I have to assume that a large percentage of these jobs were service sector jobs that will disapear in Q1 2016.
1
This must really annoy the republicans who have been trying their hardest for this president to fail at every turn.
We won't forget that under their most recent leadership (gwb) we were losing 750,000 jobs a month in 2008.
We won't forget that under their most recent leadership (gwb) we were losing 750,000 jobs a month in 2008.
3
The backbone of our nation is the $15-25/HR wage earner for those with a high school education. The challenge is that the health care of that income range costs are in the range of $5-6/hr, largely paid by the employer. And, that includes high deductibles for major illness which wages at the lower end of this range cannot readily afford.
Our nation's folks that earn above $40/HR are fine though not on easy street. Perhaps, the old adage i true: "life ain't a bed of rose petals."
I think we could encourage higher wages if gov't invested more in infrastructure repair: roads, bridges, storm drainage, power grid improvement, etc need attention. With wages at the lower end stagnant, infrastructure improvement is now a bargain for the nation. Taxes, though, will have to go up a bit for all of us earning over $40/HR. It's worth it!!!!!!
And, we still need to tweak how we manage severe unpredictable economic stress for our population that cannot or will not set aside for their own rainy day needs, whether that be health or other disruption.
Our nation's folks that earn above $40/HR are fine though not on easy street. Perhaps, the old adage i true: "life ain't a bed of rose petals."
I think we could encourage higher wages if gov't invested more in infrastructure repair: roads, bridges, storm drainage, power grid improvement, etc need attention. With wages at the lower end stagnant, infrastructure improvement is now a bargain for the nation. Taxes, though, will have to go up a bit for all of us earning over $40/HR. It's worth it!!!!!!
And, we still need to tweak how we manage severe unpredictable economic stress for our population that cannot or will not set aside for their own rainy day needs, whether that be health or other disruption.
1
I wonder how the Republicans will spin this into bad gloomy news.
3
The economy is the best it's been since President Bush tanked it. President Obama has restored and surpassed all benchmarks since he has taken office. Private sector jobs have increased, government jobs have decreased.
Does the President get any credit for this? From Republicans? Not one iota. Every positive achievement is countered with a negative response by Republicans. Mitt Romney promised a 6% unemployment rate by the end of his first term. Does anyone think that the current rate would not be heralded by the GOP as a magnificent accomplishment?
It was the same with President Clinton. Republicans cite without them there would have been no 1990's boom. Really. The idea that the buck stops at the President's desk only has relevance when Republicans are in the White House. The nerve, the sheer unmitigated gall. The GOP in a nutshell. Want to see their economic policies in action? Take a good look at the pathetic situation in Kansas. There's your small government, on life support.
How can a world superpower approaching a third of a billion people live on a budget from a half century ago, when the population was 150 million? The answer of course it can't. More taxes are needed. Since middle classes wages have stagnated the vast wealth must have gone somewhere, oui? "Follow the money", Deep Throat advised. When you find who has acquired it, tax them like the middle class has been, then get back to me about balancing the budget.
DD
Manhattan
DD
Manhattan
Does the President get any credit for this? From Republicans? Not one iota. Every positive achievement is countered with a negative response by Republicans. Mitt Romney promised a 6% unemployment rate by the end of his first term. Does anyone think that the current rate would not be heralded by the GOP as a magnificent accomplishment?
It was the same with President Clinton. Republicans cite without them there would have been no 1990's boom. Really. The idea that the buck stops at the President's desk only has relevance when Republicans are in the White House. The nerve, the sheer unmitigated gall. The GOP in a nutshell. Want to see their economic policies in action? Take a good look at the pathetic situation in Kansas. There's your small government, on life support.
How can a world superpower approaching a third of a billion people live on a budget from a half century ago, when the population was 150 million? The answer of course it can't. More taxes are needed. Since middle classes wages have stagnated the vast wealth must have gone somewhere, oui? "Follow the money", Deep Throat advised. When you find who has acquired it, tax them like the middle class has been, then get back to me about balancing the budget.
DD
Manhattan
DD
Manhattan
4
Many comments parrot a party line lauding the Obama administration on correctly citing the economic disaster inherited from Bush. But tin fact these impressive headline numbers do not tell the full story. Labor participation is extremely low and many of the jobs created are low wage, no benefits jobs that cannot sustain a family. Our partisan wrangling keeps us from a mature and rigorous discussion on the new realties triggered by major technological advances and globalization. We are in a world of severe bifurcation of the labor force that has enormous implications across to board for our society and our future and yet all we hear is 'our side is better than yours.'
3
One can spin this any way you want; but the basic bottom line is that once again it is a Democratic (Keynesian) administration that has turned an economy going over a cliff into a strong robust one. It is a joke that the Republicans have been spouting doom and gloom over the Obama bailout of Wall Street; following their insane meltdown of 2008. If there was any justice every Republican free market idiot would be kissing the feet of President Obama. Their silence these days is deafening!!!
4
As the GOP always says when anything bad in America happens:
"Its Obama's fault"
Or how about, "He's out to take your jobs."
Or how about, "The GOP did it by keeping the man in the White House in check."
My what short memories Republicans have about the eight years before Obama when their guy destroyed the economy, our security, our world reputation, Iraq and just about everything else including the middle class.
If I could vote for Obama for a third term I would do it in a heartbeat over any of the current wannabees of either party.
"Its Obama's fault"
Or how about, "He's out to take your jobs."
Or how about, "The GOP did it by keeping the man in the White House in check."
My what short memories Republicans have about the eight years before Obama when their guy destroyed the economy, our security, our world reputation, Iraq and just about everything else including the middle class.
If I could vote for Obama for a third term I would do it in a heartbeat over any of the current wannabees of either party.
4
"Looking ahead, the biggest question is whether overall growth" will be sufficient to convince the voters that the GOP's reluctance and resistance to all things Obama was not in the rank and files best interests...
2
US population 320 Million
68.9 M 0 to 15 Years old
251.90 M Total persons 16+
Labor participation rate 62.6% of 251.9 million 16+
157.80 M In labor force
94.1 M Not in labor force
Exempt from work
38.50 M Retirement*
16.30 M ILL or disabled
16.00 M Education - high school, college*
13.50 M Family responsibilities
03.10 M Other
87.40 M Total
94.10 M Out of workforce
87.40 M Exempt from work
-----
06.70 M Actual Unemployed
251.90 M Total persons 16+ (total Labor force)
2.7% Percent of total labor force unemployed
157.80 M non-exempt total labor force
4% Percent of non-exempt work force unemployed
*Unusually high numbers. (millineals in school and Baby Boomers in retirement)
Together these causes the low labor participation rate.
68.9 M 0 to 15 Years old
251.90 M Total persons 16+
Labor participation rate 62.6% of 251.9 million 16+
157.80 M In labor force
94.1 M Not in labor force
Exempt from work
38.50 M Retirement*
16.30 M ILL or disabled
16.00 M Education - high school, college*
13.50 M Family responsibilities
03.10 M Other
87.40 M Total
94.10 M Out of workforce
87.40 M Exempt from work
-----
06.70 M Actual Unemployed
251.90 M Total persons 16+ (total Labor force)
2.7% Percent of total labor force unemployed
157.80 M non-exempt total labor force
4% Percent of non-exempt work force unemployed
*Unusually high numbers. (millineals in school and Baby Boomers in retirement)
Together these causes the low labor participation rate.
5
Using the employment data for ages 25-54, (negating effects of retirees) we are still well below full employment.
http://data.bls.gov/timeseries/LNS12300060
In April 2001, 25-54 EMRATIO peaked at 81.9 with no hint of wage (let alone price) pressure - meaning *still* not at full employment.
In Dec 2015, it was at 77.4 - same as November, and 4.5% lower than previous peak. Jobs are outpacing population growth, but not by much. It would take decades to reach full employment at this rate - a rate which is unlikely to be sustained due to lack of demand.
We would need decades of a tight labor market / full employment for wages and wealth to recoup lost ground. A much higher minimum wage would be a good start to fixing that in the short term.
Looking at the situation with rose colored glasses isn't smart, if you really want to improve things, rather than just defend the status quo.
Interest rates have been trending downwards for decades. Since 1990, the only times near full employment have been due to unsustainable bubbles, superimposed upon secular trend of ever widening gap between demand and supply. Even at bubble peak in 2000, with headline unemployment below 4%, we still had low inflation, meaning *less* than full employment.
The present rate of job creation is not only inadequate, it likely represents a cyclical peak in a long term downward trend - which was caused by policy changes that need to be reversed.
http://data.bls.gov/timeseries/LNS12300060
In April 2001, 25-54 EMRATIO peaked at 81.9 with no hint of wage (let alone price) pressure - meaning *still* not at full employment.
In Dec 2015, it was at 77.4 - same as November, and 4.5% lower than previous peak. Jobs are outpacing population growth, but not by much. It would take decades to reach full employment at this rate - a rate which is unlikely to be sustained due to lack of demand.
We would need decades of a tight labor market / full employment for wages and wealth to recoup lost ground. A much higher minimum wage would be a good start to fixing that in the short term.
Looking at the situation with rose colored glasses isn't smart, if you really want to improve things, rather than just defend the status quo.
Interest rates have been trending downwards for decades. Since 1990, the only times near full employment have been due to unsustainable bubbles, superimposed upon secular trend of ever widening gap between demand and supply. Even at bubble peak in 2000, with headline unemployment below 4%, we still had low inflation, meaning *less* than full employment.
The present rate of job creation is not only inadequate, it likely represents a cyclical peak in a long term downward trend - which was caused by policy changes that need to be reversed.
4
Words like "robust", "impressive" and "solid year" are incredibly biased and strictly planned to support Hillary or Bern. These numbers look favorably ONLY compared to President Obama's miserable two terms of under-mediocre. This president has never touched the private sector. He is a government man from start to finish and is ignorant of the great prosperity brought by free enterprise, capitalism, and few crippling regulation. Hillary and Bill are the Madoffs of capitalism, selling out our country to other countries and hucksters to fantastically enrich themselves in their personal self-" charity." The crooked Clintons are outliers in business: most businesspeople are honest and hard working. But Obama and most on the Left do not get this, they feel that most people in business are crooks needing close micromanaging from the government. Doctors and healthcare providers, oil & gas execs, bankers, all lenders, for-profit schools, are the targets. Obama will leave the presidency middle-class and then get filthy rich while Hill and Bill are filthy rich aiming to get more wealthy.
Http: www.periodictablet.com
Http: www.periodictablet.com
7
@ Ted
And interesting example of the extreme derangement that seems to afflict Republicans who live in some sort of alternate non evidence based universe. Apparently this one is unaware that the two major equity indexes (which are principally driven by corporate profitability) have more than doubled since this anti business president took over from his presumably pro business Republican predecessor.
And interesting example of the extreme derangement that seems to afflict Republicans who live in some sort of alternate non evidence based universe. Apparently this one is unaware that the two major equity indexes (which are principally driven by corporate profitability) have more than doubled since this anti business president took over from his presumably pro business Republican predecessor.
12
Baseless accusations and personal animosity are the ingredients of sour-grapes tirades...and Bernie Madoff was a Republican enabled creature, "business people" are honest when it's profitable and dishonest when that is profitable and it was the GOP that enabled corporations to off-shore jobs and profits and to shield those profits from taxes that weren't covered by Republican tax-cuts...
2
On New Years Day, the Times had an article about women over the age of 50 who can't find work and have been unemployed for years. Many men are in the same boat as well. So, how can the Times say we are at full employment?
6
Oh, yes, let's talk robust jobs. Robust low-paying jobs. Even those will to bye-bye now if the wealthiest have their way. According to Bloomberg News, "Forty-seven billionaires lost $1 billion or more during the worst week for U.S. stocks since 2011, according to the Bloomberg Billionaires Index. The combined drop was almost seven times the $29 billion lost in the first five trading days of 2015. The 400 people on the index had a combined $3.7 trillion at the end of the week, compared with more than $4 trillion a year ago." Of course, WE have to make it up to them and little investors and 401K owners will take the real hit.
http://www.bloomberg.com/news/articles/2016-01-08/world-s-richest-lose-1...
http://www.bloomberg.com/news/articles/2016-01-08/world-s-richest-lose-1...
3
You can't have it both ways.
If the stock market goes down wealth inequality decreases. That is how it works. Period.
Which do you prefer ?
If the stock market goes down wealth inequality decreases. That is how it works. Period.
Which do you prefer ?
3
Hooray! Slowly but surely, we're inching our way up to the 500,000 jobs per month that the puppet Biden promised SIX years ago. Almost there
4
Keep in mind that a part-time, minimum wage job still keeps a worker out of the unemployed category. Good luck trying to find a decently paid, full-time job with benefits.
I would love to see the government regularly publish a count of the "under-employed"in the U.S.: those who are working for wages far below what their job history, education, and training should qualify them for.
If the middle class isn't dead already, it certainly will be after a couple years under the unholy alliance formed by a Republican Congress, a Republican president, and their corporate masters.
I would love to see the government regularly publish a count of the "under-employed"in the U.S.: those who are working for wages far below what their job history, education, and training should qualify them for.
If the middle class isn't dead already, it certainly will be after a couple years under the unholy alliance formed by a Republican Congress, a Republican president, and their corporate masters.
9
Right, then you can place the blame for the amateurish, infantile president's eight year economic mess elsewhere...
4
Again it is worth pointing out that Obama shrunk government payrolls while in office.
