Friday - January 06, 2012

TooDaze Stoopid Newz, Part 1

For once it wasn’t unexpected!

The nation’s unemployment rate fell to its lowest level in nearly three years at the end of 2011, as a burst of private-sector hiring helped sustain what has been a positive trend lately in the job market.

The rate, which dipped to 8.5 percent in December, has dropped for four straight months. The direction of the numbers could help soften the political blow of what remains a tough economy for President Obama, who is charging into a competitive re-election year.

“It’s good news that more Americans found work last month despite a sluggish economy, but both parties must come together and do more to address the ongoing uncertainty that small businesses face,” House Speaker John Boehner [aka Crybaby] said. “Today marks the 35th consecutive month of unemployment above eight percent, and too many Americans continue to struggle to find their next job.”

The December report painted a picture of a broadly improving job market. Average hourly pay rose, providing consumers with more income to spend. The average work week lengthened, a sign that business is picking up and companies may soon need more workers. And hiring was strong across almost all major industries.
...
Manufacturing added 23,000 jobs. Transportation and warehousing added 50,000 jobs. Retailers added 28,000 jobs. Even the beleaguered construction industry added 17,000 workers.

Don’t read this part:

The drop in the rate, the lowest since February 2009, was driven by a net payroll increase of 200,000 in December. The rate also came down in part because the size of the labor force shrank by 50,000. Many who are unemployed have stopped looking for jobs. The government only counts people as unemployed if they are actively searching for jobs.

When including those groups, the broader “underemployment” rate was 15.2 percent. That’s down from 15.6 percent the previous month, but still high. The figure has dropped for three straight months.

Also please don’t think about the stats: 28,000 new jobs in retail is 14% of the gain, yet this could be almost entirely seasonal help brought on for the holidays. If half of them get let go in January, we’re right back up to over 9% again. Grain of salt? No, a bucketful.

Personally, I’m glad the unemployment situation is improving, however the numbers may be diddled. Every new job helps us get back on our feet. And I’m rather proud that the American economy can show some signs of life no matter what the Commie In Charge tries to do to it. But even if it should catch fire tomorrow, and a record setting hiring spree go on all year long, I won’t give him or his policies a milligram’s worth of credit. Any economic good news is coming in spite of the government, not because of it.

Posted by Drew458     on 01/06/2012 at 11:32 AM   
Filed Under: • Economics • News-Briefs •  
• Comments (3) • Trackbacks(0)  Permalink •  

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