bush bashers unite!

[Ban Hammer 13,333]

Unemployment rate falls, payrolls grow

WASHINGTON - The unemployment rate dropped to a five-year low of 4.4 percent in October as employers added 92,000 new jobs — flashing a picture of a strong labor market as the midterm elections draw near.

The latest report, released Friday by the Labor Department, showed that the civilian unemployment rate fell 0.2 percentage point from 4.6 percent in September. It marked the third month in a row that the politically prominent jobless rate declined.

The tally of new jobs added to the economy in October fell short of economists expectations for an increase of around 125,000 positions, however. Nonetheless, job gains in both August and September turned out to be much stronger than previously estimated — and that took a lot of the sting out of October's less-than-expected payroll performance.

Economists were expecting the unemployment rate to hold steady in October or possibly edge up a notch.

"The job market is healthy even though the economy has been slowing. This report tells us the economy is holding its own, not spiraling downward," said Stuart Schweitzer, global market strategist for JPMorgan Asset and Wealth Management.

Friday's report provided the last snapshot of the nation's employment scene before next week's elections.

Workers saw solid wages gains last month.

Workers' average hourly earnings climbed to $16.91 in October, a sizable 0.4 percent increase from September. That increase was bigger than the 0.3 percent rise economists were expecting. Over the last 12 months, wages grew by 3.9 percent.

Growth in wages is good for workers, but a rapid and sustained advance makes economists fret about inflation flaring up. That's not good for the economy or workers' pocketbooks, ultimately, because inflation can eat into everybody's buying power.

The hunt for a job got shorter.

The average time that the unemployed spent in their search for work in October was 16.5 weeks, an improvement from the average 17.4 weeks registered in September.

How voters view job availability, wage growth and other economic conditions is likely to play a role in the balloting nationwide on Tuesday. Republicans, fighting to retain control of Congress, say Americans are mostly better off, while Democrat rivals disagree, saying low- and middle-income workers are struggling.

President Bush's approval rating on the economy is at 40 percent, among all adults surveyed in an AP-Ipsos poll. That remains near his lowest ratings. Those surveyed trusted Democrats more than Republicans to handle the economy.

On the payroll front, job losses in manufacturing, construction and retail offset gains in professional and business services, education and health, government and elsewhere.

Factories shed 39,000 jobs in October, marking the fourth straight month of employment cuts. Construction companies got rid of 26,000 jobs, while retailers trimmed 3,500 positions.

Professional and businesses services, meanwhile, added 43,000 jobs. Education and health expanded employment by 28,000, and the government payroll swelled by 34,000.

All told the 92,000 total net jobs added in October were the fewest in a year, when the economy was suffering the blow of the Gulf Coast hurricanes.

That disappointment, however, was offset by much better job gains in the previous two months. Employers added 148,000 jobs in September, versus the 51,000 first reported. Payrolls grew by a robust 230,000 in August, stronger than the 188,000 slots previously recorded.

The 4.4 percent unemployment rate was the lowest since the spring of 2001.

The jobless rate for blacks fell to 8.6 percent last month, from 9.2 percent in September. The unemployment rate for Hispanics dropped to 4.7 percent, from 5.4 percent. The jobless rate for teen-agers declined to 15.4 percent from 16.4 percent.

The employment gains come against a backdrop of a slowing national economy.

Given these circumstances, the Federal Reserve held interest rates steady last week for the third meeting in a row but made clear that policymakers will keep a close eye out for inflation.

To fend off inflation, the central bank since June 2004 had hoisted rates 17 times, the longest string of increases in Fed history. The Fed's goal is to slow the economy sufficiently to thwart inflation but not so much as to push it into recession.

Economic growth slowed to a 1.6 percent annual rate in the late summer, the most sluggish pace in more than three years. The housing slump was a major factor in the slowdown. Economists believe growth in the current October-to-December quarter will turn out better.

link

[Trumplestiltskin 5,791]

Bashing aside – I’ve always skeptical about unemployment statistics (from any source) as they often bear little correlation to those actually “out of work”.

[Hilarious Clinton 452]

Yay Bush!!