Mr. Small Government Ronald Reagan bloated the size of government payrolls by 1.5 million, while Obama scaled back the size of the bloated Reagan/Bush payrolls by 500,000
http://data.bls.gov/pdq/SurveyOutputServlet
Series: CES9000000001
Mr. Small Government Ronald Reagan bloated the size of government payrolls by 1.5 million, while Obama scaled back the size of the bloated Reagan/Bush payrolls by 500,000
http://data.bls.gov/pdq/SurveyOutputServlet
Series: CES9000000001
10
Unfortunately a lot of these jobs are part time. Wages have gone down over the last seven years. 50 million in poverty. The job participation rate is the worst in 40 years. Also, we're $20 trillion in debt. I'm glad the liberal economist Mark Zandy is happy. Although he's never gotten anything right over the last seven years.
7
Wages have gone down over the last seven years.
This is false. Look it up yourself:
http://data.bls.gov/pdq/SurveyOutputServlet
Series CES0500000012
This is like the tenth time I had to correct false accusations about the employment situation with the actual data. I don't know how many of these will get posted, but I haven't seen a criticism of Obama that the actual data supports on this comment board.
This is false. Look it up yourself:
http://data.bls.gov/pdq/SurveyOutputServlet
Series CES0500000012
This is like the tenth time I had to correct false accusations about the employment situation with the actual data. I don't know how many of these will get posted, but I haven't seen a criticism of Obama that the actual data supports on this comment board.
7
Obama's economy benefits the 1% the most. Pretty hypocritical, I'd say. Meanwhile, failed stimulus plan; national debt doubles; record % of working-aged not in labor force; fewer full-time jobs; black unemployment double the national rate; stagnant incomes; shrinking middle class; booming welfare class; social security bankruptcy looming.
Other than that, things are great!
Other than that, things are great!
5
Are you saying that trickle down economics is a fraud ?
Reagan tripled the debt, and he's the greatest Republican President in recent history.
And the labor participation rate for workers 25-54 is higher than it was when Reagan won 49 states in his 1984 re-election bid.
Obama > Reagan
Reagan tripled the debt, and he's the greatest Republican President in recent history.
And the labor participation rate for workers 25-54 is higher than it was when Reagan won 49 states in his 1984 re-election bid.
Obama > Reagan
10
This is laughable. A solid year where middle class incomes drop, part time jobs flourish, and people give up and drop out the job market.
5
Full time employment is up 7.9 million from Feb 2009, while part time employment is up only 600,000.
Look for yourself, this data is readily available:
http://data.bls.gov/pdq/SurveyOutputServlet
Part time series ID: LNS12600000
Full time series ID: LNS12500000
Look for yourself, this data is readily available:
http://data.bls.gov/pdq/SurveyOutputServlet
Part time series ID: LNS12600000
Full time series ID: LNS12500000
12
A lot of commenters rightfully point out that many of these new jobs are on the lower-end of the pay scale with minimal benefits and long-term security. However, a low-paying job is still much better than no job at all. I am amazed by how quickly everyone has forgotten where we are coming from. I would take this economy over the dumpster fire that George Bush left us with 8 years ago. It's all about perspective people. We can still hope and demand for a better future without scoffing at the progress that we have made.
16
Maybe the politicians that will be affected by the next November election will be able to find work in one of these positions they helped create for the working class in America; certainly they are qualified!
4
Before we all stand and cheer about the "solid" job year, it might be edifying to check ECRI's very clear and very obvious reading of the actual data, which shows that multiple job holders picking up another job are responsible for about 2/3 of the job "gains" since spring (read: part time, lousy; not full-time jobs, only ~ 1/3 of the number corresponds to people actually going from unemployed to full-time work).
https://www.businesscycle.com/ecri-news-events/news-details/economic-cyc...
https://www.businesscycle.com/ecri-news-events/news-details/economic-cyc...
4
It takes about 5 minutes to find out about Lakshman Achuthan, ECRI and their horrendously incorrect call of a recession in mid 2012. To magnify their idiocy Achuthan could not bring himself to admit his mistake to the WSJ or the folks at CNBC. And this on top of more cooked up "facts."
Sure, sure, we see who has an agenda and who really is manipulating real data.
John, too bad, it was not even a good try.
Sure, sure, we see who has an agenda and who really is manipulating real data.
John, too bad, it was not even a good try.
3
And Obama's incrementalism in our economy is wrong why? Seems like despite the complaints about the labor participation rate and the "real" unemployment rate, we are doing OK. Yes, wages, could be higher. However, if we'd done what the Europeans did and listened to the Republicans, we'd be in dire straits along with Europe.
I only wish that the two parties could have come together on more during the last seven years. United, our country could have come back faster.
Again, Obama's incrementalism (in the face of overwhelming political opposition) is wrong why?
I only wish that the two parties could have come together on more during the last seven years. United, our country could have come back faster.
Again, Obama's incrementalism (in the face of overwhelming political opposition) is wrong why?
8
Trump is claiming that he will "make America great again."
But it looks like President Obama beat him to it.
But it looks like President Obama beat him to it.
12
Dogmatic individuals believe anything that supports their political beliefs. This jobs report is an example.
Specifically, compared to other people, dogmatic individuals attempt to minimize inconsistencies. They do not likely to contemplate inconsistent, incompatible, or conflicting beliefs and thoughts.
In response to such contradictions, they disregard or trivialize particular tenets or assumptions.
Second, to shun ambiguity, they prefer to assume that only one ideology or belief is correct. They do not entertain the possibility their assumptions are incorrect. If religious, for example, they believe the bible or scriptures of their faith is incontrovertible. If they espouse an egalitarian philosophy, they despise conservative perspectives, and vice versa.
Third, their beliefs are rigid. They are entirely impervious to information that contradicts their opinions. They are certain they are correct, and thus do not consider further information, potentially manifesting as a confirmation bias. They also admire leaders who maintain their beliefs.
Dogmatic individuals when exposed to information that counters their existing opinions are especially inclined to merely neglect these insights. Alternatively, they perceive the information as irrelevant or insignificant.
Fourth, they show a property called compartmentalization: They are able to isolate conflicting thoughts from one another and, thus, remain oblivious to the contradictions to their philosophies and beliefs.
Specifically, compared to other people, dogmatic individuals attempt to minimize inconsistencies. They do not likely to contemplate inconsistent, incompatible, or conflicting beliefs and thoughts.
In response to such contradictions, they disregard or trivialize particular tenets or assumptions.
Second, to shun ambiguity, they prefer to assume that only one ideology or belief is correct. They do not entertain the possibility their assumptions are incorrect. If religious, for example, they believe the bible or scriptures of their faith is incontrovertible. If they espouse an egalitarian philosophy, they despise conservative perspectives, and vice versa.
Third, their beliefs are rigid. They are entirely impervious to information that contradicts their opinions. They are certain they are correct, and thus do not consider further information, potentially manifesting as a confirmation bias. They also admire leaders who maintain their beliefs.
Dogmatic individuals when exposed to information that counters their existing opinions are especially inclined to merely neglect these insights. Alternatively, they perceive the information as irrelevant or insignificant.
Fourth, they show a property called compartmentalization: They are able to isolate conflicting thoughts from one another and, thus, remain oblivious to the contradictions to their philosophies and beliefs.
4
"'Where are we at? Low unemployment. Rapid job gains. No inflationary pressures — and so the boom goes on.'"
What boom? The quantity of jobs looks good but a significant portion of the jobs are said to be part-time low-pay work, typical of temporary hiring for the holiday season. As long as wages remain low, there will be no inflationary pressure that would normally justify raising interest rates.
What boom? The quantity of jobs looks good but a significant portion of the jobs are said to be part-time low-pay work, typical of temporary hiring for the holiday season. As long as wages remain low, there will be no inflationary pressure that would normally justify raising interest rates.
5
The job market is excellent for well educated people living in urban areas with work experience in tech, healthcare and business services. Have you seen the tower construction cranes in the cities across America? For high school dropouts and low skill workers in the boonies, it is bad as ever. Of course, further education and moving to a economically better performing region of the US is an option for those willing to put in the work and take a risk.
3
Well, it is not the job market but "job market". It is extremely differentiated by educational attainment and location. The problem is that 50 years old largely cannot be retrained in sufficient time to see a positive return, and the weak real estate market in many locations has created a mobility problem.
1
I'm 38. So that means I was born three years before the Reagan revolution. I've been very frustrated for years over what was/has been done to my generation. The obsession with low taxes has been a constant drumbeat by the Republican Party my entire life......
I don't beleive these numbers for one minute. The jobs people "do" have in all likelihood have lousy pay/benefits. I'm lucky enough to be working in a hospital with good benefits. Being a nurse/pharmacist is very very stressful but it pays well. People should consider going into healthcare. The baby boomers are aging.......
I don't beleive these numbers for one minute. The jobs people "do" have in all likelihood have lousy pay/benefits. I'm lucky enough to be working in a hospital with good benefits. Being a nurse/pharmacist is very very stressful but it pays well. People should consider going into healthcare. The baby boomers are aging.......
3
And Obamacare has exploded healthcare business in general. Obamacare has been very good for your work and you still want to "bite the hand that feeds you."
Why? Do you think you'd be sitting pretty if Bush was still president? Not likely. Try to show a little appreciation. It is the right thing to do.
Why? Do you think you'd be sitting pretty if Bush was still president? Not likely. Try to show a little appreciation. It is the right thing to do.
4
Wow.......my comment wasn't about blaming Obama. He walked into a mess and he deserves some credit.
The point I was trying to make is that despite Obama's best efforts he can't "undo" what Reagan/Bush did to this country. I feel hopeless for the future because the only people in our society that "matter" are the 1% and those richer then the 1%. We live in a society where if you are born into a poor family you will likely be poor for the rest of your life. How are the poor or middle class supposed to compete against people willing to spend thousands of dollars on SAT prep and private schools? In the past if you worked hard and made the right choices you could pull ahead - that's almost impossible now if you are born into the "wrong" circumstances. That's the reason I would NEVER consider having children unless I was making at least $100,000 a year.
I met a guy about 14 years ago who was my age at the time. That would be mid-twenties. He told he grew up in a poor family and hated it. He worked his butt off and got a fantastic job (can't remember what it was). He had bought a house in his mid twenties. But you see he was born in 1977 like me..............so future generations are going to have a much harder time of it.................
The point I was trying to make is that despite Obama's best efforts he can't "undo" what Reagan/Bush did to this country. I feel hopeless for the future because the only people in our society that "matter" are the 1% and those richer then the 1%. We live in a society where if you are born into a poor family you will likely be poor for the rest of your life. How are the poor or middle class supposed to compete against people willing to spend thousands of dollars on SAT prep and private schools? In the past if you worked hard and made the right choices you could pull ahead - that's almost impossible now if you are born into the "wrong" circumstances. That's the reason I would NEVER consider having children unless I was making at least $100,000 a year.
I met a guy about 14 years ago who was my age at the time. That would be mid-twenties. He told he grew up in a poor family and hated it. He worked his butt off and got a fantastic job (can't remember what it was). He had bought a house in his mid twenties. But you see he was born in 1977 like me..............so future generations are going to have a much harder time of it.................
1
Here's some counter to patricia cohen's propaganda -
Six million more Americans live in poverty today than when Obama was elected. Median household income (in real dollars) was no higher at the end of 2015 than at the end of 2007. The labor force participation rate — the share of working-age Americans who have a job or are looking for one — has sunk to 62.5 percent, a level not seen since the Carter administration.
Don't depend on the NYT for anything more than feckless idolatry. No longer a serious newspaper.
Six million more Americans live in poverty today than when Obama was elected. Median household income (in real dollars) was no higher at the end of 2015 than at the end of 2007. The labor force participation rate — the share of working-age Americans who have a job or are looking for one — has sunk to 62.5 percent, a level not seen since the Carter administration.
Don't depend on the NYT for anything more than feckless idolatry. No longer a serious newspaper.
10
Labor Force Participation numbers will continue to shrink due to aging demographics--- regardless of state of the economy (and increased college enrollment). Labor participation for those between 25-54 is a better stat that avoids the above confounds.
11
Also, why should things be constantly compared to 2007 when the economy was unsustainably over-leveraged and dangling over the edge of a precipice? If anything, any numbers on par with 2007 should be a warning sign!
5
The poverty line is misleading, because the level that defines who is in poverty rose under Obama.
Obama recognized these people were in dire straits, whereas the fraud Bush thought they were doing just fine.
Same people, same income, different labels.
Obama recognized these people were in dire straits, whereas the fraud Bush thought they were doing just fine.
Same people, same income, different labels.
5
NYT and TNR are both slavering all over themselves today trying to, once again, put lipstick on the Obama pig.
5
"Economists say that in addition to fundamental shifts in the economy, continuing slack in the labor market is partly responsible for the lack of improvement on wages. Many Americans have been forced to settle for part-time work or are too discouraged to keep job hunting after years of fruitless searching."
boosting legal immigration, turning a blind eye to illegal immigration, ignoring the 94 million who are either underemployed are not participating. These are the real figures and all the cheerleading in the article doesn't change the realities that a significant number of americans are still having to deal with.
boosting legal immigration, turning a blind eye to illegal immigration, ignoring the 94 million who are either underemployed are not participating. These are the real figures and all the cheerleading in the article doesn't change the realities that a significant number of americans are still having to deal with.
6
The media is actively engaged in "robust" fibbing about this economy and the horrible job Obama has done making it grow. All we've done is grow the welfare state, health insurance premiums, utility bills, and the number of unemployed Americans (which now stands at an all time high).
Obama is a robust failure.
Obama is a robust failure.
5
Boy do I miss Bush with his freefalling economy! Who needs a private sector expanding consistently with 200k+ new jobs a month for years on end?
15
In case of emergency, break glass and invoke Bush.
1
In case of emergency, break Iraq and blame the evil doers.
2
You think things are still bad in the U.S. Economy?
