BREAKING NEWS UE Rate dropped to 8.6%

[wellendowed1911]

Where is WhirlWay???? WW are you going to be an asshole and say the fact that both the private and public sectors gained jobs an the UE rate went from 9.1 to 8.6% which is far better than what the economist forecast is not good news???? The GOP must be pissed because remember this is the Party that wants to make Obama a one term President. Can you imagine where the rate could head if Congress passed Obama's Jobs bills- remember the Jobs bill had parts that Republicans thought were good ideas. WW hate to bust your bubble but I would expect on 1-1-12 when Decembers numbers come out that the UE rate will drop again because Holiday times many retailers tend to hire a lot of Holiday workers.
By the way WW since you live in my area- I went to North Park Mall yesterday and it took me nearly 20 minutes to find a single parking space and that was around 2pm on a freaking Thurday I guess the economy is not as bad as you make it because if so people wouldn't be out shopping. By the way, how was sales on Black Friday????? I will tell you many retailers reported record sales and many reported record sales on Cyber Monday- so there goes your misery index LMFAO.

I promise had todays report came out and said UE rate rose to 9.6% WhirlWay would have been the first to start a thread- LMFAO!!!!!!

[trynagetlaid]

Great news for the economy!!!

[wellendowed1911]

Originally Posted by trynagetlaid

Great news for the economy!!!

I agree trynagetlaid but you are going to have some disgruntled Republican piss on the new good news. If the UE rate were to go down to 5%- Republicans would cry foul and say it should be 4%- if Obama's adminstration found a cure for Cancer- Republicans would say well why didn't they find a cure for AIDS- you can never keep these people happy.

[joe bloe]

Originally Posted by wellendowed1911

I agree trynagetlaid but you are going to have some disgruntled Republican piss on the new good news. If the UE rate were to go down to 5%- Republicans would cry foul and say it should be 4%- if Obama's adminstration found a cure for Cancer- Republicans would say well why didn't they find a cure for AIDS- you can never keep these people happy.

The rate is lowered because the number of people that gave up looking for work exceeded the number of people that found jobs.

They don't count you as unemployed if you give up looking for work; you still don't have a job, they just don't count you.

By that logic, if everyone currently unemployed gives up looking for work, they'll count it as full employment.

The genius of the federal government never ceases to amaze me.

[wellendowed1911]

Originally Posted by joe bloe

The rate is lowered because the number of people that gave up looking for work exceeded the number of people that found jobs.

They don't count you as unemployed if you give up looking for work; you still don't have a job, they just don't count you.

By that logic, if everyone currently unemployed gives up looking for work, they'll count it as full employment.

The genius of the federal government never ceases to amaze me.

It figures that you would be a sour grape- so if the number went down to let's say 6% than would your logic still apply?

Did you not read the fact that both the Private and Public sector ADDED jobs- which more than likely means they hired people who were UE!!!!!
No matter what the UE rate is even when it's 4% you are going to have the margin of error where people have given up looking- that's always going to be there regardless of the number- but the fact of the matter is both private and public sector added jobs, nevertheless we have a long way to go but it was good news- why can't you admit that it was good news???

[Guest050715-1]

Here's what the WSJ had to say about it.

"The U.S. added 120,000 jobs in November, but the unemployment rate posted a huge drop to 8.6% from 9% and a broader unemployment rate fell even more to 15.6% from 16.2%. Why?


The number of jobs added comes from a survey of establishment payrolls. The unemployment rate comes from a separate survey of U.S. households. The household survey is much smaller than the establishment survey, and as a result it can swing around a lot — and move the unemployment rate up and down when it does. That volatility is a big reason why economists usually, but not always, pay much more attention to the establishment report.


The unemployment rate is calculated based on people who are without jobs, who are available to work and who have actively sought work in the prior four weeks. The “actively looking for work” definition is fairly broad, including people who contacted an employer, employment agency, job center or friends; sent out resumes or filled out applications; or answered or placed ads, among other things. The rate is calculated by dividing that number by the total number of people in the labor force.


In October, the household survey showed the number of people unemployed fell by 594,000, but the labor force — the number of people working or looking for work — fell by a little more than half that amount. That means that though the number of employed people rose, a large group just stopped looking for work. That could be due to discouragement of the long-term unemployed or by choice over retirement or child care. So the decline in the unemployment rate to 8.6% was about half due to people finding jobs and half people dropping out.


Meanwhile, the broader unemployment rate, known as the “U-6″ for its data classification by the Labor Department, dropped by a 0.6 percentage point last month. The U-6 figure includes everyone in the official rate plus “marginally attached workers” — those who are neither working nor looking for work, but say they want a job and have looked for work recently; and people who are employed part-time for economic reasons, meaning they want full-time work but took a part-time schedule instead because that’s all they could find.


The key to the drop in the broader unemployment rate was due to a 378,000 drop in the number of people employed part time but who would prefer full-time work, that comes on top of a big drop in that category last month. That number could reflect people having their hours increased or part-time workers moving on to full time work."


