Skip to comments.Economy Added Fewer Jobs Than Expected in November [unemployment rate: 9.8%]
Posted on 12/03/2010 5:48:02 AM PST by MinorityRepublicanEdited on 12/03/2010 6:00:23 AM PST by Admin Moderator. [history]
WASHINGTONThe U.S. economy added fewer jobs than expected in November and the unemployment rate rose to its highest level since April, underlining the continued weakness in the labor market 17 months into the recovery.
Nonfarm payrolls rose by 39,000 last month as private-sector employers added only 50,000 jobs, the Labor Department said Friday. The October number was revised up slightly to show a 172,000 increase from a previous estimate of 151,000.
The unemployment rate, which is obtained from a separate household survey, unexpectedly rose to 9.8% last month. More than 15 million people who would like to work can't get a job.
Economists surveyed by Dow Jones Newswires had forecast payrolls would rise by 144,000 and that the jobless rate would remain unchanged at 9.6%.
17 months into WHAT recovery?
I got a plan. Let’s raise taxes. Pelosi....the gift that keeps on giving. Please...please...please dems elect her speaker again. Please!!
Wisdom of crowds...
You don't mean speaker.
If those damned rich would just pay their fair share of taxes, we’d have zero unemployment right now. Let’s just confiscate their cash and give it to a “Recovery Czar” appointed by Dear Leader Obama and people will be back to work in no time.
Shepard Smith wept.
Whomever is doing the estimating and predicting in this area is incompetent.
I missed Recovery Summer.
I had a conversation with an uninformed family member yesterday. Her husband works in a local, family owned business. He is the ONLY person in the office who is not a family member of the owner.
So my relative was saying that the dims should raise taxes on the wealthy. I told her that would possibly cause her hubby to lose his job because when the owner’s taxes go up he’s not going to fire his son, daughter or son-in-law. It’s gonna be the one that he doesn’t have to see at Thanksgiving, Christmas, graduations, etc who is going to get the ax.
She was unconvinced. I sincerely hope I don’t have an opportunity to say “I told you so.”
Per seasonally adjusted household data:
Civilian Labor Force: +203,000
No kidding. Wasn’t he just crowing yesterday about some report that stated everything was improving....slowly but still improving?
White House Offers $150 Billion Deal To Extend Tax Cuts The White House has signaled its price for yielding to GOP demands to extend upper-income tax cuts: $150 billion to pay for a year of emergency jobless benefits and a batch of expiring tax credits. Even as the House voted 234-188 to preserve only middle-class tax cuts, Democrat and Republican negotiators are hashing out a deal expected to extend upper-income tax cuts for two or three years. The question is whether the GOP will take the White House ...
Thereby demonstrating the value of consensus. I don't s'pose anyone asked Algore what he thought the jobless rate would be?
Translation: We have no idea what we are doing or what the hell is going on.
Barry, you’re doing a heck of a job.
Further evidence (as if we needed more...) that the Bush tax cuts need to be made permanent...especially for those business that could be capable of hiring and digging us out of this jam!
Now that's a comical sentence.
- The unemployment rate goes up and they position it as "fewer jobs than expected"? We lost jobs.
- What "recovery"? There isn't any. All that's happened is a slightly slower rate of job losses, which may be statistical crap anyway.
The Objective Press. Whatta laugh.
Shout it from the mountain tops.
If 50% of America was unemployed I believe the lamestream media would stick to the 9.8 percent rate. Just like the 12 million illegal immigrants number never rises. Or the government reported increase of only 1% inflation, a lie that conservative economists report to be over 10%. This obamantion administration is using the tactics all communist nations do by controlling the numbers reported using the communist controlled media, mostly stupid overpaid liberals who are not worth watching or hearing from at all as they are boring and lying regularly.
The little school book animal farm about communism exposes the tactics communist powers use and misinformation is at the top of the list.
There was a thread a couple of days ago that indicated some companies were already laying off seasonal temp workers they had hired for the holiday.
When other companies lay off the seasonal holiday workers, the January numbers may well push the UE to 10%-plus.
Of course, the Labor Dept can fanagle the numbers by including the holiday short-weeks and weather. After all, it did snow in the northwest.
Stop the NewSpeak train, I gotta get off.
Now rising unemployment is considered a recovery? How does that work?
Bastards! I suspect the actual rate is much higher than 9.8%. I reckon they figure 9.8% is as high as they can go without us getting out our pitchforks.
Futures are down now after the report:
Yahoo, interesting. Google still hasn’t mentioned it...
Everyone in the United States could be out of work and the media, while the Democrats are in power, will still report: Unemployment held steady at 9.8 per cent.
No problem...we're now in the Fall of Prosperity.
We need to take economic estimating and forcasts out of the hands of economists and turn it over to weathermen.
Yup. What really *was* unexpected to me was that they revised October’s numbers up (so that they’re better). Usually, they’re revised down, quietly.
Followed by the Winter of Wipeout.
“This figure includes retail hiring for the Holidays, underscoring just how terrible this number really is.”
Don’t seasonal adjustments smooth that out? Also, if the seasonal adjustment assumed more seasonal hiring than occurred, wouldn’t actual conditions be better than these figures show?
“The U.S. economy added fewer jobs than expected”
The experts should be fired, they have worse numbers that weathermen.
The song "Oh!Susanna" contains less contradictions than this sentence.
Obviously they should be added to the unemployment rolls, but that would jack up the numbers again.
“Economists surveyed by Dow Jones Newswires...”
Economists receieveing Federal Gov’mt grant monies....
My liver can’t take it...
Employment in the private service-providing sector rose 65,000 in November, though retail hiring fell a surprising 28,100 despite expectations of a busy holiday season.
Lets at least hope Obama can get a book deal after 2012...
“This obamantion administration is using the tactics all communist nations do by controlling the numbers reported using the communist controlled media, mostly stupid overpaid liberals who are not worth watching or hearing from at all as they are boring and lying regularly.”
Can you point to any evidence that the Obama administration is calculating unemployment any differently than did the Bush ‘43 administration? What should the numbers be? And if you do not know, why are you so certain they are wrong?
There are indeed many “stupid...liberals,” as you say. There are also a fair number of stupid conservatives, or at least stupid people who think of themselves as conservatives.
9.8% unemployment my butt. It is well into the teens. Is there anybody out there who has had the patience and knowledge to actually track these numbers. I tried, but the baselines keep changing so I gave up. Perhaps the best thing to do is go back to the unemployment baselines that were in effect during W’s tenure.
Anybody have any suggestions?