Well, here is a little perspective.
http://america.aljazeera.com/articles/2016/1/8/23-die-of-starvation-in-s...
Well, here is a little perspective.
http://america.aljazeera.com/articles/2016/1/8/23-die-of-starvation-in-s...
2
I see where all the jobs have come from, based on the comments. The RNC has obviously hired the same folks who sit in cubicles spinning for Putin to put the same negative spin talking points on this. Probably lowered the unemployment rate by about 2% just by itself. Yup, the GOP is truly the job creators they claim, at 5-10 cents a pop....
7
" Business Day
Macy’s to Cut 4,500 Jobs, After Holiday Sales Slump
By HIROKO TABUCHIJAN. 6, 2016
Need I say more." This is just the start of something big" as the song goes. By the time they "readjust" the figures, subtract the new H1B visas and subtract the 2nd job that many people have (my neighbor across the street in one person), the jobs figure will look more like the Bikini atoll jobs report.
"when the government fears the people, that is democracy, when the people fear the government that is tyranny" and when the people can't trust the government to do anything right, we are going to have anarchy.
Coming soon to a cinema near you.
Macy’s to Cut 4,500 Jobs, After Holiday Sales Slump
By HIROKO TABUCHIJAN. 6, 2016
Need I say more." This is just the start of something big" as the song goes. By the time they "readjust" the figures, subtract the new H1B visas and subtract the 2nd job that many people have (my neighbor across the street in one person), the jobs figure will look more like the Bikini atoll jobs report.
"when the government fears the people, that is democracy, when the people fear the government that is tyranny" and when the people can't trust the government to do anything right, we are going to have anarchy.
Coming soon to a cinema near you.
5
"Macy’s to Cut 4,500 Jobs, After Holiday Sales Slump"....
We can't have a "peddler" economy where everyone sells things that aren't produced here. When we outsource everything from customer service, manufacturing, to engineering, there is not much left.
We can't have a "peddler" economy where everyone sells things that aren't produced here. When we outsource everything from customer service, manufacturing, to engineering, there is not much left.
2
The U-6 unemployment rate is the more accurate measure to economists because it accounts for the total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force, plus all marginally attached workers; i.e., the un- and under-employed.
The Administration (and the mainstream news media, including the Times) peddles the more politically palatable U-3 rate, because it stands at 5% and does not take into account the under-employed or those who have given up looking. I prefer truth over propaganda.
The U-6 rate remains stubbornly fixed at about 10%, and the labor force participation rate is roughly 63%. This equates to 93,671,000 Americans 16 or older that did not participate in the nation’s labor force in 2015, a 38-year low. Hardly news to crow about.
The Administration (and the mainstream news media, including the Times) peddles the more politically palatable U-3 rate, because it stands at 5% and does not take into account the under-employed or those who have given up looking. I prefer truth over propaganda.
The U-6 rate remains stubbornly fixed at about 10%, and the labor force participation rate is roughly 63%. This equates to 93,671,000 Americans 16 or older that did not participate in the nation’s labor force in 2015, a 38-year low. Hardly news to crow about.
9
In 2009 the U3 rate peaked at 10%. That same year the U6 rate peaked at 17.5%. Today, the U3 rate is 5% and the U6 rate is 9.9%. Clearly, the U6 rate is not "fixed." It has declined from 11.1% this time last year and 12.5 the year before.
Both the U3 and U6 data (along with U1, U2, U4, U5) are easily accessible at the BLS website. Politicians, the media, economists, etc., have relied on the U3 number as a basic benchmark for many decades but that does not mean anyone is trying to hide the other numbers. They just carry different meaning.
Both the U3 and U6 data (along with U1, U2, U4, U5) are easily accessible at the BLS website. Politicians, the media, economists, etc., have relied on the U3 number as a basic benchmark for many decades but that does not mean anyone is trying to hide the other numbers. They just carry different meaning.
5
Do you mean the U-6 rate that went from 7.4 to 15.2 under Bush, and from 15.2 to 9.9 under Obama ?
http://data.bls.gov/pdq/SurveyOutputServlet
Series ID: LNS13327709
Can you people actually go to the data before you comment ?
http://data.bls.gov/pdq/SurveyOutputServlet
Series ID: LNS13327709
Can you people actually go to the data before you comment ?
8
You do realize that the U3 figure is the generally accepted default figure and has been for decades, or are you claiming the both Bushes and Reagan were also guilty of "peddling" the U3 number for their own purposes?
Or were you just propagandizing?
Or were you just propagandizing?
7
The US generated 2.65 million jobs in 2015, at the same time its population in 2015 increased by 2.4 million.
While robust hiring is good news, US job growth, for decades, has not kept up with US population growth.
This is reflected in the labour participation rate, the fraction of American employed, that by the latest available date, 3rd quarter of 2015, was the lowest in 18 years.
While robust hiring is good news, US job growth, for decades, has not kept up with US population growth.
This is reflected in the labour participation rate, the fraction of American employed, that by the latest available date, 3rd quarter of 2015, was the lowest in 18 years.
5
But yet still higher than when Reagan ran on his strong jobs record in 1984.
5
And how many of those 2.4 million were newborns or immigrant children? Or were you not proposing that toddlers should be put to work immediately after leaving the maturity ward?
And the participation rate has been falling steadily for decades, through good economies and bad, due to an aging population and more young people going to college and delaying their entry into the job market. I'm not sure how either of those macro trends can be related to overall population growth.
And the participation rate has been falling steadily for decades, through good economies and bad, due to an aging population and more young people going to college and delaying their entry into the job market. I'm not sure how either of those macro trends can be related to overall population growth.
4
It's pathetic the GOPers have nothing but straws to grab onto to try to make their piddly attempts to downplay genuine good news.
4
I so much wish we would change the way we measure employment levels--simply having a job doesn't tell us nearly enough.
Having a union manufacturing job is one thing; working as a cashier at Kmart is something else entirely. Let's admit and address the true nature of the employment situation in this country.
Having a union manufacturing job is one thing; working as a cashier at Kmart is something else entirely. Let's admit and address the true nature of the employment situation in this country.
3
What about cleaning one of Trump's hotel rooms.
The vast majority of Trump jobs are temporary and cleaning / maintenance jobs.
If you really want to see a low wage economy, vote Trump.
The vast majority of Trump jobs are temporary and cleaning / maintenance jobs.
If you really want to see a low wage economy, vote Trump.
3
A lot of commentators bringing up Samuel Clemens writings.
In a back handed sort of way sort of way they are saying, 'this ain't new'.
Try this tact, We got by just fine before the Donald Trumps of this world, we will get by after the bunch leave.
In a back handed sort of way sort of way they are saying, 'this ain't new'.
Try this tact, We got by just fine before the Donald Trumps of this world, we will get by after the bunch leave.
1
There appears to be a lot of confusion in the comments about who is included in the labor force participation rate.
2
President Obama's Labor Department changed the way the unemployment percentage was calculated for political reasons. The 5% unemployment rate is inaccurate and deceptive.
Jim Clifton is Chairman and CEO at Gallup.
"If you, a family member or anyone is unemployed and has subsequently given up finding a job — if you are so hopelessly out of work that you’ve stopped looking over the past four weeks — the Department of Labor doesn’t count you as unemployed."
"There's another reason why the official rate is misleading. Say you're an out-of-work engineer or healthcare worker or construction worker or retail manager: If you perform a minimum of one hour of work in a week and are paid at least $20 -- maybe someone pays you to mow their lawn -- you're not officially counted as unemployed in the much-reported 5.6%. Few Americans know this"
"Yet another figure of importance that doesn't get much press: those working part time but wanting full-time work. If you have a degree in chemistry or math and are working 10 hours part time because it is all you can find -- in other words, you are severely underemployed -- the government doesn't count you in the 5.6%. Few Americans know this"
Jim Clifton is Chairman and CEO at Gallup.
"If you, a family member or anyone is unemployed and has subsequently given up finding a job — if you are so hopelessly out of work that you’ve stopped looking over the past four weeks — the Department of Labor doesn’t count you as unemployed."
"There's another reason why the official rate is misleading. Say you're an out-of-work engineer or healthcare worker or construction worker or retail manager: If you perform a minimum of one hour of work in a week and are paid at least $20 -- maybe someone pays you to mow their lawn -- you're not officially counted as unemployed in the much-reported 5.6%. Few Americans know this"
"Yet another figure of importance that doesn't get much press: those working part time but wanting full-time work. If you have a degree in chemistry or math and are working 10 hours part time because it is all you can find -- in other words, you are severely underemployed -- the government doesn't count you in the 5.6%. Few Americans know this"
3
I don't believe you. And why should we care what Jim Clifton says? Is he a Republican?
2
Susan. You are so dogmatic. It's how dictators come to power and people lose their freedom.
I think I know the Clifton article you are referring to.... nowhere in the article does he state that Obama changed the way the figure was calculated for political reasons. If you have evidence of this, you should post it.
5
As to what people (that quit looking for jobs) are doing...they either retired early, collecting disability, or living with relatives or friends. The unemployment numbers are a sham, they know it far better than anyone.
Service jobs don't drive a thriving economy. Many are holding multiple jobs, does that sound like a good thing?
I believe that vocational training is a path to a better job. You can't outsource plumbers, electricians, carpenters, pipe fitters, or other hands on jobs.
Service jobs don't drive a thriving economy. Many are holding multiple jobs, does that sound like a good thing?
I believe that vocational training is a path to a better job. You can't outsource plumbers, electricians, carpenters, pipe fitters, or other hands on jobs.
7
Aren't plumbers, electricians, carpenters, pipe fitters "service jobs"?
These DOL stats don't say anything about how well people are living with their jobs.
In 2011 (age 39) I went back to school to get a graduate degree to improve my prospects, and here I am in 2016 earning almost the same salary I did in 2004. It seems wages have been relatively stagnant, especially for those of us who don't have the skills and/or interest to work in Silicon Valley or other tech industries.
While wages haven't changed, the costs of groceries, health care and OTC drugs have. I'm very grateful (!) to have a job, but I never imagined at middle-age it would be such a struggle for me to save and feel secure. The few hundred dollars I have in my savings account will go toward my upcoming dental surgery. Then that savings account is at $0 again.
In addition to providing purpose in life and giving us the opportunity to contribute to society, isn't the income from work supposed to support us in addressing basic needs and achieving some sense, even if it's small, of financial security?
After reading what I just wrote, I realize that that perspective is so 20th century. To many, it must sound like I come from a different planet.
In 2011 (age 39) I went back to school to get a graduate degree to improve my prospects, and here I am in 2016 earning almost the same salary I did in 2004. It seems wages have been relatively stagnant, especially for those of us who don't have the skills and/or interest to work in Silicon Valley or other tech industries.
While wages haven't changed, the costs of groceries, health care and OTC drugs have. I'm very grateful (!) to have a job, but I never imagined at middle-age it would be such a struggle for me to save and feel secure. The few hundred dollars I have in my savings account will go toward my upcoming dental surgery. Then that savings account is at $0 again.
In addition to providing purpose in life and giving us the opportunity to contribute to society, isn't the income from work supposed to support us in addressing basic needs and achieving some sense, even if it's small, of financial security?
After reading what I just wrote, I realize that that perspective is so 20th century. To many, it must sound like I come from a different planet.
9
Leah,
Can I ask you something? What are the odds that after 44 years of your life, and presumably at least 20 of those you have spent working, that your bank account has a balance of $0? What are the odds that you have spent exactly the same amount of money that you have earned? Is this just a coincidence?
I have lived in places outside the country where people earn $20 a day, and guess what? Some of those people manage to scrape, work, and build themselves a decent home to live in, and to have a little cushion of money to fall back on. Others in that economy live in a grass hut and are dead broke...always.
My point is this: If you are 44 years old and have $0 to your name then you really need to take a serious look at your spending habits, and have an honest conversation with yourself about how in the heck you are going to gain a foothold so that you are not living off of SS in twenty years.
Can I ask you something? What are the odds that after 44 years of your life, and presumably at least 20 of those you have spent working, that your bank account has a balance of $0? What are the odds that you have spent exactly the same amount of money that you have earned? Is this just a coincidence?
I have lived in places outside the country where people earn $20 a day, and guess what? Some of those people manage to scrape, work, and build themselves a decent home to live in, and to have a little cushion of money to fall back on. Others in that economy live in a grass hut and are dead broke...always.
My point is this: If you are 44 years old and have $0 to your name then you really need to take a serious look at your spending habits, and have an honest conversation with yourself about how in the heck you are going to gain a foothold so that you are not living off of SS in twenty years.
3
It certainly is possible to be 44 years old and not have any money in the bank. It is possible to be even older and have nothing saved. You have a very limited notion of how other peoples lives could be different from your own. Low wages, high prices, no health insurance to pay sky-high medical costs, to name a few reasons - If you have a good method of squeezing blood from a turnip we would all love to know what it is. Self-satisfied moralizing is very tedious to read.
4
Don't you contribute anything to your 401K or have an IRA? SS won't be there when you retire....
I started my own business ten years ago with a cell phone, desk top computer, and a fax machine (remember those?). My wife and I worked weekends and evenings on our new business after coming home from our regular jobs. After six months we broke free, and started working 100% for ourselves doing the exact same thing we were doing for someone else, only now for ourselves.
In the meantime, we bought a HUD home that needed lots of work (it smelled like dead cats). We spent every spare dime at Home Depot fixing that home up ourselves. After a year we sold it and made $15,000 profit. We bought another property and did the same thing. We did all of this while running our new company, working 12-15 hours a day at times.
We did all these things during the Great Recession by the way, and without a dime of help from anyone else. No loans from banks, family, etc.
