JOBS NUMBER BEATS — UNEMPLOYMENT RATE PLUNGES TO 7%

[swag]

Source: Business Insider

LATEST: The November jobs report is out.

203,000 workers were added to nonfarm payrolls in November, above the 185,000 consensus estimate.

The unemployment rate fell to 7.0% from 7.3% in October. Economists predicted a smaller decline to 7.2%.


Read more: http://www.businessinsider.com/the-november-jobs-report-2013-12#ixzz2mhYI2xuF


Read more: http://www.businessinsider.com/the-november-jobs-report-2013-12

[Kingofalldems]

1. Yeah but Obama saw his uncle 30 yrs ago-----Benghazi!!

[BumRushDaShow]

4. Yup and about Benghazi

there had been a breaking news early yesterday about an American teacher who had just been killed in Benghazi and I knew that would be the jumping off point for a return to the rethugs' teddy bear issue... Until Mandela passed and knocked all of the crap off their table.

[OKNancy]

8. Isn't that uncle story the biggest pile?

So stupid... all I can think when I read comments is "so what?"

[NewJeffCT]

21. Relatives are always an issue when a Democrat is president

Remember "Billy Beer" with Carter, and didn't Clinton have a brother issue, too?

Of course, similar issues for Republicans are not important because they're all about family values.

[Paulie]

40. No one talks about Neil Bush....

A real piece of work....

[Brigid]

10. Rats. Somebody beat me to this.

And on the very first reply, too!

[hrmjustin]

32. .

[swag]

2. Round up the usual suspects to tell us about the U6 and the LFPR,

as though those datapoints were big government secrets.

[progree]

33. Good news on both U6 and the LFPR this month

Underemployment rate (U6): October: 13.8%, November: 13.2% (down 0.6 percentage points (pp))! And down 1.2 pp since last November).
http://data.bls.gov/timeseries/LNS13327709

Labor force participation rate: October: 62.8%, November: 63.0% (up 0.2 pp from multi-decade lows).
http://data.bls.gov/timeseries/LNS11300000

[BumRushDaShow]

3. K&R

Let's hope the trend continues and all the cash these greedy corporations are purposely sitting on starts moving again to rebuild the jobs here in the U.S.

Interestingly enough, there has been a sudden uptick (seemingly cyclic) in the movement of artwork autioned at ridiculous prices, hopefully indicating a certain saturation point among the very wealthy... and I hope they can get up off of it to get the living wage moving.

[Kahuna]

5. But..but..OBAMACARE is losing jobs...oh wait!

It's no wonder joe scab is absolutely silent this morning.

[aaaaaa5a]

6. Hows this possible with an evil, marxist, socialist, dictator as President? nt

[Lucky Luciano]

17. Muslim.

You forgot Muslim!!

[aaaaaa5a]

20. A little birdie told me the stock market was doing well too!

I don't get it? Wasn't Obama-care suppose to be killing the capitalist free enterprise system as we know it?


LOL!

[A HERETIC I AM]

30. Hey! Haven't seen you around in forever!

How have you been?

Hope all is well.

[Lucky Luciano]

38. Nice to see you too!

All is well here...much busier than ever before because I took the wrong job - only a little bit more pay for signicantlh more work and stress. In other words, interviewing now for my next role next year! Can't wait to leave my current sweatshop!

[swag]

7. It's a great jobs print

RT @Neil_Irwin
Household data internals are excellent. Labor force rose by 455k, employed rose by 818k, unemployed fell by 365k.

[AngryAmish]

9. Good news!

[kelliekat44]

11. And you won't hear any of this reported by the MSM..at least without a huge "BUT." It's funny

that the MSM has decided that Mandela should be cover to cover all over the news 24/7. Don't get me wrong, I do believe that Mr. Mandela deserves all the recognition and praise he is receiving...double. But I wonder how much less there would be if the jobs numbers were bad and unemployment rate jumped to 7.5? I am really jaded in my contempt for the media and how they treat our President.

[onenote]

34. National Radio Network News this morning

at 10 AM led with the jobs report and got to Mandela afterwards.
None of the stories that I heard on network radio news added a "but" to the report on the jobs report.

[Lobo27]

12. Now just imagine if a certain party would work with a certain...

President where those numbers would be. I can't quite put a handle on it.

[Berlum]

13. Excellent

Important Message for all those Republicons who have been working overtime to make America FAIL:

America does not need your negativity. If you cannot support America, then at least STFU and sit down so those who do love America can move the nation forward.

[calimary]

19. Amen!!!

[jpak]

14. Don't believe the hype! We are on the verge of economic collapse!!!!111

So we have been told.

yup

[kelliekat44]

15. I tried to tell people that the economy couldn't be as bad as the media was telling because malls

are jammed, traffic is horrible until around 11:00 pm...then there is a break but it all begins again around 5:30 am. Some one is workign, someone is spending money and churches and non-profits around here are donating goods and services like mad. The food lines are still too long at the food banks, though. I think the people who are doing the most bitching are actually the ones who are suffering as much. This is the DC-MD-VA-PA-DE-NJ corrider that I am speaking about. I have family in all these states and the roads and highways are always crowded in the last 18 months.

