Skip to comments.Economy Creates 163,000 New Jobs but Rate Rises to 8.3%
Posted on 08/03/2012 5:36:33 AM PDT by Perdogg
The U.S. economy closed out an otherwise weak second quarter by creating more jobs than expected, with 163,000 new positions added, but the unemployment rate fell to 8.3 percent. June saw 80,000 new jobs.
(Excerpt) Read more at cnbc.com ...
U6 increased again to 15%
I wonder how many of those are seasonal..
The BLS is probably fudging those numbers as well. I do not understand how teachers returning from summer can be counted as “found employment”.
The economy does not create jobs. Hard working industrious people who risk their own capital in order to better their own lives create jobs.
To say that the economy created these jobs is the same as Obama telling people they didn’t build their own businesses, that other people did it for them.
And part-time, temp, etc.
CNBC said more than 27,000 of the jobs were added to tge tourism sector (hotels, etc), so almost 20%...they also said a lot of this months number had to do with seasonal auto workers returning as well...
btw- Junes pathetic jobs numbers were revised downward 6000...
Seasonal adjustments for July are usually 1 million upwards.
Good news politically. Getting the unemployment rate moving in the WRONG direction is better politically than a smaller number of jobs created.
This is good for Romney, bad for Obama.
And the new jobs number will be revised downward in coming weeks.
-——the unemployment rate fell to 8.3 percent.———
I thought it was 8.2% before. I must have missed the unheralded re adjustment to 8.4%
Not good numbers. August, September & October will show lower numbers. Gas prices are rising rapidly. It takes a month or two to reflect the downward trend in the job numbers. Obama continues to destroy the USA economy which is just what he wants to do!!!
Are there no editors or even proofreaders left in the mainstream media? Some of us would agree with the headline that when the unemployment rate goes from 8.2% to 8.3%, that should be referred to as rising and not falling. This journalistic error is unexpected, just like the bad economic news.
Ministry of Truth must have gotten to this one before it was published.
Economy Creates 163,000 New Jobs but Rate Rises to 8.3%
but the unemployment rate fell to 8.3 percent.
Not to be picky, And I know you didn’t write this stuff. Which is it? Did it Rise or Fall?
I really detest poorly written material from these so-called Professionals.
Unemployment rate rises....stock market reacts positiveley
NB: CNBC corrected the mistake in the first sentence from fell to rose
June new Jobs was revised down from 80,000 to 64,000.
The 163,000 new jobs were all Obama campaign workers.
The “unemployment rate fell to 8.3%”?
Wrong, propagandists, it rose to 8.3%.
Falling means lower, rising means higher. In the case of unemployment, rising is bad and is not the direction you want to be going.
Just the last day or two, Obama’s been out there crowing about how his economic plan has worked. On what planet?
165K is still terribl considering we are supposedly in the third year of the recovery.
Thanks for posting. I did it when it was breaking on air but for some reason the thread got yanked...I guess URL inclusion is needed even if the breaking news is accurate and inevitably accessible.
Well, for some of us anyway ;-)
That only makes sense if they were counted as unemployed when summer recess started. I don't believe that is the case--teachers don't draw unemployment all summer, as far as I know!
Clip from NPR:
Update at 8:42 a.m. ET. Job Growth Averaging Around 150,000 A Month:
According to BLS, “since the beginning of this year, employment growth has averaged 151,000 per month, about the same as the average monthly gain of 153,000 in 2011.”
At that pace, however, there aren’t enough new jobs being added to bring down the unemployment rate.
I swear, these people ought to be stood up against a wall and offered one last cigarette.
Does anybody think Obama voters really want jobs?
I think they include teachers going back to work as well.
It’s higher than that.
OK, but are teacher counted as unemployed when school ends in June?
Gasoline just skyrocketed to $4/gallon here in Indiana.
Unemployment going back up.
Baraq is gonna suck bilgewater come November.
To be revised downward shortly...
They corrected it.
* The unemployment rate, which is derived from a separate survey of households, rose to 8.3 percent. That will give Republican presidential hopeful Mitt Romney ammunition for his charge that President Barack Obama has not done enough to help the economy since the 2007-2009 recession. It also raises pressure on Federal Reserve to ease monetary policy. The household employment survey ran in the opposite direction as the establishment survey of employers. The household survey showed the number of people with jobs fell by 195,000. In another worrisome sign, the household survey showed the size of the workforce decreased by 150,000. To be in the workforce, a worker must be either employed or seeking work. The participation rate, a measure of the amount of people employed compared to the size of the workforce, fell to 63.7 percent from 63.8 percent.
and these numbers will be revised as well. Watch!
Unexpected! Everybody *hic* drink!
How widely did they correct? Did they retract in all the early/late morning drive time scripts they sent out to local radio? Did they get all the stations to retract their sound bites? Damage was done and intentionally, the retraction was likely perfunctory, but meaningless.
So Halleluja, this is fantastic news. We MUST send BO back to the white house.
I am not sure. I do not understand how or why they counted.
"Everything that's supposed to be up is down!"
Can someone please tell me how adding 163,000 jobs is seen as “positive”?
It takes 250,000 just to break even.
AND, they’re reporting the tick up to 8.3% from 8.2%, as “essentially unchanged”!!!!
Is THAT how it would have been reported under a Republican administration?
The report showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments. The birth-death model, which approximates net job growth from newly added or closed businesses, added 52,000 to the total.
so basically Seasonal Adjustments and Birth-Death Adjustments is everything. The raw numbers are 195k fewer workers.
The problem for Obama is going to come next month when companies really freeze hiring due to Obamacare.
BLS could only hide the weekly manipulations for so long.
Cricket chirps from the WH, so far. Obama is supposed to speak later in the morning.
The markets reacted positively because with a continuing weak economy the hopes for Fed action on QE3 rise. Bad news is good news...
Seasonal And Birth Death Adjustments Add 429,000 Statistical “Jobs”
“...the BLS “added” 377K jobs for seasonal purposes. This was the largest seasonal addition in the past decade for a July NFP print in the past decade, possibly ever...the Birth Death adjustment, which adds to the NSA Print to get to the final number, was +52k. How does this compare to July 2011? It is about 1000% higher...In other words, of the 163,000 jobs “added”, 429,000 was based on purely statistical fudging.”
That's more like it.
In my book a 20% change isn’t a “revision” as these jokers call it... Being off by 20% means you didn’t have a clue. Or you just made up guesses that fit with the message you wanted to get out there, then later had to admit something closer to the truth.