Why am I saying this? Because one must have a vision in order to become financially secure. One must see themselves moving forward, even though at time it feels like not.
There is much opportunity in this economy to move upward and gain some level of financial security. Avoid credit card debt, avoid buying new clothes, cars, TVs, etc., and you will be fine.
In the meantime, we bought a HUD home that needed lots of work (it smelled like dead cats). We spent every spare dime at Home Depot fixing that home up ourselves. After a year we sold it and made $15,000 profit. We bought another property and did the same thing. We did all of this while running our new company, working 12-15 hours a day at times.
We did all these things during the Great Recession by the way, and without a dime of help from anyone else. No loans from banks, family, etc.
Why am I saying this? Because one must have a vision in order to become financially secure. One must see themselves moving forward, even though at time it feels like not.
There is much opportunity in this economy to move upward and gain some level of financial security. Avoid credit card debt, avoid buying new clothes, cars, TVs, etc., and you will be fine.
7
Jim, thank you for sharing your story of perseverance and success. It's inspiring.
At the same time, some of us have been unlucky, or have had different opportunities, compared to your and your wife, so we might have attempted what the two of you did, if we could.
Some Americans have gotten sick at a time when we didn't have jobs with health insurance (or had health insurance and it barely covered the medical bills), and we went into deep debt.
Some Americans have developed physical or mental disabilities that limit how many hours they can work or what tasks they can do.
Some Americans spend all of their free time being caregivers for their children, an ill family member, or an aging parent. These dependents often require significant financial support and attention.
Some Americans work two or three jobs to support children and extended family who are financially dependent on them, regardless of health status.
I could list many other scenarios.
In other words, not everyone has the life circumstances that would enable them to "pull themselves up by their bootstraps" and work 12-15 hours per day.
Just wanted to make sure you knew that. It's not always a matter of willpower.
At the same time, some of us have been unlucky, or have had different opportunities, compared to your and your wife, so we might have attempted what the two of you did, if we could.
Some Americans have gotten sick at a time when we didn't have jobs with health insurance (or had health insurance and it barely covered the medical bills), and we went into deep debt.
Some Americans have developed physical or mental disabilities that limit how many hours they can work or what tasks they can do.
Some Americans spend all of their free time being caregivers for their children, an ill family member, or an aging parent. These dependents often require significant financial support and attention.
Some Americans work two or three jobs to support children and extended family who are financially dependent on them, regardless of health status.
I could list many other scenarios.
In other words, not everyone has the life circumstances that would enable them to "pull themselves up by their bootstraps" and work 12-15 hours per day.
Just wanted to make sure you knew that. It's not always a matter of willpower.
8
In other words, we should live like paupers while the 1% have yachts, mansions, vacation and a Cayman Islands bank account.
You made 15K on your resale. If you spent 5 hours a day working on your house, you made $8.22 /hr. You could have done just as well--or better--working part time at some hamburger haven and contributed to your social security account- a longer lasting benefit that grows with time. . Of course, you would had to have purchased at least a clean new shirt to go to work. "All work and no play makes Johnny a dull boy" is the saying that I used to hear when I grew up in the last ice age.
You made 15K on your resale. If you spent 5 hours a day working on your house, you made $8.22 /hr. You could have done just as well--or better--working part time at some hamburger haven and contributed to your social security account- a longer lasting benefit that grows with time. . Of course, you would had to have purchased at least a clean new shirt to go to work. "All work and no play makes Johnny a dull boy" is the saying that I used to hear when I grew up in the last ice age.
4
'Robust Hiring in December Caps Solid Year for U.S. Jobs'
Good news!
(Except for the fact that our immigration policies allow in one million more workers every year, not including another 125,000 H1B visa STEM workers, on top of the 650,000 already here, or the 12 million illegal aliens, more arriving every day.)
Good news!
(Except for the fact that our immigration policies allow in one million more workers every year, not including another 125,000 H1B visa STEM workers, on top of the 650,000 already here, or the 12 million illegal aliens, more arriving every day.)
5
Only sour note in jobs report: Lower wages
Economists had been expecting a modest increase in light of another strong year of hiring and the lowest unemployment rate since 2008.
Economists had been expecting a modest increase in light of another strong year of hiring and the lowest unemployment rate since 2008.
2
Private sector weekly earnings are up 4% since 2009, right on pace with inflation.
http://data.bls.gov/pdq/SurveyOutputServlet
Series ID: CES0500000012
http://data.bls.gov/pdq/SurveyOutputServlet
Series ID: CES0500000012
5
My jobs were better than those of my children! Alas! Social Security pbbly will not totally run out on me. Cant's say the same for my children. Global trading tends to equalize standards of living among all participating nations. That's why my jobs were better than those of my children.
In the years coming many more jobs will be replaced by robots or it's equivalents. It is a tremendous social problem which I don't see any politician taking time to address.
Technology has improved productivity tremendously. And yet the "patent holders" keep all the gains. Even the "inventors", though paid generously, do not get to share the profits from improved productivities.
In the years coming many more jobs will be replaced by robots or it's equivalents. It is a tremendous social problem which I don't see any politician taking time to address.
Technology has improved productivity tremendously. And yet the "patent holders" keep all the gains. Even the "inventors", though paid generously, do not get to share the profits from improved productivities.
12
Robots are not the problem, rewarding U.S. companies for shipping jobs and manufacturing plants overseas is the problem.
6
Totally agreed! But the alternative to participating in global trade is isolation.
It won't run out on you because you're stealing from your children.
If Trump is president his unannounced jobs plan will create a huge, just a huge amount of jobs--and Mexico and China will pay for them.
7
5% - that was considered "full employment" in my day.
Meanwhile the Republican Senate passed a "repeal of Obamacare". Trump is their nominee and an assault weapon killing children is their logo. They are in luck though, no icebergs left to ram into.
Meanwhile the Republican Senate passed a "repeal of Obamacare". Trump is their nominee and an assault weapon killing children is their logo. They are in luck though, no icebergs left to ram into.
11
Again another positive for the US economy.Wages are not growing still,production in manufacturing has not increased, and more lay offs are happening post Decembers numbers.Asian markets and European markets and other world markets are still not growing and are declining at least in the near term.All stories trying to bolster a positive outlook on world economic growth,and also usually state the negative sides also.These economies may be showing positives sometimes but for the last 7-8 years we are mostly negative.We have got to start producing again for the future.Service industries will not sustain us.If however a service society is were we are headed, what will the economic game plan of sustainability be for the masses?
3
"Service industries will not sustain us..."
Tell that to your friends an neighbors who keep buying foreign goods (and CARS) rather than American Goods.....
Tell that to your friends an neighbors who keep buying foreign goods (and CARS) rather than American Goods.....
1
As the NY Times pointed out just last week, these numbers don't mean much if you're over 50.
9
Not all jobs are created equal. And I guess diversity in the types of jobs are great, but I wonder how many of these jobs actually pay fair wages and provide some benefits. As an engineering major who just graduated without a job and has been unemployed for a while due to decline in manufacturing, all these numbers mean nothing.
5
I am an ex multi business owner. As such, I made friends with other business owners. In total, I am acquainted with and in contact with, about 20 others that manage or own small ( less than 50 people) businesses. They include auto repair stores, a toy store, several restaurants, home remolding and construction and a few hardware stores. Not one of them has hired in over 2 years, other than to replace existing employees. I am not a genius, I am no math wizard, nor do I have a degree in business. But, I do have common sense. If none of these people have hired, that has to be some trend. Am I nuts to take my numbers to be national numbers??? Maybe I so. But they are numbers that tell me something is smells funny.
12
Dave H;
One has to wonder? Despite the listed unemployment rate, wage stagnation continues and the total numbers of people actually employed is less than in 2007. Overall, supply and demand in labor and its affect on wages is something that is strangely missing from the whole equation. Combine all this with the constant reference to the growing inequality rate and its ultimate affect on the economy, none of it really adds up.
It would seem many people have either retired, stopped looking for work or gone in to business for themselves.
One has to wonder? Despite the listed unemployment rate, wage stagnation continues and the total numbers of people actually employed is less than in 2007. Overall, supply and demand in labor and its affect on wages is something that is strangely missing from the whole equation. Combine all this with the constant reference to the growing inequality rate and its ultimate affect on the economy, none of it really adds up.
It would seem many people have either retired, stopped looking for work or gone in to business for themselves.
15
Your problem lies in that you are basing your interpretation of this report on your own space and sphere of influence and people within that realm. This report isnt about YOUR circle. The jobs created may not be in any of those sectors you mentioned and they are largely retail and service oriented and construction. Those are not the only fields in which jobs are created. Also, because you do not know of anyone with businesses that has hired anyone in 2 years does not mean that someone else hasnt either. These insane conspiracies and the hunger for them must be dealt with and put in the ground because they are ridiculous.
8
Simply because YOUR small pool of contacts hasn't hired, it does not stand to reason that others have not hired.
The US of A is a very big place.
The US of A is a very big place.
8
I, too, cannot stand the specious fiction the U.S. Labor Department publishes about the unemployment rate and their estimate of job creation. Unfortunately, the criteria for these databases is purposely biased and not reflective of reality so as to render these reports as utter nonsense. Sadly, these numbers are about as accurate as 2008 ratings from Standard & Poor's (S&P) and Moody's. I hold the NY Times and mainstream media partly to blame for continuing this fraud on the American people. Firing a GM auto mechanic and then creating two barista jobs is NOT a net gain against joblessness, only politicians and second-graders see this literal math.
9
Hmmm, considering the GM auto mechanic makes maybe $12-14/hr. and a barista makes about $15 or more with tips an hour? I'd say the mechanic may be able to grease an engine but if they lose that job they can fix cars on the side while whipping up lattes at Starbucks with their work partner during the day.
Lisa,
Have YOU looked at the hard data?
Have YOU done an in depth analysis of the numbers?
No, of course not....you're simply yet another arm chair quarterback, casting uncalled for doubt on the hard work done by folks who DO crunch the numbers.
Have YOU looked at the hard data?
Have YOU done an in depth analysis of the numbers?
No, of course not....you're simply yet another arm chair quarterback, casting uncalled for doubt on the hard work done by folks who DO crunch the numbers.
4
I suggest that the people complaining their job situation on this board take a look around. Did the voters in your state elect right wing, tea party, hard line republicans to run your state. See, not all states are created equal when it comes to unemployment. In California, we elected a forward-looking Democrat, Jerry Brown. He, and the Democratic legislature set about cleaning up the economic mess created by his predecessor, actor Schwartzenegger, Republican. Unfortunately for other states, they welcomed in administrations that were just as unfit for office as Arnold. Since those elections, California is experiencing much lower unemployment than the national average and tea party states have much higher unemployment. At least all states are better off than they were under W's watch.
9
Ungrateful, thankless political hacks. It is the unfortunate state Republicans have cornered themselves in.
I challenge any Republican voter to say something positive about Obama... Go on. Try it without choking.
It is a sad state of affairs when nearly half of the country lives in an alternate universe, created and maintained by FauxNews and talk radio.
I challenge any Republican voter to say something positive about Obama... Go on. Try it without choking.
It is a sad state of affairs when nearly half of the country lives in an alternate universe, created and maintained by FauxNews and talk radio.
14
There isn't a Republican running for president who shows a real concern about the hollowing out of the Middle Class. They are all against raising the minimum wage - including the front runner - the billionaire posing as an "Everyman" Donald Trump.
7
The way the headline reads, and the content, it sounds like Double Speak. The underemployed/unemployed/out of workforce rate is much higher than 5%.
5%, in a normal economy, is too many jobs, not enough people to fill them. This is an employers market. Also, if it were full employment, salaries would be rising much faster than 1% - 3%, as employers want to keep hard to find workers. And of course, savings interest rates, loan rates and the likes would be rising, because the economy is growing. None of this is happening.
Finally, the kind of jobs being created are not what you call drivers of an economic bomb, customer service, retail, and the like. As one poster pointed out; jobs for PhDs, jobs for high school grad, but limited jobs between. And, jobs that can be filled between, are going off shore or being filled by HIB and other work visas.
5%, in a normal economy, is too many jobs, not enough people to fill them. This is an employers market. Also, if it were full employment, salaries would be rising much faster than 1% - 3%, as employers want to keep hard to find workers. And of course, savings interest rates, loan rates and the likes would be rising, because the economy is growing. None of this is happening.
Finally, the kind of jobs being created are not what you call drivers of an economic bomb, customer service, retail, and the like. As one poster pointed out; jobs for PhDs, jobs for high school grad, but limited jobs between. And, jobs that can be filled between, are going off shore or being filled by HIB and other work visas.
8
This is Obama's fault. After this many years in office, there is no way anybody can blame this on George W. Bush.
13
You mean the best job growth since the late 1990s is Obama's fault? Or only the stagnant wages?
Sorry, but stagnant wages are the result of 35 years of trickle-down economics practiced by both parties. The first "jobless recovery" in history was during the Reagan administration, where the stock market rose but jobs and wages remained flat. That's what supply-side economics really does - blows up the stock market without helping the nation's workers. Obama is partly responsible, but he's standing on the shoulders of Reagan, both Bushes and Clinton. If we want to change things, neoliberal/neoconservative economics has to go out the window, because that's where the blame really lies.
Sorry, but stagnant wages are the result of 35 years of trickle-down economics practiced by both parties. The first "jobless recovery" in history was during the Reagan administration, where the stock market rose but jobs and wages remained flat. That's what supply-side economics really does - blows up the stock market without helping the nation's workers. Obama is partly responsible, but he's standing on the shoulders of Reagan, both Bushes and Clinton. If we want to change things, neoliberal/neoconservative economics has to go out the window, because that's where the blame really lies.
