lets see how they’ve done:
Dow Jones Average
Jan 07: 12,398
Jan 07: 4.6
Jan 07: $162 billion
Current: 1.5 trillion
Jan 07: 8.7 trillion
Current: 12.3 trillion
(Additions and corrections welcome)
but, no validity is not noted.
LOL! Is that akin to "no controlling legal authority"?
but now the line is grey as a whore by any other color would still be a whore.
Double, double toil and trouble;
Fire burn and cauldron BUBBLE.
Cool it with a baboons blood,
Then the charm is firm and good.
Always with the "unexpected"; although being a Republican admin at the time, the MSM was naturally "expecting" bad news.
Oh, Okay... I think I've got the Lame Stream Media's running narrative now:
Republican in Office = Expected weak job market.
DemonRat in Office = Expected strong job market.
Yup, that would explain why they (the LSM) are always surprised when the real numbers start rolling in.
Kind of a variant on the Self-fulfilling Prophecy syndrome. lol.