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Old 01-08-2010, 08:03 AM
 
27,903 posts, read 34,347,414 times
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Employment Situation Summary

Quote:
Nonfarm payroll employment edged down (-85,000) in December, and the unem-
ployment rate was unchanged at 10.0 percent, the U.S. Bureau of Labor Statis-
tics reported today. Employment fell in construction, manufacturing, and
wholesale trade, while temporary help services and health care added jobs.
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Old 01-08-2010, 08:16 AM
 
Location: SE Arizona - FINALLY! :D
19,868 posts, read 22,722,776 times
Reputation: 7167
Nope, we're not quite there yet.
We had positive job growth (slighly) in November - probably as Christmas hiring kicked in - but then dropped back job loss in December. I had hoped that job growth would show up in December, but it looks like I'm back to my original prediction of job growth by or in the spring. That's the nature of recovery - one month up, the next down a bit, but overall moving upwards.

Ken
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Old 01-08-2010, 11:44 AM
 
Location: Chicagoland
41,314 posts, read 39,496,708 times
Reputation: 7107
The UE rate would have been much higher, if not for the 661,000 workers that stopped looking.

Economy loses 85K jobs as employers remain wary - Yahoo! News (http://news.yahoo.com/s/ap/20100108/ap_on_bi_go_ec_fi/us_economy - broken link)

Quote:
When discouraged workers and part-time workers who would prefer full-time jobs are included, the so-called “underemployment” rate in December rose to 17.3 percent, from 17.2 percent in November.

Friday’s report caps a disastrous year for U.S. workers. Employers cut 4.2 million jobs in 2009. Nearly 15.3 million people are unemployed, an increase of 3.9 million during 2009.
Again, employers are not hiring - they are waiting to see how much obama's disastrous HC, C&T will cost them.
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Old 01-08-2010, 11:58 AM
 
Location: SE Arizona - FINALLY! :D
19,868 posts, read 22,722,776 times
Reputation: 7167
Quote:
Originally Posted by sanrene View Post
The UE rate would have been much higher, if not for the 661,000 workers that stopped looking.

Economy loses 85K jobs as employers remain wary - Yahoo! News (http://news.yahoo.com/s/ap/20100108/ap_on_bi_go_ec_fi/us_economy - broken link)
Those workers that stopped looking are reflected in the U-6 number - which edged up slightly (up 1/10 of 1 percent).

"The U.S. jobless rate was unchanged at 10% in December, following a decline the previous month, but the government’s broader measure of unemployment ticked up 0.1 percentage point to 17.3%."

Broader U-6 Unemployment Rate Increases to 17.3% in December - Real Time Economics - WSJ

Ken
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Old 01-08-2010, 12:12 PM
 
Location: Chicagoland
41,314 posts, read 39,496,708 times
Reputation: 7107
Quote:
WASHINGTON – Lack of confidence in the economic recovery led employers to shed a more-than-expected 85,000 net jobs in December even as the unemployment rate held at 10 percent. The rate would have been higher if more people had been looking for work instead of leaving the labor force because they can't find jobs.
Quote:
The labor force has shrunk by 1.9 million people since May. Without the drop, December's jobless rate could have been as high as 10.4 percent, according to Larry Mishel, president of the Economic Policy Institute.
Whatever you say.
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Old 01-08-2010, 12:26 PM
 
Location: SE Arizona - FINALLY! :D
19,868 posts, read 22,722,776 times
Reputation: 7167
Quote:
Originally Posted by sanrene View Post
Whatever you say.
Sure. That's ALWAYS the case (in this recesssion AND past ones) - that's why they publish the U-6 number (which includes ALL workers who've given up looking or who are underemployed).

What's your point?
That lots of people are unemployed?
That's the nature a recession (DUH!!!).

It's absolutely true that business is still waiting to resume hiring - but they won't wait forever. As the recovery picks up steam hiring will resume. The only questions are:

How quickly?
How strongly?

Ken
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