Job losses continue; 20,000 for January (unemployment rate, companies, good news, government)

[sanrene]

Payrolls fall in January, jobless rate at 5-month low - Yahoo! Finance (http://finance.yahoo.com/news/Payrolls-fall-in-January-rb-514835788.html?x=0&.v=2 - broken link)

WASHINGTON (Reuters) - Employers unexpectedly cut 20,000 in January, but the unemployment rate surprisingly fell to a five-month low of 9.7 percent, according to a government report on Friday that hinted at some labor market improvement starting to take root.

A sharp increase in the number of people giving up looking for work helped to depress the jobless rate. The number of 'discouraged job seekers' rose to 1.1 million in January from 734,000 a year ago.

How's that failed stimulus working for you?

[summers73]

All those people giving up looking for work marginally brought down the unemployment rate. I'm sure that will be spun as good news.

[summers73]

IBDBF

In Before Declaring Bush's Fault.

[meson]

Originally Posted by summers73

All those people giving up looking for work marginally brought down the unemployment rate. I'm sure that will be spun as good news.

Well there is some good news that sanrene chose not to post:

"While job losses in prior months were steeper than previously thought, details of the January report supported views the blood bath has stopped."
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"Manufacturing payrolls rose 11,000 last month, the first gain since January 2007, after dropping 23,000 in December. But the construction sector, continued to struggle, losing 75,000 jobs, likely because of unusually cold weather. Construction payrolls fell 32,000 in December."
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"In another sign of labor market improvement, the average workweek unexpectedly rose to 33.3 hours, the highest level in a year, from 33.2 hours in December. Total average hourly earnings increased $18.89 from $18.84 in December."
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"Manufacturing overtime rose to 3.5 hours, the highest since September 2008."
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[cleanhouse]

Originally Posted by summers73

All those people giving up looking for work marginally brought down the unemployment rate. I'm sure that will be spun as good news.

Yup. I guess the unemployment rate really means nothing anymore.

A sharp increase in the number of people giving up looking for work helped to depress the jobless rate. The number of 'discouraged job seekers' rose to 1.1 million in January from 734,000 a year ago.

http://www.cnbc.com/id/35254420


So on a year over year basis there are MORE discouraged workers.

This is very discouraging.

[cleanhouse]

Originally Posted by meson

Well there is some good news that sanrene chose not to post:

"While job losses in prior months were steeper than previously thought, details of the January report supported views the blood bath has stopped."
-----------------------------------------------------------------
"Manufacturing payrolls rose 11,000 last month, the first gain since January 2007, after dropping 23,000 in December. But the construction sector, continued to struggle, losing 75,000 jobs, likely because of unusually cold weather. Construction payrolls fell 32,000 in December."
-----------------------------------------------------------------
"In another sign of labor market improvement, the average workweek unexpectedly rose to 33.3 hours, the highest level in a year, from 33.2 hours in December. Total average hourly earnings increased $18.89 from $18.84 in December."
-----------------------------------------------------------------
"Manufacturing overtime rose to 3.5 hours, the highest since September 2008."
-----------------------------------------------------------------

Companies are using less workers to do more work.

They are still not convinced they have to hire yet.

[florida.bob]

Originally Posted by sanrene

Payrolls fall in January, jobless rate at 5-month low - Yahoo! Finance (http://finance.yahoo.com/news/Payrolls-fall-in-January-rb-514835788.html?x=0&.v=2 - broken link)





How's that failed stimulus working for you?

Thanks for the link. I am feeling more and more optimistic about the fact that the recovery is working.

[HappyTexan]

After 2 solid years of losses..it's still "unexpected" to them ?
We need some new bean counters in the government.

Job losses should be "expected" and a surge in hiring is "unexpected".

[Icy Tea]

The feds make forecasts and projected numbers then they always seem to change them a month later. Spending is higher, revenue is less, unemployment is higher and manufacturing is lower.
If you believe what the government tells you, well then, you'll believe anything.

[summers73]

Originally Posted by Icy Tea

If you believe what the government tells you, well then, you'll believe anything.

Quote of the day.