[question everything]

16. But, raising taxes - or letting Bush's cuts expire - would affect the "job creators"

and, this time last year, former GE's Welch doubted the data..

[calimary]

18. Must just kill chuck todd to have to announce stuff like this...

GOOD! That makes it even better!

[1StrongBlackMan]

23. I suspect not, because ...

immediately following the 14 seconds of "reporting" ... he turns to some "economist" for 20 minutes of "Yeah, but ..."

[calimary]

25. Well, yeah, he's GOTTA make some of that pain go away.

Not surprised.

[progree]

22. Also: UNDERemployment rate: down 0.6%. Labor force participation rate: up 0.2%

Payroll jobs: November: +203,000; September and October revised up a combined 8,000 (September up by 12,000, October down by 4,000)

Unemployment rate: Oct: 7.3%, Nov: 7.0%,

Underemployment rate (U6): October: 13.8%, November: 13.2% (down 0.6 percentage points (pp))! And down 1.2 pp since last November).
http://data.bls.gov/timeseries/LNS13327709

Labor force participation rate: October: 62.8%, November: 63.0% (up 0.2 pp from multi-decade lows).
http://data.bls.gov/timeseries/LNS11300000

Average hourly earnings growth: November +0.2%

From the same link in the OP: http://www.businessinsider.com/the-november-jobs-report-2013-12

I haven't yet checked for more articles and the "spin", but I suspect this is another attempt by the BLS bureaucrats to distract attention from UncleGate.

[font size = 1, color = gray]sarcasm thingy[/font]

[bhikkhu]

27. And 330k transitioned from part time to full time

"The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) fell by 331,000 to 7.7 million in November. These
individuals were working part time because their hours had been cut back or because
they were unable to find a full-time job. (See table A-8.)"

http://www.bls.gov/news.release/empsit.nr0.htm

There's different ways to interpret that, but you have to be spinning pretty hard to see it as anything but good news. And it does go hard against one of the repugs predictions about the effect of the ACA.

[progressoid]

24. Too bad those jobs pay shit wages.

How the recession turned middle-class jobs into low-wage jobs

The U.S. job market is slowly improving, and most economists expect that gradual recovery to continue this year. Yet one of the most disturbing trends of the recession is still very far from being reversed. America's middle-class jobs have been decimated since 2007, replaced largely by low-wage jobs.

A recent presentation from the Federal Reserve Bank of San Francisco lays out the situation clearly. The vast majority of job losses during the recession were in middle-income occupations, and they've largely been replaced by low-wage jobs...http://www.washingtonpost.com/blogs/wonkblog/wp/2013/02/28/how-the-recession-turned-middle-class-jobs-into-low-wage-jobs/

[duffyduff]

26. Frankly I don't believe anything coming out of DC.

The job market is absolute shit out here, especially if you are older.

There are still many more unemployed than there are jobs.

[1StrongBlackMan]

31. There have been ...

precious few moments in history when there were even close to more jobs than unemployed ... and those moments have happened in the height of, the pre-volunteer army, wars.

http://www.nber.org/chapters/c2644.pdf

http://www.scribd.com/doc/13282170/Unemployment-1930s-vs-Today

[DCBob]

28. Obama is cooking the books again just to get reelected!!

[L0oniX]

29. "PLUNGES" ?

[RSmith320]

35. Nice!

Good news that things are appearing to get better!

Does unemployment rate fall when people reach the max time they're allowed to draw for UC? I have an acquaintance who has been on unemployment for a few years and just couldn't get hired for whatever reasons. Now he can't even get unemployment since he has been on it so long. So now he is jobless and broke. Does that make it into the statistics? Thanks for the clarification in advance.

[progree]

36. Nope, its an urban myth that UE rate includes only those getting unemployment insurance benefits

Here's a canned blurb I have on that, because it is such a common myth ...

# Myth: "those who have exhausted their unemployment insurance benefits are not counted as unemployed. If they were counted, the official unemployment rate would be much higher" (you often hear this claim from the RepubliCONS and their DU allies when a Democratic president is in the White House, and vice versa when a RepubliCON is in the White House).

# Fact: the count of the unemployed and the unemployment rate is NOT a count of those receiving unemployment benefits, nor is unemployment benefit receiver status factored at all into any of the official unemployment rate statistics (U1, U2, U3, U4, U5, U6, etc.). Rather, the unemployment rate is based on a survey of 60,000 households chosen at random. See: http://www.bls.gov/cps/cps_htgm.htm (and search the page for the word "insurance&quot or Google the below line::
"How the Government Measures Unemployment" cps_htgm.htm
and search the page for the word "insurance"

==================================================
Thank you for asking the question!

[RSmith320]

37. Thanks!

I never knew they surveyed random households like that. Makes much more sense now. Thanks.

[PSPS]

39. The "headline" unemployment figure is meaningless

More people are giving up looking for a job, meaning they aren't counted for this statistic. The real unemployment rate continues to grow and stands at about 23%.

The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.

The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.

[tofuandbeer]

41. Still looking out here in CA :(