"Sept. Jobless Rate 9.6 Percent; Private Jobs Up 64,000"

[Clio the Leo]

Dems dodged a MAJOR bullet on this one ... the figure was expected to go as high as 10.1 (Boehner was touting as much) .... and before anyone chimes in, I realize that the millions who are out of work dont care about the political ramification .. but this is a board about politics, so I'm looking at it from that angle. Obviously, the whole front is terrible and everyone knows it.

"Sept. Jobless Rate Stays at 9.6 Percent; Private Jobs Up 64,000"

by THE ASSOCIATED PRESS
October 8, 2010

A wave of government layoffs last month outpaced weak hiring in the private sector, pushing down the nation's payrolls by a net total of 95,000 jobs.

The Labor Department said Friday that the unemployment rate held at 9.6 percent. The jobless rate has now topped 9.5 percent for 14 straight months, the longest stretch since the 1930s.

The private sector added 64,000 jobs, the weakest showing since June.

Local governments cut 76,000 jobs last month, most of them in education. That's the largest cut by local governments in 28 years. And, 77,000 temporary census jobs ended in September.

Nearly 14.8 million people were unemployed last month. That's almost 100,000 fewer than in August.

http://www.npr.org/templates/story/story.php?storyId=130423805

Update: The July/August employment numbers were revised UPWARD. (good thing)
http://www.marketwatch.com/story/us-economy-sheds-95000-jobs-in-sept-2010-10-08?dist=beforebell

[bigdarryl]

1. The rethugs should love this report since there AGAINST Government

[Clio the Leo]

2. Except they wont....

.... Boehner was touting the Gallup number yesterday...

http://twitter.com/#!/johnboehner/status/26654614690

..... the big number is what everyone looks at and everything thought it was going up. Lot of p*ssed Rs at the moment.

[DemocratSinceBirth]

3. The Gallup Poll Is Closer To Being Accurate

If you include those underemployed, those too discouraged too look, and independent contractors without work who never qualified for unemployment insurance the true number is south of twenty percent.

[Clio the Leo]

4. Yep.

Fortunately, the press doesn't focus on Gallup's number (strangely enough.)

[mkultra]

12. That's meaningless in terms of measuring growth

The standard UE number has always been the bellwether used to gauge economic conditions. Everyone know that the UE number including underemployed is always higher. Even in good times when UE is 5% the full UE6 number is still around 13%

[Cosmocat]

11. it is the BS pincer movement they have us in right now ...

and of course, the MSM going along for the ride ...

All the screams of smaller government and cutting government budgets - the gapping jobs lost are government jobs, I am assuming cuts local school boards are making ...

So ... They get to scream about stagnation of jobs, when there has been growth outside of government job cuts, and they still get to get the indoctrinated bully pulpit of screaming how they are for small government and the dems are killing the economy with big government, which is brain numbingly nonsensical on its face, not that the "liberal" media would point that out ...

[FBaggins]

5. Not much help there... but it's good enough not to hurt us. n/t

[DemocratSinceBirth]

8. How Is This Going To Be Framed?

A broader measure of unemployment, which includes people who are working part-time because they cannot find full-time jobs and people who have given up looking for work, rose to 17.1 percent from 16.7 percent in August.


The Bureau of Labor Statistics on Friday also released preliminary revisions to the model it uses to estimate job changes from month to month, indicating that the recovery has been even feebler than initial reported. The bureau says it expects to revise down the level of employment in March 2010 by 366,000 jobs, which means jobs gains have been about 30,000 weaker each month this year than current estimates suggest.

http://www.nytimes.com/2010/10/09/business/economy/09jobs.html?_r=2&hp

[FBaggins]

10. The "broader measure" (U6) doesn't get much coverage.

It's just too complicated to parse out the details. You could have a million people (who are out of work and "discouraged") find a part-time job when they need a full-time job... and that number wouldn't chage a bit - even though reality had improved. Of course the opposite is true as well.

People have seen the headline (U3) unemployment number for decades and know how to compare it.

[budkin]

6. It all hurts us... the GOP has framed it perfectly

[Mefistofeles]

7. The job loss was "far worse than economists had been predicting."

From the New York Times: "The steep drop was far worse than economists had been predicting. Most estimates expected a loss of only a few thousand jobs." http://www.nytimes.com/2010/10/09/business/economy/09jobs.html?_r=1&hp

[Beacool]

9. The Gallup results are probably more accurate.

Gallup Finds U.S. Unemployment at 10.1% in September

October 7, 2010

Underemployment, at 18.8%, is up from 18.6% at the end of August.

PRINCETON, NJ -- Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September -- up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month -- the unemployment rate was 9.4% in mid-September -- and therefore is unlikely to be picked up in the government's unemployment report on Friday.



Friday's Unemployment Rate Report Likely to Understate

The government's final unemployment report before the midterm elections is based on job market conditions around mid-September. Gallup's modeling of the unemployment rate is consistent with Tuesday's ADP report of a decline of 39,000 private-sector jobs, and indicates that the government's national unemployment rate in September will be in the 9.6% to 9.8% range. This is based on Gallup's mid-September measurements and the continuing decline Gallup is seeing in the U.S. workforce during 2010.

However, Gallup's monitoring of job market conditions suggests that there was a sharp increase in the unemployment rate during the last couple of weeks of September. It could be that the anticipated slowdown of the overall economy has potential employers even more cautious about hiring. Some of the increase could also be seasonal or temporary.

http://www.gallup.com/poll/143426/Gallup-Finds-Unemployment-September.aspx

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