unemployment rate falls to 9.4%, 103,000 jobs added (wages, CNN, health care, statistics)

[las vegas drunk]

I thought CNN said it was near 300,000.

ANALYSIS: US Dec Payrolls +103k, 9.4% Unemplymt:Slow Growth | iMarketNews.com (http://imarketnews.com/node/24686 - broken link)

[summers73]

Create enough inflation, the job market throws you a bone.

Real wages are going DOWN.

[LibertyandJusticeforAll]

Um yeah that is called holiday part time - temporary jobs this happens everyday year!!!
You would think they wouldn't even report on this like its news.

[summers73]

Originally Posted by LibertyandJusticeforAll

Um yeah that is called holiday part time - temporary jobs this happens everyday year!!!
You would think they wouldn't even report on this like its news.

^ this. Good point.

[Maabus1999]

Originally Posted by las vegas drunk

I thought CNN said it was near 300,000.

ANALYSIS: US Dec Payrolls +103k, 9.4% Unemplymt:Slow Growth | iMarketNews.com (http://imarketnews.com/node/24686 - broken link)

The 300K numbers is the ADP report, a private company that cuts the majority of payroll checks for private entities. It is not an official government number and can be quiet different from actual payroll numbers (sometimes contradictory).

[las vegas drunk]

Originally Posted by Maabus1999

The 300K numbers is the ADP report, a private company that cuts the majority of payroll checks for private entities. It is not an official government number and can be quiet different from actual payroll numbers (sometimes contradictory).

I know that, but CNN was reporting it with huge optimism which obviously was a let down. I am also willing to bet the large drop in the unemployment rate is due to more unreported 99er's falling off the "official" statistics.

[las vegas drunk]

Originally Posted by LibertyandJusticeforAll

Um yeah that is called holiday part time - temporary jobs this happens everyday year!!!
You would think they wouldn't even report on this like its news.

agreed

[Frank DeForrest]

Things are so bad the media has been reduced to celebrating predictions and anomalies.

[las vegas drunk]

Originally Posted by summers73

Create enough inflation, the job market throws you a bone.

Real wages are going DOWN.

Most of these new jobs were most likely $8 an hour service sector jobs.

[homeless unemployment]

Don’t Be Fooled, It Was BAD "CBS Money Wacht.com"
By Jill Schlesinger | Jan 7, 2011

The Labor Department December jobs report is out and when you hear that the unemployment rate dropped to 9.4 percent from 9.8 percent, you might be excused for thinking that it was a good report. Don’t be fooled–it was actually a bad report.
The US economy only created 103,000 total new non-farm jobs last month (the private sector added 113,000, while the government axed 10,000). Oh sure, we got revisions of an additional 70,000 for the past two months, but we need to create about 125,000 a month just to keep pace with new entrants to the work force, so this is still a weak report.
We learned that there are still 14.5 million Americans out of work, of which over 6.4 million (44.3 percent of the total unemployed) have been out of work more than 27 weeks. One can only imagine that many of these folks are on their way to becoming “99ers“.
No matter how you slice it, this report shows that the Great Recession has had a devastating effect on the US economy, not to mention employee psyche. From Calculated Risk:

Here’s a snapshot of the December report highlights:

• December: +103K total jobs (+113K private sector)
• November: Revised to +71K from +39K
• October: Revised to +210K from +172
• Total jobs added for 2010: 1.1 million (94K/month)
• Unemployment Rate: 9.4 percent from 9.8 percent in Nov)
• Under-Employment Rate (marginally attached, part-time): 16.7 percent (high was 17.4 percent in October 2009)
• Unemployed persons: 14.5 million
• Long-term unemployed (jobless for 27 weeks and over): 6.441 million, up from 6.313 million in November (peak was 6.8 million in May 2010)
• Part-timers (or have had hours cut for economic reasons): 8.9 million — this has been hovering around the high level of 9 million since August 2009
• Average Hourly Earnings: +3 cents to $22.75 - over the past 12 months, average hourly earnings have increased by 1.8 percent
• Average Workweek: 34.3 hrs
• Temporary help services: +16K, +495,000 since low of September 2009
• Leisure/Hospitality: +47K
• Health care: +36K
• Retail: +12K
• Manufacturing: +10K (flat since May)
• Construction: -16K