Posted on 12/02/2011 5:53:03 AM PST by The_Victor
Job creation remained weak in the U.S. during November, with just 120,000 new positions created, though the unemployment rate slid to 8.6 percent, a government report showed Friday.
The rate fell from the previous month's 9.0 percent, which would reflect a drop in the participation rate among those without jobs.
Average earnings were essentially flat, up two cents to $23.18 an hour. Private payrolls increased 140,000, considerably less than a report earlier this week showing that nongovernment jobs were up by more than 200,000 for the month.
(Excerpt) Read more at cnbc.com ...
So then why are income tax receipts down 50%?
The politicians, world wide, don't want to have to deal with all this, so they don't. They know they can always hop on a plane and get out of the country if they have to. Those left behind, the people, will have to sort it out themselves (afterwords, once the chaos is over, the politicians will come back to lead us once again - or so they think).
Workforce shrunk by 315,000 people that are no longer being counted as unemployed, according to a posting in another thread on the same subject.
Some of that number is discouraged workers.
I would maintain, however, that some of that number is those whose benefits have run out who:
-decided to stay home with the kids
-started their own business, but are not “on the radar” yet.
-are happily working under the table
-are almost-retired and are marking time until social security kicks in.
Not ALL of these people are running around looking for jobs.
I think we all know some people who fit the above categories.
Holiday hiring. This happens every year.
The only reason the unemployment rate fell so much was because roughly 315,000 people gave up looking for work and were no longer counted as unemployed.
Workforce participation dropped from 64.2% to 64%.
315,000 removed from the labor force.
Participation rate dropped from 64.2 to 64.0.
Birth and death model virtually adds in 883,000.
If Obama had some real advisers, he would be cautioned to not say much if anything about this ridiculous report.
The holes in logic in this thing are just too big to spin as a “recovery”.
The U-6 (the rate that counts not only people without work seeking full-time employment (or the more familiar U-3 rate), but also counts “marginally attached workers and those working part-time for economic reasons.” Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the “marginally attached workers” include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years and over) is over 16%. http://portalseven.com/employment/unemployment_rate_u6.jsp
And inflation numbers - food and gas don't count, even though we need those things the most. "Food has become totally unaffordable, and people have no gas to get to work, but don't worry about it. Things are looking great!"
But market futures are up big on the news! Of course, the financial markets move on news of a fart in the wind...
Futures were up long before that number was released. There has been scant up or down movement on the release as most know it is BS. The true number to look at is how many are working and that number has consistently been falling.
Wow. 8.6 is better, but needs to do better than that. Hopefully we are on the way back from the brink. Still must do something about the debt though.
Most of those will be temporary jobs. Gone 2 days after Christmas.
Seasonal jobs. Watch unemployment creep north of 9% in January and February.
Smoke and mirrors! Smoke and mirrors!
Not exactly.
0.4 divided by 8.6 equals 4.65% decrease.
At that rate of decline, unemployment will be 0% in just about 20 months!
Isn't Obama wonderful?
Right before election watch 3 million suddenly drop from the rolls and decrease that number to 6%.
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