3
According to this article, looks like the employment picture continues to improve; the only issue is that wages are stagnant (more jobs at lower wages). For that, you can't blame Obama or any other President. Blame your friends in Congress and Big Business.
5
Really? So, you're saying that H1-B visas started with Obama? Lies. Even if he wanted to change something, he has to work with Congress, and this is the Congress who said right after he was elected that their job was to make him a one-term President, so blame the real people who are responsible for no change, and are driven by their Corporate masters, and you can blame W. I remember when he and a Republican majority Congress, passed a law that pushed most professionals into a category where they cannot be paid overtime. Another bone thrown to big corporations who now want to work Accountants, developers et al 60 80 hours a week, for only 40 hours of pay. And wages have not kept pace with inflation, but you can bet the bank that CEOs are getting big bonuses every year.
7
That is good news and I hope it stands up in Jan. Dec. is always a good temp. hiring month.
1
I had forgotten about temps... good point.
I would like to believe these numbers, but past experience tells me not to.
With that said, let pretend the numbers are accurate. What is the real number when you take into account those who have given up looking for work? Just curious...
With that said, let pretend the numbers are accurate. What is the real number when you take into account those who have given up looking for work? Just curious...
4
Not to throw a wet blanket on this, but exactly what kind of jobs are we talking about? I didn't see any specifics in the article unless I missed it.
11
Lots of Santas for the retailers, lots of elfs for Amazon and lots of raiindeers for UPS.
4
It appears that the only people who have jobs are Phds and high school dropouts
3
PhDs working for the high school drop outs!
3
“If you don't read the newspaper, you're uninformed. If you read the newspaper, you're mis-informed.”
― Mark Twain
By the way for those who care to see the true rate of unemployment 22.9% -.
http://www.shadowstats.com/alternate_data/unemployment-charts
― Mark Twain
By the way for those who care to see the true rate of unemployment 22.9% -.
http://www.shadowstats.com/alternate_data/unemployment-charts
11
What are you if you don't understand the purpose/meaning of the monthly jobs report?
2
Thank you, you read my mind... interesting. After all, those who were looking for work but quit looking, are unemployed.
1
So, if someone has given up looking for work why on earth should they count as one of the unemployed? Jump back into the job search and then be counted. But, sitting on the sidelines and you are not a part of the labor force.
There is so much meat left on the bone of this American Economy. There are opportunities everywhere to earn dollars. Think outside the box, hang a shingle and be your own boss, innovate yourself, work 3-4 angles at once, put ten lines in the water. But, waiting around for the economy to improve around you before jumping in is no way to go, and a very poor way to manage ones financial future.
There is so much meat left on the bone of this American Economy. There are opportunities everywhere to earn dollars. Think outside the box, hang a shingle and be your own boss, innovate yourself, work 3-4 angles at once, put ten lines in the water. But, waiting around for the economy to improve around you before jumping in is no way to go, and a very poor way to manage ones financial future.
2
What I wonder about China is the American corporations who took jobs from here to there. If there is a big melt down in China and the American corporations loose big time will they expect 'us' to bail them out somehow? I wonder what Bernie's take on this is. What if all those jobs never left. Anyway, thank you again President Obama.
3
I would like to see someone address the question of what those supposed millions "to discouraged to look for work" do for food, clothing, shelter, etc. They don't just starve in the streets. Perhaps this is simply a response to a survey question that doesn't mean what it purports to mean? Just askin.'
3
Like you, I would appreciate a comprehensive review. I suspect there are a variety of answers such as households where another family member still has a job, early Social Security withdrawals, and utilization of social welfare programs such as food stamps, EITC, housing & heating assistance, & free school lunch. President Obama significantly eased the restrictions on social welfare programs that were enacted under President Clinton and they have not been reinstated. Social Security disability claims which typically spike during downturns, soared during the Great Recession.
4
The first "pants on fire" jobs report of the year. I find it hard to believe that people actually fall this every month. I go out at once during the day, and the streets and parking lots and back streets are seemingly bumper to bumper cars---all on a WORK DAY. How can unemployment be at 5%. or maybe the question to ask is 5% of what number of potential workers are they figuring here? If you reduce the pool then the numbers always look good. Pretty soon it will 0% percent unemployment because the pool equals the employed, meanwhile 250 million people are on federal or state assistance of some sort.
It is an election year and everything is coming up roses, except of course all those thorny things my The Donald.
I wish there were some way to do a reliable national poll via the internet where every working aged person can working or not. I'm certain we'd all be UNSURPRISED at the results.
It is an election year and everything is coming up roses, except of course all those thorny things my The Donald.
I wish there were some way to do a reliable national poll via the internet where every working aged person can working or not. I'm certain we'd all be UNSURPRISED at the results.
4
Yes...it MUST be a lie...because **you** say so, right?
4
Too much protesting from Republicans. Enough already. The economy will be left in better shape when Obama leaves office than when he took it. By a long shot. No amount of spin can change this. Republicans' treasonous agenda since day one has been to tank the economy for partisan political gain. Unfortunately for one reason or another, they have succeeded. If people were smart enough to comprehend the damage these vermin have inflicted on them, perhaps we could move forward in this country.
23
Your actually not saying very much. The economy when Obama took office was the worst it had been in 80 years.
Mr. Wolfers tweeted: "No inflationary pressures ..." The Fed was hoping Santa would bring some inflation the 2% inflation they've been hoping for since the recovery began in 2009. Deflation is the worry. He continues: " ... and so the boom goes on." The boom? Are we not in the slowest economic recovery in our lifetime?
3
"Are we not in the slowest economic recovery in our lifetime?"
It depends how old you are: For those elders who went through the Great Depression, that was significantly worse than what we're going through now. That's not surprising: The 2008 market crash was the largest since then.
It depends how old you are: For those elders who went through the Great Depression, that was significantly worse than what we're going through now. That's not surprising: The 2008 market crash was the largest since then.
9
The democrats seem to think that the sun is shining and the unemployment rate holding at 5 % makes up for all the other economic and world problems. The participation rate is at a forty year low for people of non retirement age. The participation rate should be examined more closely. The participation rate comprises people who cant find work and people who can do as well as working by not paying taxes(payroll and income) and receiving government assistance. Then there are the people who are included as employed who are part time both voluntarily and involuntarily. The government should create a new misery index that includes these factors and the medium wage numbers. Then perhaps the democrat spin doctors would quit trying to change people's perception that the pain is in their head and all the pain in the American economy can pushed away with a few words and selective statistics. I will stick with Mark Twain, "Lies, damn lies, and statistics,"
31
What you say may be true, but of course, if the economy were reporting the exact same under President Romney, we wouldn't be reading your comment, would we?
4
A good day for America is a bad day for Repubs.
10
Only the Republicans would need to be counted, they seem to be the ones in misery. Everything isn't great, but help from Republicans could have made things a lot better.
3
Weren't many of these job added in December seasonal employment?
3
So, this is a top story, but a few weeks ago so wasn't one that focused on Women 50+ have not recovered at all. Did you address your past reporting and how it jives with this story?
Health care costs once again are out of control. Pharmacies are now being restricted without a deal and not one insurance company tells you that. One gets to find out when you register your new card with the store and it's kicked back.
Wages are stagnant. And aren't December jobs highly influenced by seasonality? They just might not tell the eager and relieved employee that they are seasonal....
Health care costs once again are out of control. Pharmacies are now being restricted without a deal and not one insurance company tells you that. One gets to find out when you register your new card with the store and it's kicked back.
Wages are stagnant. And aren't December jobs highly influenced by seasonality? They just might not tell the eager and relieved employee that they are seasonal....
5
I only agree with Donald Trump on a few things, and one of those things is that our unemployment numbers are a classic example of how the Labor Department lies with statistics. They are absolute nonsense and misleading.
Tens of millions of unemployed Americans have either stopped looking for work, or have continually looked for work unsuccessfully since 2009 when unemployment was 10% These Americans have been excised from the unemployment numbers, and from the workforce. Real unemployment sits somewhere up above 30% is a gut feel guess, and millions of those who remain employed are working longer hours and making less while the 1% consolidate their oligarchy and pad their bank accounts by playing the stock market at the expense of your retirement accounts and otherwise.
Tens of millions of unemployed Americans have either stopped looking for work, or have continually looked for work unsuccessfully since 2009 when unemployment was 10% These Americans have been excised from the unemployment numbers, and from the workforce. Real unemployment sits somewhere up above 30% is a gut feel guess, and millions of those who remain employed are working longer hours and making less while the 1% consolidate their oligarchy and pad their bank accounts by playing the stock market at the expense of your retirement accounts and otherwise.
6
Strong job growth for years in the face of continuing Republican opposition and obstruction on anything creative for the working class - the vast majority of Americans that make the economy hum.
Imagine if they had the slightest bit of decency and worked to improve the job situation without always insisting it be tied to further tax relief for the wealthiest people on the planet.
Why, I bet we could make America great again!
Imagine if they had the slightest bit of decency and worked to improve the job situation without always insisting it be tied to further tax relief for the wealthiest people on the planet.
Why, I bet we could make America great again!
6
What improves the job situation, exactly? What does it have to do with taxing people in the opposition party?
1
It's basic economics. If the government has more tax dollars to spend on things like road repairs, bridges, infrastructure, the economy grows, and more people get jobs.
Why should Mitt Romney and his ilk pay a lesser tax rate than I do?
1. It's not fair to me and others working for a living, and (2) making him pay his *fair share* allows the government to repair our roads & bridges, creating more jobs. (And incidentally, allowing Mr. Romney's investments to give him a greater return.)
Why should Mitt Romney and his ilk pay a lesser tax rate than I do?
1. It's not fair to me and others working for a living, and (2) making him pay his *fair share* allows the government to repair our roads & bridges, creating more jobs. (And incidentally, allowing Mr. Romney's investments to give him a greater return.)
2
Isn't this a refection of the seasonal addition of workers to the payroll? Many positions will disappear after the "return" season wanes. The 5% unemplyment does not include workers that have stopped looking for employment.
4
That is correct. Retired people, including the very large number of baby boomers reaching retirement age are not looking for work.
1
Aren't Republican voters getting a little tired if not depressed about hearing only how badly things are going in the U.S.? I know I am. Even good news like jobs reports must be made as valueless as possible by Repubs in all levels of government.
I have heard Democrats praise Ryan for working to pass the federal budget. But not a bit of acknowledgement when anything goes right under Obama.
I have heard Democrats praise Ryan for working to pass the federal budget. But not a bit of acknowledgement when anything goes right under Obama.
11
In total, employers have announced 493,431 planned layoffs so far this year, a 36% jump over the same period last year and 2% more than the 2014 total and this was only Oct 1 2015. “Job cuts have already surpassed last year’s total and are on track to end the year as the highest annual total since 2009, when nearly 1.3 million layoffs were announced at the tail-end of the recession,” said John A. Challenger, CEO of Challenger, Gray & Christmas. Seems it might be a lot of creative account going on to call it a solid year for U.S. jobs?
6
If a Republican president were in office with these statistics, he'd be proclaiming Morning in America!
7
the bulk of these visa [H1B] issued every year are snapped up by Indian firms -- 67.4 per cent of the total 161,369 H1B visas issued in 2014 to be specific. "....For Indian IT Services firms, it is a particularly thorny dilemma. On one hand, North America is pivotal to their survival -- around 60 percent of the $82 billion worth of revenue that comes from the export of the sector's services come from there...." Lots of money involved too.
One assumes that that figure is good for 2015 as well so if we created so many jobs, at least 200000 of them went to H1B visa workers. So it is NOT all rosy for American job seekers when 10% of the available well-paid work went to foreigners. The other 1million 800K jobs were mow and blow lawn service, waiters, more hamburger slingers, more Wal-Mart door cops (with gov't subsidies).
One assumes that that figure is good for 2015 as well so if we created so many jobs, at least 200000 of them went to H1B visa workers. So it is NOT all rosy for American job seekers when 10% of the available well-paid work went to foreigners. The other 1million 800K jobs were mow and blow lawn service, waiters, more hamburger slingers, more Wal-Mart door cops (with gov't subsidies).
1
Today's Pew study says that 17% of people working today in the United States are foreign born. That in spite of billions spent on retraining programs and education in the United States. Some of the jobs are not open to English speaking Americans because they 1. speak only English and the foreman does not 2. they undercut the American pay, making the American worker "overqualified."
1
Yep, and the Dems need to get a little better about promoting it for themselves. Dem administrations in recent history have been good for the economy - Clinton in 1990s and Obama last 7 years. Contrast with the drubbing the economy took during the Bush years. I am always at a loss to explain why the Dems don't make more use of that source of political capital in their campaign promotions.
2
If it's true that 92 million Americans want work and can't find it, is that a blessing or a curse? We have an economy that sends jobs overseas, an economy that's lost a vast number of manufacturing jobs over the years, an economy that sees a huge number of low paid service jobs and, finally, an economy that is tilted to financials- mortgages, investments, rents, casino gambling, etc. We still have far too purchasers for the goods and products we make . A house of cards, much like China.
7
I wonder what would happen if we changed the Federal Reserve dual mandate to focus on the participation rate and full employment? Then Congress can claim credit for going along.
2
Yep, that Obama is going to destroy the economy, turning it into a socialist's dream, at least that's what the GOP kept telling us that first year.
And then we kept hearing that any time he tried to take action:
"Green" energy initiatives: Jobs killer! (Boehner and his gang)
"Obamacare": The end of our economic system as we know it! (McConnell and his ilk)
He says "Bless you" to someone who sneezed: He's going to wipe out capitalism! (Any Republican)
I guess that's just another fairy tale the GOP keeps trying to use to scare people, just like "trickle down economics", "tax cuts for the wealthy to reduce deficits and create jobs", "voter identification for honest elections".
