Skip to comments.Economy Creates 120,000 Jobs, Rate Tumbles to 8.6%
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 ...
These numbers are not to be trusted.
Economy creates 120,000 jobs — most of them seasonal jobs. Just wait and see what the unemployment rate will be AFTER the holidays.
The number of people who quit looking for work must have increased significantly if only 120K jobs were created and unemployment rate dropped that much.
Sounds like it’s one of those “seasonally adjusted” things.
“The rate fell from the previous month’s 9.0 percent, which would reflect a drop in the participation rate among those without jobs.”
But let’s tout 8.6% (to be revised up in Jan) anyway.
I’m sure people wont notice the reality around them. /s
yeah right !
our government is LYING to us!
These are not the jobs you’re looking for....
“These numbers are not to be trusted.”
I doubt anyone, other than MSNBC, will look at this as anything more than BS.
140,000 jobs, which will be downgraded next week, reflects a 0.4% decrease in the unemployment rate?
And so, with only 11 months to the election, the massaging of the numbers begins in earnest...
I’m kind of surprised the BLS is posting such a drop from last month in the unemployment rate. One would think the drops would be more incremental to appear credible.
“These numbers are not to be trusted.”
Agree, and then there was the report yesterday about unemployment up, and back over the 400,000 mark again.
I’m with you. I call BS on this one.
Sounds like its one of those seasonally adjusted things.
Yeah, “election season.”
I saw on Drudge that 315000 Americans left the work force..
The actual numbers don't matter; only favorable numbers will be reported.
8.6%...a 0.4% drop?
For the last three months, the weekly unemployment claims have consistently been near 400K (except for two weeks, which were still over 385K) and only 120K jobs were created, BUT that equals a .4% drop in the unemployment number?
The ONLY way this number has dropped that much is if a VERY LARGE portion of job seekers have simply STOPPED LOOKING!!
Christmas surge in hiring - will drop again after the Holidays.
Imagine when jobs are really created after this Bozo is gone. The way they manipulate the figures now, they’ll have to say unemployment is zero. That’ll never happen, however.
You are correct. Just as we use a bogus method to justify spending with baseline budgeting, we also use bogus methods to calculate unemployment rates.
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!
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%.
8.6% is actually a BAD sign. CNBC folks were hoping for an INCREASE to show that more people were actively seeking jobs. It is a shame that Americans don’t really know this number meaningless by itself.
zero will be doing a victory lap toting this lie to all of the gullible news readers for the next week.
Close enough. The jobs aren’t even there to not look for any more. Businesses are taking Help Wanted signs out of their windows or deciding to hire 10 people instead of 15.
This entire discussion about unemployment is just so dishonest. The American people should be allowed to sue for fraud - how many people are making bad investment decisions off this data?
America is just becoming one big SCAM!
Be prepared for a revision to those numbers - an “unexpected” error was made, there were actually only 20,000 jobs created (if that).
These unemployment numbers are, as Mr. Spock would probably say, “warm leavings from a male cow.”
2. D@*% Lies
3. Government Statistics
Yay! Go Wall Street! Go big businesses! If it weren't for these two, who knows how bad all this would have gotten.
The democrats were obviously wrong about the job creators. It looks like the private sector saved the day, despite the democrats attempts to destroy it!
(The spin can go both ways)
It’s the denominator ,stupid.
Go to www.shadowstats.com for better metrics on the economy. The BLS is not inaccurate per se, but their methods leave out all the people who want employment, but gave up looking, and they leave out underemployment.