[Carol&Marc 0]

Bashing aside – I’ve always skeptical about unemployment statistics (from any source) as they often bear little correlation to those actually “out of work”.

As long as the way of measuring the statistics is always the same it doesnt matter, the point is if you want to work you can find a job.

[mawilson 2,133]

Bashing aside – I’ve always skeptical about unemployment statistics (from any source) as they often bear little correlation to those actually “out of work”.

You work, you get a W-2 (or a 1099 or whatever.)

If you don't work, you get nothing.

I'm sure the government can add up the numbers and determine the real employment figures.

[Cristy 4]

There are more jobs because there are less people....they are off getting killed in a senseless war.

[Ban Hammer 13,333]

There are more jobs because there are less people....they are off getting killed in a senseless war.

good slogan - war means low unemployment.

[DeadPoolX 9]

There are more jobs because there are less people....they are off getting killed in a senseless war.

That doesn't add up.

While that may have been the case in previous wars (when there was a draft instituted), today's U.S. military is a completely volunteer one. The soldiers who are over in Iraq and Afghanistan would've been in the military (and out of the private sector) regardless of whether or not a war was going on.

[Carol&Marc 0]

There are more jobs because there are less people....they are off getting killed in a senseless war.

do these simple math eqations

number of americans dead. MINUS number of jobs created. still a positive number?

[Ban Hammer 13,333]

anyone else noticed a few people missing from this thread?

[Trumplestiltskin 5,791]

Bashing aside – I’ve always skeptical about unemployment statistics (from any source) as they often bear little correlation to those actually “out of work”.

As long as the way of measuring the statistics is always the same it doesnt matter, the point is if you want to work you can find a job.

Not saying you can't - just that "unemployed" is not the same as "out of work". Unemployed usually requires some sort of registration with a benefits agency, doesn't it?

If I remember correctly Tony Blair promised and delivered a massive reduction in the numbers of unemployed people about 2-3 years ago I believe. How did he do this? By making it harder to get unemployment welfare - therefore taking away the main reason people will actually register. So while the stats look great - it doesn't necessarily correlate with actual numbers of people without jobs.

That's all. I didn't even mention Bush. Not saying he hasn't done something - just that unemployment statistics are always suspect, more so when they are wheeled out before an election campaign.

[Sheriff Uling 3]

There is no need to unite against President Bush because he bashes himself. I consider him the Dan Quayle of the oval office. He has single-handedly drained the life blood from the Republican party. It will take them a long time to rebound from his mistakes.

[cmartyn 0]

The government figures out this number in a very half hazzard way. Its not accurate at all. The government doesnt even have a clue how many people are in the country. Sure, they can guess.. give or take 20 million or so.

This number is suposedly calculated by calling up a sixty thousand random households and asking them if they are working or not. Have you ever been called?

I dunno.. this feels like a jobless recovery. The jobs being created all suck too.

[workin4somethin 0]

Unemployment rate falls, payrolls grow

Want to compare Dumbass's (Bush's) record to Cliniton's --> "the link"

[dalegg 143]

Maybe California is just different than the rest of the country, but I've never been able to relate to people talking about "jobless recoveries" and such.

At my own company, we currently are understaffed by about 100 employees, no position that starts at less than $11/ hour and many higher level jobs that offer excellent salaries and the plain and simple problem is that there simply aren't enough candidates with basic requirements to fill these positions. Trust me, the requirements aren't tough at all (high school diploma/citizenship/clean criminal record). The bodies just aren't there.

Yesterday, I went job hunting with my wife since she finally comleted her year long cosmo course. We hadn't even gotten home before two of the places she submitted applications at called her cell phone requesting interviews- and she has no work experience.

So, I may be alone in this, but when I see the latino day laborers standing in front of Home Depot by the dozens, there is never a part of me that looks at these people as taking jobs away U.S citizens. There is no question that at least these people ARE doing jobs that nobody else will do.

Maybe this is why when voters in my city were surveyed we decided by a 3 to 1 margin that in fact we would like to see Wal-Mart come in, and though the people don't want a Republican President, they are more than happy with a Republican (kind of sort of) Governor.

Edited November 4, 2006 by dalegg