And then we kept hearing that any time he tried to take action:
"Green" energy initiatives: Jobs killer! (Boehner and his gang)
"Obamacare": The end of our economic system as we know it! (McConnell and his ilk)
He says "Bless you" to someone who sneezed: He's going to wipe out capitalism! (Any Republican)
I guess that's just another fairy tale the GOP keeps trying to use to scare people, just like "trickle down economics", "tax cuts for the wealthy to reduce deficits and create jobs", "voter identification for honest elections".
14
two weeks ago all the Chinese were saying the same thing about their government.
1
2.65 million job gains for 2015, gasoline below $2, inflation in-check, unemployment rate @5% all of this without GOP help. "OBAMA" = Mt. Rushmore.
16
And no COLA for Social Security recipients! Hooray!
3
I can't stand that the government and the media continuously regurgitate these lies about low unemployment numbers. I have been free-lancing on 1099's for 30 years. The real number of unemployed in this country probably is closer to 15%. People like me are NEVER counted because we are not allowed to collect unemployment benefits. The real unemployment number should include free-lancers, contractors, people who's unemployment benefits have expired, and those who stopped looking for work. Of course the politicians cook the books to make it seem that the employment rate is low. That's a load of garbage.
41
Contract workers are very hard to count and track and even harder to fit into the monthly employment numbers in a meaningful way. For example, as a contract worker, I might not be actively employed at this moment, but I might have a job lined up that starts in a month or two. How would I fit into the monthly jobs report and, more importantly, how would my info be meaningful to policymakers and economists?
There are tens of millions of contract workers, and many of us file multiple 1099s. Sorting this information is a gargantuan task that requires funding. The last major study I know of occurred back in 2005. In 2011, Obama lobbied to have a couple $million added to the budget so the BLS could conduct a new study, but I'm not sure whether Congress kept that in the budget (what do you think?), and even if they did, it probably takes a couple years to conduct the study and, when complete, it probably won't make the headlines.
There are tens of millions of contract workers, and many of us file multiple 1099s. Sorting this information is a gargantuan task that requires funding. The last major study I know of occurred back in 2005. In 2011, Obama lobbied to have a couple $million added to the budget so the BLS could conduct a new study, but I'm not sure whether Congress kept that in the budget (what do you think?), and even if they did, it probably takes a couple years to conduct the study and, when complete, it probably won't make the headlines.
4
Phil, you call the figures lies yet justify your opinion with "probably".
I'm a contractor, too, and had a few tough years and now have been having a few good years. So how would you count the self-employed? How would you report it, for example, if you had finished a big contract and simply didn't look for work for a few months after that?
The Labor Department is a bureaucracy that would be reporting the same figures regardless of administration. Changes in reporting to account for structural shifts makes sense, but if businesses report hiring, then the hiring report reflects that.
By the way, one reason a contractor might have more trouble right now is because companies are staffing up and reducing use of contractors. Again, how would you report that?
I'm a contractor, too, and had a few tough years and now have been having a few good years. So how would you count the self-employed? How would you report it, for example, if you had finished a big contract and simply didn't look for work for a few months after that?
The Labor Department is a bureaucracy that would be reporting the same figures regardless of administration. Changes in reporting to account for structural shifts makes sense, but if businesses report hiring, then the hiring report reflects that.
By the way, one reason a contractor might have more trouble right now is because companies are staffing up and reducing use of contractors. Again, how would you report that?
5
"Probably closer to 15%".
Do you have empirical evidence to support this?
Do you have empirical evidence to support this?
2
While young people may be getting jobs, if you are unemployed in your 50's you are out of luck. While I applaud O'bama for the economic recovery (for some) lots of people lost their houses, lost their savings and now can't find a job. The older middle class has not reaped the benefits of the recovery and people on the lower middle class (especially black people) are being shut out of the labor force by illegal workers, who will work for less.
4
You make a good argument for strong unions and against right-to-work laws in Republican states.
2
2016 should be a more robust year for employment. If nothing else, there will be billions spent on Primary and Presidential campaign coverage that will give Newspapers and local Media,hotels and motels, restaurants, and other short term rental businesses much needed injection of cash. Then depending whether
certain seats experienced turnover at the local or national level, realtors will be busy by the end of the year.
certain seats experienced turnover at the local or national level, realtors will be busy by the end of the year.
More good news for the Republicans to deny.
16
The Obama private-sector jobs expansion is now the longest on record- by far. The American economy has now added private sector jobs each month for the past 71 months. The second-longest streak of private sector job adds was under yet another Democrat- Bill Clinton. That streak was 51 months.
How ironic that Mr. Obama set yet another record for private sector expansion just a day after the Republicans in Congress passed a bill to repeal Obamacare, which for years they contended would be a "job killer."
Keep up the great work, Mr. President!
How ironic that Mr. Obama set yet another record for private sector expansion just a day after the Republicans in Congress passed a bill to repeal Obamacare, which for years they contended would be a "job killer."
Keep up the great work, Mr. President!
17
Sean, the Median Income has fallen by 5,000 during Obama's expansion, and the only group that has experienced more hiring, is workers born somewhere other than the United States. Try this for info: http://www.zerohedge.com/news/2015-09-07/698k-native-born-americans-lost...
I find it remarkable that the people who ballyhoo the Texas job market as proof of what happens when capitalism is, at last, great god almight, free at last! look at a national job market that is structured the same way and scream about socialism.
But if you really want remarkable, ask 'em about the economy in Louisiana, Kansas, or Wisconsin.
But if you really want remarkable, ask 'em about the economy in Louisiana, Kansas, or Wisconsin.
5
But salaries are still flat. Older workers can't find jobs that pay what they need to make to keep body and soul together. Our infrastructure continues to fall apart because businesses are allowed to skip on paying taxes that supply the money to finance projects that keep our infrastructure in decent shape. Our health care system is the laughing stock of the civilized world when they aren't busy being horrified by it. Our social safety net is a pit, especially if you are single, able bodied, and unable to find a job.
The American Dream is dead. So is the feeling that working hard, paying taxes, being honest, or anything else, is worth doing. The 1% may have wonderful lives. The rest of us, not so much.
The American Dream is dead. So is the feeling that working hard, paying taxes, being honest, or anything else, is worth doing. The 1% may have wonderful lives. The rest of us, not so much.
51
Nice to see these numbers as it should help provide a mild buffer to the events in China. I'm not as encouraged however since our economic issues tend to stem from labor participation and not just job-creation.
Wages remain historically flat while the cost of goods & services continue to rise. The entire next generation of consumers is entering the workforce with unsustainable and crippling debt from student loans or elsewhere. Putting money in my savings account is a waste of time (and money) and the market has not been agreeable to the average investor for awhile now.
Here's hoping we'll see some significant changes in 2016, because right now it's already shaping up to be another year of the same ol', same ol'.
Wages remain historically flat while the cost of goods & services continue to rise. The entire next generation of consumers is entering the workforce with unsustainable and crippling debt from student loans or elsewhere. Putting money in my savings account is a waste of time (and money) and the market has not been agreeable to the average investor for awhile now.
Here's hoping we'll see some significant changes in 2016, because right now it's already shaping up to be another year of the same ol', same ol'.
30
Great news. Seems Obama and Obamacare didn't ruin the economy after all, huh? Before anyone retorts, no, things are not perfect. We need more jobs, better jobs, a higher minimum wage and pay equity for women. But I seriously doubt a Republican administration is going to bring any of that about.
42
When the Republicans crashed the economy their preferred solution was austerity. Obama ignored them and went with stimulus instead - small, barely adequate stimulus, but the opposite of what Republicans wanted. Republicans screamed the economy would be destroyed. The deficit would explode. Our society would be ruined. What actually happened? The Obama economy has steadily improved despite every Republican effort to undermine it. All the countries that drank the Republican Kool-Aid are still languishing in recession or at least the economic doldrums.
Do we really want to hand the economy back to ideologues that have never been right about economic issues? I do not think so.
Do we really want to hand the economy back to ideologues that have never been right about economic issues? I do not think so.
46
With the “new normal” of US economics, a seeming neurotic split between an improving economy and investor sentiment is what always strikes me.
Investors don’t really like improving employment statistics. It means more of their revenue and profits are going to the unprofitable activity and liability of paying human beings a living wage.
Combined with other things like mergers and acquisitions, stock buy-backs and corporations avoiding US taxes, more and more the business of America seems to be purely business, and not the welfare of its citizens.
With things like Reagonomics, the destruction of labor unions, “Citizens United”, the Republican Clown Car, and Clinton/Democratic Party duplicity, capital is winning over labor.
Will there be a tipping point between capital and labor, and if so, what will be its nature?
As the NYT has reported in the past, “Corporate profits are at their highest level in at least 85 years. Employee compensation is at the lowest level in 65 years”:
“Corporate Profits Grow, and Wages Slide”, NYT, 4/4/14
http://www.nytimes.com/2014/04/05/business/economy/corporate-profits-gro...
Investors don’t really like improving employment statistics. It means more of their revenue and profits are going to the unprofitable activity and liability of paying human beings a living wage.
Combined with other things like mergers and acquisitions, stock buy-backs and corporations avoiding US taxes, more and more the business of America seems to be purely business, and not the welfare of its citizens.
With things like Reagonomics, the destruction of labor unions, “Citizens United”, the Republican Clown Car, and Clinton/Democratic Party duplicity, capital is winning over labor.
Will there be a tipping point between capital and labor, and if so, what will be its nature?
As the NYT has reported in the past, “Corporate profits are at their highest level in at least 85 years. Employee compensation is at the lowest level in 65 years”:
“Corporate Profits Grow, and Wages Slide”, NYT, 4/4/14
http://www.nytimes.com/2014/04/05/business/economy/corporate-profits-gro...
20
Supply and demand.
It's not "supply and demand". That would be capitalism.
It's monopoly capitalism, a distortion of "supply and demand" in favor of capital.
It's monopoly capitalism, a distortion of "supply and demand" in favor of capital.
2
I heard a recent panel discussion which suggested that this President will go down as one of the most consequential in our history. Jobs seems to agree too! Healthcare, wars, climate, guns, economy and the list goes on..
18
President Obama has done a terrific job.
He will be remembered as one of the nation's best.
Peace treaties with former enemies, more Americans have health insurance,
ending the ridiculous Cuban Embargo.
That's just to name a few of his accomplishments.
it's real bad that the Democrats couldn,t get their people out in the off year elections.
Much more could have been done.
He will be remembered as one of the nation's best.
Peace treaties with former enemies, more Americans have health insurance,
ending the ridiculous Cuban Embargo.
That's just to name a few of his accomplishments.
it's real bad that the Democrats couldn,t get their people out in the off year elections.
Much more could have been done.
9
Not with a gerrymander house of representatives.
1
More "Management of Perception Economics" - aka MOPE…Let's see, stores are being shuttered across the country. Wage growth is stagnant and falling, and those NOT in the labor force grew to 94.4 million. Incomes for the Elites, Wall Street, Bankers, Politicians, Hedge Fund Managers, and Trust Fund Babies are fine. After all - how many millions does one actually need? For the rest? Bupkis.
The U6 unemployment rate (the one never discussed in the media) is 9.9%. Use the BLS own metrics that were used pre-Clinton - Bill changed them to make his years in office more rosy-colored - and real total unemployment is close to 23%. We have the worse labor participation rate almost in history.
Low paying, less than minimum wage service jobs (for the Holidays, btw) gained momentarily, until they are revised downward when the reality hits.
Girish below says "thank Obama" - for what? Doubling the Debt that will never be paid off? Americans have jobs…almost 95% - impossible numbers, if our real unemployment is near 23%.
Republican or Democrat - it doesn't matter who gets in, things are not "on track" for improvement. Inflation stats are flawed since all the "volatile" cost items are left out. Anyone who goes shopping can tell you that prices are rising - not going down.
Oh, right, this is an "election year" and if the economy goes down the toilet before November 16th…well, you get the picture. Blame energy will abound.
As John Lennon said, "just give me some truth."
Amen to that.
The U6 unemployment rate (the one never discussed in the media) is 9.9%. Use the BLS own metrics that were used pre-Clinton - Bill changed them to make his years in office more rosy-colored - and real total unemployment is close to 23%. We have the worse labor participation rate almost in history.
Low paying, less than minimum wage service jobs (for the Holidays, btw) gained momentarily, until they are revised downward when the reality hits.
Girish below says "thank Obama" - for what? Doubling the Debt that will never be paid off? Americans have jobs…almost 95% - impossible numbers, if our real unemployment is near 23%.
Republican or Democrat - it doesn't matter who gets in, things are not "on track" for improvement. Inflation stats are flawed since all the "volatile" cost items are left out. Anyone who goes shopping can tell you that prices are rising - not going down.
Oh, right, this is an "election year" and if the economy goes down the toilet before November 16th…well, you get the picture. Blame energy will abound.
As John Lennon said, "just give me some truth."
Amen to that.
9
EXCELLENT comment, Johndrake07. The economic, financial, social, and political inequality and condition of this country is horrendous, and getting worse, regardless of the amateurish attempts (through scripted and rehearsed "speeches", polls, statistics, planned obfuscation, outright lying, etc.) at manipulating the public to think and believe differently. Keep speaking out. You do it simply, clearly, and in a way that people can understand. Having REAL leaders in our leadership positions (instead of the selfish and greedy incompetents we have had for so long) is the answer to solving our problems, and the public has the power to make it happen if they will use that power. Direct action is the only thing that will make change - rhetoric is for keeping the status quo, as politicians keep proving decade after decade.
