US jobs data give hope on economy

[scandal 951]

US jobs data give hope on economy

The US economy added a better than expected 103,000 new jobs in September, raising hopes that a “double-dip” recession can be avoided.

Earlier August data, which caused huge alarm when jobs growth came in at zero, were also revised upwards by 57,000 while July’s figure was also increased by 42,000.

Although the unemployment rate held steady at 9.1 per cent, the new data reflect a change in the US labour market and suggests that there is less likelihood of a second recession in three years. Instead of collapsing after this summer’s federal debt ceiling battle, the jobs market appears to have weakened only gently, making a spiral into recession less likely.

“It’s consistent with the idea that the economy is weak but not collapsing and should allay some recession fears,” said Neil Dutta, US economist at Bank of America Merrill Lynch in New York. Following the report, US stocks failed to sustain their three-day rally, which had seen the S&P 500 index jump 6 per cent. The benchmark index was off by 0.8 per cent at 1,155 by midday.

[I AM NOT THAT GUY 5,715]

Much of last month’s job growth came as 45,000 striking Verizon employees returned to work.

[peejay 327]

Much of last month’s job growth came as 45,000 striking Verizon employees returned to work.

Shucks...and I thought it was because Obummer created all them jobs. Silly me!

[scandal 951]

Missed this part

Earlier August data, which caused huge alarm when jobs growth came in at zero, were also revised upwards by 57,000 while July’s figure was also increased by 42,000.

[Gary and Alla 3,694]

Weak but not collapsing!

Four more years!!!!

Edited October 8, 2011 by Gary and Alla

[dalegg 143]

Much of last month’s job growth came as 45,000 striking Verizon employees returned to work.

What? I don't believe that was counted in that figure.

[Gary and Alla 3,694]

Missed this part

And you failed to mention that 212,000 jobs were LOST in September. The most since April of 2009.

What a guy, that Obama! 4 more years!

[웃 910]

Much of last month's job growth came as 45,000 striking Verizon employees returned to work.

Obama the Socialist cut 34,000 government jobs. And we have seen 19 straight months of positive private-sector job creation. He created 2.6 million jobs since February 2010 in the private sector. Not sure if I'm reading this right but I think gov't jobs have been slashed by 500,000 since the same period (2.6 million - 500,000 = 2.1 million total nonfarm employment)...He is such a socialist and needs to be thrown out. IMPEACHED!!!!!!!!!!!!

About the September Jobs Report

Job growth was modest in September, and the labor market remains in a deep slump.

• Private and government payrolls combined rose by 103,000 jobs in September. Private employers added 137,000 jobs (in part reflecting the return to work of 45,000 striking telecommunications workers). The decline of 34,000 government jobs reflected a loss of 1,000 federal jobs, a gain of 2,000 state government jobs, and a loss of 35,000 local government jobs (24,000 of them in education).
• This is the 19^th straight month of private-sector job creation, with payrolls growing by 2.6 million jobs (a pace of 136,000 jobs a month) since February 2010; total nonfarm employment (private plus government jobs) has grown by 2.1 million jobs over the same period, or 110,000 a month. Growth of 200,000 to 300,000 jobs a month or more is typical in strong economic recoveries, so the modest pace of just 96,000 jobs per month over the last six months is deeply disappointing.
• In September, despite 19 months of private-sector job growth, there were still 6.6 million fewer jobs on nonfarm payrolls than when the recession began in December 2007, and 6.3 million fewer jobs on private payrolls.
• The unemployment rate remained 9.1 percent in September, and the number of unemployed remained 14.0 million. The unemployment rate was 8.0 percent for whites (3.6 percentage points higher than at the start of the recession), 16.0 percent for African Americans (7.0 percentage points higher than at the start of the recession), and 11.3 percent for Hispanics or Latinos (5.0 percentage points higher than at the start of the recession).
• The recession and lack of job opportunities drove many people out of the labor force, and we have yet to see a sustained return to labor force participation (people aged 16 and over working or actively looking for work) that would mark a strong jobs recovery. One should not read too much into one month of data, but the labor force jumped by 423,000 in September and the number of people reporting they had a job jumped by 398,000. Over the last six months, however, labor force growth has averaged just 102,000 people per month, not even keeping up with population growth, and the number of people with a job has grown by just 27,000 per month. The labor force participation rate edged up to 64.2 percent in September, about where it was at the start of the year, and remains at levels last seen in 1984.
• The share of the population with a job, which plummeted in the recession from 62.7 percent in December 2007 to levels last seen in the mid-1980s, was 58.3 percent in September and has not been above 58.5 percent in 16 months.
• It remains very difficult to find a job. The Labor Department's most comprehensive alternative unemployment rate measure — which includes people who want to work but are discouraged from looking and people working part time because they can't find full-time jobs — was 16.5 percent in September, not much below its all-time high of 17.4 percent in October 2009 in data that go back to 1994. By that measure, nearly 26 million people are unemployed or underemployed.
• Long-term unemployment remains a significant concern. Over two-fifths (44.6 percent) of the 14.0 million people who are unemployed — 6.2 million people — have been looking for work for 27 weeks or longer. These long-term unemployed represent 4.1 percent of the labor force. Prior to this recession, the previous highs for these statistics over the past six decades were 26.0 percent and 2.6 percent, respectively, in June 1983.
• http://www.cbpp.org/cms/index.cfm?fa=view&id=3592