Here's the link.

http://blogs.wsj.com/economics/2011/...t-rate-drop-5/

They way I read it is the report is from fluffy-feel good numbers that willfully disregard that half of the drop is due to people dropping out of the hunt, and not the official Labor Department, which dropped by .6% last month.

[waverunner234]

Originally Posted by wellendowed1911

It figures that you would be a sour grape- so if the number went down to let's say 6% than would your logic still apply?

Did you not read the fact that both the Private and Public sector ADDED jobs- which more than likely means they hired people who were UE!!!!!
No matter what the UE rate is even when it's 4% you are going to have the margin of error where people have given up looking- that's always going to be there regardless of the number- but the fact of the matter is both private and public sector added jobs, nevertheless we have a long way to go but it was good news- why can't you admit that it was good news???

Wellendowed. usually I agree with you but let's keep it honest.

I hate to say it but Joe Bloe is right.

The unemployment percentage counts people who are unemployed AND receive benefits.
Around 315,000 people ran out of benefits in November. They are left to starve and if they are not supported by family or others, they have nothing to fall back on.
A job number of 120,000 is still a bad number and nearly enough to feed population growth and is actually way less than needed for economic growth.
My thoughts: it was a very discouraging report this morning and shows how fragile the economy is.
December report is due on Friday Jan 6th.

We're not out of the woods, and no one knows how much of the debt crises in EZ will overflow to the US and the world economy.
Combined Central Banks actions last Wednesday didn't solve anything, just kicked the can a few weeks down the road.

Be prepared for some turmoil to come in the next few months.

Edit: also a good report would have added another 300-400 points to the Dow Jones Index, but at this moment half an hour before closing it's only 14 points.

[Boltfan]

Very good post waverunner.

You can jump on the people with their "right wing" blinders in this forum all you like WE, but make sure you are educated on the subject before you slam them for poo pooing numbers that really are not that great. Even Obama will tell you we need to be adding jobs at a +200,000 a month rate to even put a dent in things.

[Jackie S]

I suspect the same people were out of work as the week before, and all of the number spinning in the world will not change that fact.

We are doing our part. We hired a young man yesterday, he has rudimentary skills, but he seems willing to show up every day. A lot can be said for that.

[WTF]

Originally Posted by joe bloe

By that logic, if everyone currently unemployed gives up looking for work, they'll count it as full employment.

.

By Golly, I think you got it.

If your husband (in your case life partner) got a pay raise and you quit looking for a job, the UE drops!

If they all shot themselves, the EU drops.

It is good news if it is dropping....well unless you are in the GOP and you are trying to get elected.

[waverunner234]

Originally Posted by WTF

By Golly, I think you got it.

If they all shot themselves, the EU drops.

Ehhhhh actually that's correct, if everyone currently receiving unemployment benefits would shoot themselves, UE rate would be ZERO

[WTF]

Originally Posted by waverunner234

Ehhhhh actually that's correct, if everyone currently receiving unemployment benefits would shoot themselves, UE rate would be ZERO

Obama should sign me up as his job czar!





Point being WW is that we do not know why they stopped looking. Things might be better in their household. They may have gotten married and decided to be a stay at home mom....we just do not know for sure.

Originally Posted by OliviaHoward

Here's what the WSJ had to say about it.


In October, the household survey showed the number of people unemployed fell by 594,000, but the labor force — the number of people working or looking for work — fell by a little more than half that amount. That means that though the number of employed people rose, a large group just stopped looking for work. That could be due to discouragement of the long-term unemployed or by choice over retirement or child care. So the decline in the unemployment rate to 8.6% was about half due to people finding jobs and half people dropping out.

The key to the drop in the broader unemployment rate was due to a 378,000 drop in the number of people employed part time but who would prefer full-time work, that comes on top of a big drop in that category last month. That number could reflect people having their hours increased or part-time workers moving on to full time work."


Here's the link.

http://blogs.wsj.com/economics/2011/...t-rate-drop-5/

[boardman]

It'll get revised upward next week.

[waverunner234]

Originally Posted by boardman

It'll get revised upward next week.

Won't happen. Job numbers will be revised next month, UE percentage has never been revised as far as I know.

[wellendowed1911]

Originally Posted by Boltfan

Very good post waverunner.

You can jump on the people with their "right wing" blinders in this forum all you like WE, but make sure you are educated on the subject before you slam them for poo pooing numbers that really are not that great. Even Obama will tell you we need to be adding jobs at a +200,000 a month rate to even put a dent in things.

Bolt read my whole statement I still said we have a long way to go- but the fact of the matter is both the private and public sector added jobs and the overall rate went down- I don't care how you cut it- the overall fact is it was good news- are we out of the tank? NO! Is it a start YES!!! You guys would be slamming this administration had the news been the UE rate jumped to 9.6%- if the number is shrinking month by month it's good news.