3
Truth and facts aren't what Obama supporters want, they enjoy listening to him lie to them, they get all 'tingly' with each executive action, slaves of a system they helped build. Sure, with 90 plus million receiving government 'handouts' we're really standing tall in the economic development category. Our nation suffers and Obama smiles; asinine supporters are obvious to any negative news....pathetic situation.
1
Very great news indeed.
Our Mr. President - Obama has been able to achieve this with all the issues congress has put up in-front of him. And so it's fair to say that w/o congress being there, it would have been even better (I am not suggesting a favourable congress yet).
Should we dump congress and reduce government size?
Our Mr. President - Obama has been able to achieve this with all the issues congress has put up in-front of him. And so it's fair to say that w/o congress being there, it would have been even better (I am not suggesting a favourable congress yet).
Should we dump congress and reduce government size?
17
Seasonal labor is an indication of a healthy economy?
Come on. A company's stock goes up when they fire people.
Let's see what January brings.
Come on. A company's stock goes up when they fire people.
Let's see what January brings.
7
Au contraire. The article says:
Andrew Chamberlain, chief economist at Glassdoor Economic Research, noted that in job postings, there was a dip in December. “That’s something that happens every year as people take vacation,” he said, adding that he expected a reversal in the coming month. “Looking forward, January is the best time to be looking for a job. There’s always a big jump in labor demand in January.”
What say you about this?
Andrew Chamberlain, chief economist at Glassdoor Economic Research, noted that in job postings, there was a dip in December. “That’s something that happens every year as people take vacation,” he said, adding that he expected a reversal in the coming month. “Looking forward, January is the best time to be looking for a job. There’s always a big jump in labor demand in January.”
What say you about this?
4
It is stunning how dramatically which political party controls the executive branch affects the unemployment rate- http://politicsthatwork.com/graphs/unemployment-rate-by-president
12
Not for women over 50. We're still pariahs.
14
Compare your chart of the increase in jobs over the last two years during which time the price of oil saw a steep decline. I just can't make this stuff up. Look at the graph.
2
Jobs yes. Salaries no.
5
Gee...
Decreasing unemployment, low gas prices, and an economy now better off than most (if not all) of the other large international economies.
Too bad we have a democrat in office during all of this. If it were a republican, we'd get to have these positive statistics shoved down our throats day after day, every chance every republican ever got.
Let gas prices tick up a few pennies around election time next year though, and just wait for the republicans to tell us that the sky is falling, and it's all President Obama's and the evil liberals' fault.
Then (and here comes the best part) watch as so many voting Uhmuricans actually fall for it, and vote once again against their own interests.
Must be pretty awesome being a republican politician. After all, know-nothings really do make the absolute best voters...
Decreasing unemployment, low gas prices, and an economy now better off than most (if not all) of the other large international economies.
Too bad we have a democrat in office during all of this. If it were a republican, we'd get to have these positive statistics shoved down our throats day after day, every chance every republican ever got.
Let gas prices tick up a few pennies around election time next year though, and just wait for the republicans to tell us that the sky is falling, and it's all President Obama's and the evil liberals' fault.
Then (and here comes the best part) watch as so many voting Uhmuricans actually fall for it, and vote once again against their own interests.
Must be pretty awesome being a republican politician. After all, know-nothings really do make the absolute best voters...
13
What you have is a restricted economy, which is what the democrats prefer, and this is the best that it gets, they choose industries they think are the Sustainability industries, and flat line. Food. Gourmet food. Energy. Gourmet energy. Little cars and consumer consumables. Nothing else gets to thrive or spin off; They have decided that some technology is "a right." Like cell phones and lap tops in school. It is very limiting. You end up with Rich and Poor, and no one inbetween. The people who have the BEST paying jobs are in government, with democrats...and socialist and communists too, but that is not what this is about. In the latter political systems, the above recipe results in shortages of basic items. There is no way, and no reason to build an empire or sell anything that is not directly for the political/elite class. Like when your town runs out of land the only thing gets built is McMansions...
1
I suggesting giving more detailed information about type, quality and location of jobs as well.
5
The way the unemployment rate is calculated now was the same way it was done in the 1980's when Reagan was President....When we had 200,000 - 300,000 monthly job increases back then, Republicans were claiming Reagan was a job creator, & savior of the economy...
Republicans just love to move the goalposts to suit their political wims...
Republicans just love to move the goalposts to suit their political wims...
12
If a Republican president had been in office with these declining unemployment numbers, GOP congressmen would be seriously debating repealing presidential term limits right now.
18
Labor participation rate lower due to baby boomers? Workers aged 55 and older have gained over 7.5 million jobs in the past 8 years, workers aged 55 and under, have lost a cumulative total of 4.6 million jobs.
http://www.zerohedge.com/news/2015-11-06/most-surprising-thing-about-tod...
http://www.zerohedge.com/news/2015-11-06/most-surprising-thing-about-tod...
This article gives a false sense of a good recovery that in actuality is far from the truth. First of all, I do not trust these statistics as politicians are too prone to lie and obfuscate and I believe too many government departments have become politicized. Anecdotally, I know too many people who cannot find decent paying jobs and are forced to work at Walmart or other poor paying service jobs and are thus counted as employed but don't earn a living wage.
The job situation among some segments of the population such as African-Americans is far worse and both political parties look the other way when it comes to illegal immigration either for cheap labor or future votes. When President Obama tried to legalize illegal immigrants whose jobs do you think they compete for, mostly African-Americans.
We have to solve the economic problems of our own underclass with decent paying jobs before declaring we have a good economy. What we really need is a higher minimum wage, real control of illegal immigration and a Marshal plan to improve basic education to improve the lives of ALL American citizens.
The job situation among some segments of the population such as African-Americans is far worse and both political parties look the other way when it comes to illegal immigration either for cheap labor or future votes. When President Obama tried to legalize illegal immigrants whose jobs do you think they compete for, mostly African-Americans.
We have to solve the economic problems of our own underclass with decent paying jobs before declaring we have a good economy. What we really need is a higher minimum wage, real control of illegal immigration and a Marshal plan to improve basic education to improve the lives of ALL American citizens.
6
Politicians may lie but there is no evidence that the eggheads in the Bureau of Labor Statistics do.
7
The "people you know" are no substitute for national statistics. Their reliability is demonstrated by the comments made in this article by bankers and other business executives who make decisions based on them. As mford noted, there is no evidence that the Bureau of Labor Statistics are fabricating these numbers, and they are quite easy for skeptics to check.
4
Why'd why is there always a negative in these reports? Can't we just celebrate the good news for once and leave it at that. Stop tempering the good news!!!
4
The article mentions very little of the effect of lower energy prices on the improved employment results, it is not a coincidence.
The real job creators are consumers not entrepreneurs.
The lowering of energy costs is also a reversal income/wealth inequality. Instead of money going to the wealthy few, it is going to the many and improving the economy via the multiplier effect.
A rise in the minimum wage would have the same effect, it would put money in people's pockets and increase demand, thereby creating jobs
The real job creators are consumers not entrepreneurs.
The lowering of energy costs is also a reversal income/wealth inequality. Instead of money going to the wealthy few, it is going to the many and improving the economy via the multiplier effect.
A rise in the minimum wage would have the same effect, it would put money in people's pockets and increase demand, thereby creating jobs
9
This is mostly good thinking. Where you go wrong about magic-ing the minimum wage is that thru the recession, the government has allowed in a flood of low wage foreign born workers, so if you were to say, ask for a raise, there is another worker to pop up in your place. To get wage growth at the bottom, you need a tighter market of workers, not too many workers like we have now. We should not be admitting any more low wage workers for a good long while, this will increase the minimum wage by market. forces. But in addition, you have to get rid of the underground economy/multiple aliases in the underground economy/ people working under the table/off the books. There is no stomach for that currently in NYC.
1
Saundra - both of our comments are nothing but band aids to the real problem - too many people for too few jobs both in the USA and globally.
To solve that problem government initiated job creation is necessary in the USA and globally - infrastructure, housing, health care, education, recreation.
To solve that problem government initiated job creation is necessary in the USA and globally - infrastructure, housing, health care, education, recreation.
3
In 2008, 1 out of every 5 jobs lost was in the low wage, service sector.
Today, 3/5 of people who find jobs are employed in that sector.
No wonder a third of "average" Americans don't believe in this "recovery" or the American dream.
Thank you, 1% - and all the politicians from BOTH parties who helped them achieve this economic transformation!
Today, 3/5 of people who find jobs are employed in that sector.
No wonder a third of "average" Americans don't believe in this "recovery" or the American dream.
Thank you, 1% - and all the politicians from BOTH parties who helped them achieve this economic transformation!
8
You're thinking of the service industry. The "service sector" is one of three legs in our private-sector economy. The others are manufacturing and agriculture/extraction. The overwhelming majority of Americans (other than public sector employees) are employed in the service sector. This includes lawyers, doctors, engineers, IT professionals, truckers, pilots, waiters, cooks, maids, accountants, bankers, and, well, everyone who isn't working on an assembly line, farm, or some sort of extraction (mining, logging...).
4
Thank you mford for explaining to some commenters that service sector and service industry are distinctly different. I am not an expert on anything, but I do know the difference and I have seen a big increase in rush hour traffic over the past six years. Also, there are so many new vehicles on the road over the past 3-4 years. There are regions of our country that have lost industrial jobs and all that goes with it, which is a serious issue. I think that more folks need to get on board with the future and forget about fighting for some dream of the past that is not returning. As a country we need to pull together - we are all Americans - and create the future. There are many young men and women stepping up. There are lots of us older folks who have overcome crushing circumstances and moving forward as well.
1
It's the labor participation rate, stupid. And the labor participation rate in America is abysmal. 60 million employable non-retirement age Americans are out of work because they cannot find employment in anything close to their chosen field. Expecting an experienced electrical engineer to take a job at MacDonalds or Walmart just because they have help wanted signs in their windows is a farce. These people have dropped off the job radar because they have exhausted their unemployment benefits. Obama and the Democrat party can crow all they want about the unemployment rate, but it is a false indicator of economic growth.
31
A good day for America is a bad day for Repubs.
3
An experienced electrical engineer would qualify as someone who has at least a 4 year college degree and over the age of 25. Based on BLS data, the unemployment rate for someone with at least a BA/BS and over the age of 25 is currently at 2.5%. So I think it's highly improbable that an EE would have to settle for working at McDonald's or WalMart.
10
In other words, the Democrats simply haven't fixed the economy the Republicans destroyed quickly enough.
6
Yeah, I know this is fake. The country's hopeless, they're all part time, yada, yada, yada. O's the worst. Blah, blah, blah. WMDs, yellow cake and trickle down Ronnienomics are real. The Muslim world will rejoice when America brings them democracy. Republicans are friends of salaried working people. W protected America, O hates white people. This is what thoughtful people have to muck through every day: lies, deceit and [proud] ignorance. Just remember, many of those carrying on today thought Sarah Palin was qualified to be Vice President of the United States, which turns their opinions into rubbish. Where's the hyperinflation, the $10 gas? Wrong about everything... y'know that's hard because even a stopped watch is correct twice a day.
103
Don't bother. Some folks just know (they just know) that the end is near. That our economy is worse than its ever been. That the world is spinning out of control=== apparently it was an orderly, calm, entirely peaceful place before Obama took office. And so on.
Typically, such pathological lack of perspective is accompanied by a yearning for a strong leader. Now THAT is something to worry about.
Typically, such pathological lack of perspective is accompanied by a yearning for a strong leader. Now THAT is something to worry about.
11
oh please, those just temp holiday jobs and recent growth service industry, which is not healthy.
my company and other regular mfg had one of the worst years since the housing crash [just like the stock market], we had a layoff, probably across the board wage reduction be next for those employees left.
don't be fooled.
my company and other regular mfg had one of the worst years since the housing crash [just like the stock market], we had a layoff, probably across the board wage reduction be next for those employees left.
don't be fooled.
6
These numbers are seasonally adjusted. They control for seasons where there is a lot of temporary hiring.
Why is a growing service industry not healthy?
Why is a growing service industry not healthy?
9
Latent demand for American jobs INCREASED to 17.5 million in December! Why did the American Job Shortage Number, or AJSN, do that, when the other numbers looked so good? See why this morning’s jobs report was overrated at http://worksnewage.blogspot.com/2016/01/a-fine-employment-numbers-month-....
1
First, thank you NYT for including the explanation about the December shift in job growth. It's difficult to measure true job growth from November through January, and I'm happy it was pointed out in this article.
The overall all numbers indicate that President Obama's economic initiatives have helped the unemployment rate over his past 7 years in office. Republican's will try to paint the picture that job growth is actually small in comparison to what is was in past presidential administrations. I've heard the following from a number of registered republicans, "The unemployment rate is lower because people actually just stopped looking for jobs, so the BLS does not count them as unemployed." To be fair, to some extent they are right--the BLS methodology can be a bit hazy when it comes to their analysis of job growth and employment rates. However, you can only argue so much that the job market is flat or that the current unemployment rate calculations don't take into account certain aspects about "true" unemployed men and women.
In contrast to putting blame or praise on one party, some economist argue that the shifts in the economy are due to the autonomous behavior of the market (i.e., political administrations, regulations, etc have no bearing on growth or decline). It could be that the changes we see in the unemployment rates are are due to the economy working by itself (it is a juggernaut in its own right)!
The overall all numbers indicate that President Obama's economic initiatives have helped the unemployment rate over his past 7 years in office. Republican's will try to paint the picture that job growth is actually small in comparison to what is was in past presidential administrations. I've heard the following from a number of registered republicans, "The unemployment rate is lower because people actually just stopped looking for jobs, so the BLS does not count them as unemployed." To be fair, to some extent they are right--the BLS methodology can be a bit hazy when it comes to their analysis of job growth and employment rates. However, you can only argue so much that the job market is flat or that the current unemployment rate calculations don't take into account certain aspects about "true" unemployed men and women.
