Unemployment falls to 3-year low of 8.5% as 200,000 jobs added

[WI_DEM]

WASHINGTON (Reuters) - U.S. employment grew solidly last month and the jobless rate dropped to a near three-year low of 8.5 percent, offering the strongest evidence yet of an acceleration in economic activity.

Nonfarm payrolls increased 200,000 last month, the Labor Department said on Friday, the most in three months and way above economists' expectations for a 150,000 gain.

The economy needs to sustain the current pace of job creation to signal a robust recovery is finally under way.

The unemployment rate dropped from a revised 8.7 percent in November, which was previously reported as 8.6 percent. The jobless rate is now the lowest since February 2009.

However, the payrolls count for October and November was revised to show 8,000 fewer jobs created than previously reported, taking some edge off the report.
http://www.baltimoresun.com/business/sns-rt-us-usa-economytre7bm0ab-20120103,0,6537567.story

[Marrah_G]

1. I would love to know what sort of jobs

These numbers never give the details of the jobs added.

I have 2 jobs. Both part time. One minimum wage. The minimum wage job keeps almost all workers on a part-time low wage level.

I would like to know how many living wage, full-time jobs were added.

[bigtree]

3. jobs like mine

. . . that provide income that folks desperately need.

Remember, many folks hold a number of these jobs at once to make ends meet. Spouses also supplement income with lesser jobs. There's no sense in parsing what kind of jobs they are right now, in my view.

[dmallind]

4. Then love this

Always included in the report incidentally...


http://www.chicagotribune.com/business/sns-rt-us-usa-economy-jobstre8050wz-20120106,0,5606232.story


"Factories added 23,000 workers to payrolls, which was much more than expected and shows U.S. manufacturers continue to buck a global economic slowdown. Also, retailers added 27,900 workers, transportation and warehousing firms added 50,200 and construction employment gained by 17,000."

We'll have to wait for median wage numbers to see if any shift there but rarely is - most added or lost jobs aggregate out really close to the same median. U6 dropped even more so can't be forced PT either.

[Marrah_G]

5. Thank you

It gives me some hope. If the economy improves my 1st job will go back up to full-time and I can quit the soul-sucking second job that makes me want to drive my car into a tree.

[phleshdef]

8. Ones that pay and thus bring down the unemployment rate when provided.

THAT kind.

[Marrah_G]

9. It doesn't do alot for the economy if they aren't living wages

THAT is why I asked.

[phleshdef]

11. Actually yes it does. It does a shit load for the economy.

Even low wage jobs can pay more than an unemployment check.

I know, I've had to collect one before.

And less people collecting unemployment, means less strain on public funds.

And less people collecting paychecks means more payroll taxes are coming out, which also means less strain on public funds.

And all that equates to more bottom up money being pumped into local economies at the local level, which ultimately will produce higher paying jobs and more of them. Thats how it always works.

So yes, it does do a whole lot for the economy.

[Marrah_G]

12. I disagree

If people can barely get by it does little for our economy.

[phleshdef]

14. Its not subject to an opinion.

And you just ignored pretty much everything I said.

[bigwillq]

2. K and R (nt)

[Motown_Johnny]

6. Lowest since February 2009

so Pres. Obama almost has us back to break even compared to when he took office(January 20, 2009).

As long as things continue to improve, albeit slowly, I think he will be in pretty good shape for the election. It seems that Mittens is a one issue candidate and with the economy improving he won't even have that one issue.

[MjolnirTime]

7. Obama 2012!

[Kingofalldems]

10. Internet republicans not liking this one

No bad news for them to trumpet today.

[Cognitive_Resonance]

13. This is a solid report. Good news for America, devastating for those hoping for failure. nt