[I AM NOT THAT GUY 5,715]

What? I don't believe that was counted in that figure.

The private sector added just 137,000 jobs last month, a number that was inflated by the return to work of 45,000 striking Verizon employees. Governments, meanwhile, cut 34,000 jobs with cutbacks at the Postal Service contributing to the ongoing pain being felt at the state and local level. The overall unemployment rate remained stuck at 9.1 percent, the Labor Department reported.

http://www.thefiscaltimes.com/Articles/2011/10/07/Jobs-Report-Signals-Stagnation-Not-Double-Dip.aspx#page1

[웃 910]

And you failed to mention that 212,000 jobs were LOST in September. The most since April of 2009.

What a guy, that Obama! 4 more years!

Huh?

How did the unemployment rate remain unchanged with this breaking news that you just told us.

[Gary and Alla 3,694]

Huh?

How did the unemployment rate remain unchanged with this breaking news that you just told us.

It didn't. Never mind LI, everything is OK.

[dalegg 143]

The private sector added just 137,000 jobs last month, a number that was inflated by the return to work of 45,000 striking Verizon employees. Governments, meanwhile, cut 34,000 jobs with cutbacks at the Postal Service contributing to the ongoing pain being felt at the state and local level. The overall unemployment rate remained stuck at 9.1 percent, the Labor Department reported.

Well, that's just disingenuous. Maybe that's the problem then. Everyone is just on strike.

[I AM NOT THAT GUY 5,715]

Well, that's just disingenuous. Maybe that's the problem then. Everyone is just on strike.

They are all camping out at Wall and Broad. I am wondering what is going on in NYC. They tried the same thing in San Francisco, and the cops nipped it in the bud.

[웃 910]

And you failed to mention that 212,000 jobs were LOST in September. The most since April of 2009.

What a guy, that Obama! 4 more years!

Huh?

How did the unemployment rate remain unchanged with this breaking news that you just told us.

It didn't. Never mind LI, everything is OK.

You should try facts. Maybe a source to back up your made-up job numbers?

Last time I checked 137,000 jobs were created in the private sector. And Obama the Socialist slashed 34,000 government jobs. Net gain of 103,000 jobs.

You say we lost 212,000 jobs. What RWNJ web site did you find these numbers from??

[Gary and Alla 3,694]

Obama the Socialist cut 34,000 government jobs. And we have seen 19 straight months of positive private-sector job creation. He created 2.6 million jobs since February 2010 in the private sector. Not sure if I'm reading this right but I think gov't jobs have been slashed by 500,000 since the same period (2.6 million - 500,000 = 2.1 million total nonfarm employment)...He is such a socialist and needs to be thrown out. IMPEACHED!!!!!!!!!!!!

[

Then why would we need to take more taxes out of the private sector?