In contrast to putting blame or praise on one party, some economist argue that the shifts in the economy are due to the autonomous behavior of the market (i.e., political administrations, regulations, etc have no bearing on growth or decline). It could be that the changes we see in the unemployment rates are are due to the economy working by itself (it is a juggernaut in its own right)!
2
Respectfully, the unemployment rate is not an honest statistic. As everyone knows, it does not include the tens of millions of people who have given up looking for work. It does not include educated people working at menial labor - "welcome to wall mart".
Real unemployment will stay high until we start fighting back against China's trade war on us (currency manipulation, a national container fleet that ships for free, indirect bribery of US CEO's and outright industrial espionage). It will remain until we start punishing the corporate employers (hotels, casinos, restaurant chains, agribusiness) of tens of millions of illegal aliens. (Are there really only eleven million - how can we know if they're here illegally? Do they go to an illegal alien registry.)
Anyway, it's easy to see there is no statistical change here. Christmas means lots of short term hires in stores, carriers, etc.
Real unemployment will stay high until we start fighting back against China's trade war on us (currency manipulation, a national container fleet that ships for free, indirect bribery of US CEO's and outright industrial espionage). It will remain until we start punishing the corporate employers (hotels, casinos, restaurant chains, agribusiness) of tens of millions of illegal aliens. (Are there really only eleven million - how can we know if they're here illegally? Do they go to an illegal alien registry.)
Anyway, it's easy to see there is no statistical change here. Christmas means lots of short term hires in stores, carriers, etc.
3
These are seasonally adjusted numbers. It controls for the fact that payrolls always increase with temp jobs in December.
3
You may wish to learn the phrase, "seasonally adjusted."
4
Americans have to accept that this is the new reality: full employment (by people willing to work), little job security by workers without specialized skills and inelasticity in wages. In the 40's and 50's, when the USA was the only industrialized country that didn't have to rebuild after WWII, we could dictate global market conditions. Now, global market conditions dictate what happens here. Our living conditions will become much more like the rest of the world's and the sooner we realize that, the better.
6
A detailed breakdown of job descriptions should always be published with employment data.
6
And it always is. You can comb through the jobs report yourself. All the data you want is there: http://www.bls.gov/news.release/pdf/empsit.pdf
8
Along with their pay scale.
4
The Republicans will continue to claim that Obama has failed to create jobs or stabilize the economy. They can do so only because of the decline in traditional news media and the rise of the completely fictional world of "conservative media". In that world, climate science is a conspiracy, evolution is just a theory, Obamacare is a failure and only more guns can end gun violence.
23
Don't forget to say: " When the rich get richer, they create more jobs ". That one cracks me up, since they usually stick it in their pockets.
8
I'll be even happier when the salaries go up rather than stay flat.
6
Funny. when W was "creating" jobs, albeit low paying service jobs, the GOP was on the bandwagon talking about the positive signs of the economy. Now that the shoe is on the other foot, they're not so happy.
You think they're upset now that they sent all our manufacturing jobs overseas?
You think they're upset now that they sent all our manufacturing jobs overseas?
15
1999; a barrel of oil hovered around 20 dollars a barrel
2003; the price of oil started escalating.
2008; in July, just preceding the great recession, a barrel of oil peaked at 147 dollars.
2015; best job growth since 1999, a barrel of oil now costs only in the 30's dollars.
Consumers have more of their money to spend. Businesses have more money and hired more people to make things and sell to the consumers.
Oil and oil products are the raw materials and fuels of our economy. The health of our economy is directly related to the cost of oil.
High oil prices= economic plight.
Low oil prices= prosperity.
2003; the price of oil started escalating.
2008; in July, just preceding the great recession, a barrel of oil peaked at 147 dollars.
2015; best job growth since 1999, a barrel of oil now costs only in the 30's dollars.
Consumers have more of their money to spend. Businesses have more money and hired more people to make things and sell to the consumers.
Oil and oil products are the raw materials and fuels of our economy. The health of our economy is directly related to the cost of oil.
High oil prices= economic plight.
Low oil prices= prosperity.
1
Low oil prices = no COLA for people on Social Security. They might have a different view of your prosperity.
So many of the comments here reflect the old adage, For every silver lining there's a cloud. Say nay all you want, but the unavoidable reality is that the Obama Administration has overseen substantial, consistent and prolonged job creation - just as, by the way, the Clinton Administration did and the Bush Administration did not.
There's a lot of focus in the comments on the labor participation rate, but the "glass half empty" crowd misses what the Times reported just a few weeks ago: more than half of the decline in the participation rate is due to Baby Boomer retirements. The oldest Boomers reached 65 years old in 2011, so naturally the pace of retirements has quickened.
Moreover, many of us Boomers are opting to retire early. I'm a perfect example - I'm 59 and planning to retire this year, entirely of my own choosing. I've lived frugally, saved diligently, and invested well, so I can afford to retire early. With any luck, I'll spend a couple of decades not participating in the labor market. That's not economic failure, it's economic success - and my retirement clears the way for someone else.
politicsbyeccehomo.wordpress.com
There's a lot of focus in the comments on the labor participation rate, but the "glass half empty" crowd misses what the Times reported just a few weeks ago: more than half of the decline in the participation rate is due to Baby Boomer retirements. The oldest Boomers reached 65 years old in 2011, so naturally the pace of retirements has quickened.
Moreover, many of us Boomers are opting to retire early. I'm a perfect example - I'm 59 and planning to retire this year, entirely of my own choosing. I've lived frugally, saved diligently, and invested well, so I can afford to retire early. With any luck, I'll spend a couple of decades not participating in the labor market. That's not economic failure, it's economic success - and my retirement clears the way for someone else.
politicsbyeccehomo.wordpress.com
201
Exactly. I will "retire" next year, and will be spending 18 months to two years preparing the makings of a small business. I'll be "unemployed" during that time.
That's economic success.
Now, I don't know if the local guy who repairs small engines off the books, for cash only, should be counted as non-participating either, but he is. He's also doing that voluntarily, as he "hates reporting to a boss" and thinks "taxes are a ripoff". It might not be completely on the up and up, but he's part of the group that is considered not participating in the labor market, and I guess I would also count him as an economic success.
That's economic success.
Now, I don't know if the local guy who repairs small engines off the books, for cash only, should be counted as non-participating either, but he is. He's also doing that voluntarily, as he "hates reporting to a boss" and thinks "taxes are a ripoff". It might not be completely on the up and up, but he's part of the group that is considered not participating in the labor market, and I guess I would also count him as an economic success.
7
Happy retirement and Thanks for sharing a unique angle of people retiring and leaving the job market.
3
I guess that the Labor Participation statistic must be making the rounds on political talk radio. Not sure that everyone who is reciting it, understands it.
In addition to your point, the labor participation rate also includes those who are choosing to attend college.... a figure that is increasing and is a good sign for a society.
The BLS also includes Discouraged Worker data. Many seem to think that this is what the Labor Participation data is measuring. It isn't.
In addition to your point, the labor participation rate also includes those who are choosing to attend college.... a figure that is increasing and is a good sign for a society.
The BLS also includes Discouraged Worker data. Many seem to think that this is what the Labor Participation data is measuring. It isn't.
5
I see help wanted signs out these days, a welcome sight after so many years.
11
Good news, and as a Democrat I'm certainly more pleased than not.
But we can't overlook the reference to stagnant wage growth, and my guess is we continue to ignore the uncounted who for whatever reason are not looking for work.
But we can't overlook the reference to stagnant wage growth, and my guess is we continue to ignore the uncounted who for whatever reason are not looking for work.
11
with absolutely no inflation , we do not need wage growth ! stagnant wages and no inflation means a steady currency
3
paul m: maybe you could suggest that the utility companies, supermarkets, tax authorities, etc. adopt a policy of stagnation too. You must live and work in one of the many ivory towers in the area.
1
The jobs that were created are low paying. Average hourly earnings for women and millennials were flat or went down.
What's impressive about a 62% labor force participation rate? The lowest in 4 decades. The 5% unemployment number doesn't include those who have given up looking for work. The actual number is more like 12%
This is the Obama economy propped up by printing money and maintaining artificially low interest rates.
What's impressive about a 62% labor force participation rate? The lowest in 4 decades. The 5% unemployment number doesn't include those who have given up looking for work. The actual number is more like 12%
This is the Obama economy propped up by printing money and maintaining artificially low interest rates.
7
And this is a much better job creation rate than what we had under Bush for 8 years! Try thinking about that and drawing a more logical conclusion based on the comparison.
12
"What's impressive about a 62% labor force participation rate? The lowest in 4 decades. The 5% unemployment number doesn't include those who have given up looking for work. The actual number is more like 12%"
Whats impressive is that the 12% is down from the almost 19% that G.W. Bush left this nation with. What's impressive about a 62% labor force participation rate is that most of those excluded from the labor force are retired which is why they are not counted. You present that number as though 38% of Americans are still out of work and want work which is a gross distortion of reality. Discouraged workers make up only a fraction of that 38% not participating in the labor force.
What's impressive is that this President took office in the midst of the second worst economic collapse in US History and without ANY help from a Republican Party -- whose stated goal was to make him a one term President -- has overseen a steady recovery that has created millions of jobs, provided almost 17 million with health care of some kind, raised taxes on the rich, saved the automobile industry, saved the housing industry, all while, with the exception of the 2009 stimulus bubble, maintaining deficits in line with those run by President Bush who inherited prosperity.
Whats impressive is that the 12% is down from the almost 19% that G.W. Bush left this nation with. What's impressive about a 62% labor force participation rate is that most of those excluded from the labor force are retired which is why they are not counted. You present that number as though 38% of Americans are still out of work and want work which is a gross distortion of reality. Discouraged workers make up only a fraction of that 38% not participating in the labor force.
What's impressive is that this President took office in the midst of the second worst economic collapse in US History and without ANY help from a Republican Party -- whose stated goal was to make him a one term President -- has overseen a steady recovery that has created millions of jobs, provided almost 17 million with health care of some kind, raised taxes on the rich, saved the automobile industry, saved the housing industry, all while, with the exception of the 2009 stimulus bubble, maintaining deficits in line with those run by President Bush who inherited prosperity.
149
Reply to Don: I can only imagine the tune you'd be singing if right now Obama was not the President and Romney was! The general theme to certain people appears to be: I hope good things do not happen when Obama is the President or any democrat for that matter but if they happen we can always look at or create and look at the negative side if them!
13
I do not understand such positive headline; there is absolutely nothing to celebrate quite the contrary. A better indicator of the market labor health will have been the combination of new job growth and wage pressure but there is none at all, (as the article mentioned). That explains the fast pace disappearance of the middle class as the corner stone of the US economy; having to struggle with two or three low paid part time jobs is no indication of healthy, viable long term economic growth, lest of a vibrant society. Just think in 50 years from now, no pension plan, no health care, no savings for a growing number of the population. What was the reality of the blue collar will be the reality of the white collar. The price to enrich the few ones is way to much of a sacrifice asked. With booming immigration and the globalisation/de-industrialisation movement it is clear that we are witnessing a new low in the fight against the middle class in the US and around the world.
8
Immigration built the United States and it will continue to be an economic driver.
I liken the rub against immigration the same way I regard those Americans who worry about certain citizens getting too uppity. They complain and say that we have too much freedom. Or is that "freedumb?"
I liken the rub against immigration the same way I regard those Americans who worry about certain citizens getting too uppity. They complain and say that we have too much freedom. Or is that "freedumb?"
5
Immigration is "nice." But we do not need any more low wage workers. As it is, young people cannot get the first jobs they need in the marketplace, and certain groups in our country are suffering with no entry point into the economy because there are too many low wage workers waiting to replace you if you ask for a raise.
2
Unemployment numbers are fake. These are low paying hollyday service jobs... true unemployment calculation should extrapolate the number of all adult able to work, all adults that need to work. Adults actively or not actively looking for work shouldn't matter. To know the true economy's health we need to know the true number of working people and true number of non working people ripping the benefits created by tax paying working force....example: if you have 100 people that should be working foe a living, and 70 are working than true unemployment rate is 30%....
7
The numbers are being calculated the way they have always been calculated. No matter what the deficiencies may be in the method, the comparison from month to month and year to year is valid.
23
If we are to believe the tripe that 13 million jobs are all burger flippers then it would be natural to see hamburger patties fall from the skies like rain.
A good day for America is a bad day for Repubs.
A good day for America is a bad day for Repubs.
26
Hugo, you simply make up your own definition of what an Unemployment Rate should be? Are you actually qualified to do that? Are you an economist? Are you a mathematician or a statistician? Do you have the requisite historical perspective?
7
Is it possible to include some additional information to this monthly announcement? For example, how many of those jobs were full-time with benefits vs. part-time seasonal? How many of those jobs paid below minimum wage? At minimum wage? Above minimum wage but less than $20 per hour (or about $40,000 per year)? How many jobs paid more than $40,000 per year? A chart providing this information would be nice. How many of these jobs are in the retail sector? Construction? Health services? Manufacturing? Did federal, state and local governments add any jobs?
17
The labor participation rate tells a much different story overall.
http://data.bls.gov/timeseries/LNS11300000
The unemployment rate is not a true measure of the economy.
http://data.bls.gov/timeseries/LNS11300000
The unemployment rate is not a true measure of the economy.
7
Another month of job killing economic policy of the Obama Administration for Fox News to explain to their viewers, who are anxious for a downbeat interpretation. They were promised some things after all, hyper inflation, massive layoffs because of Obamacare, soaring gasoline prices, currency devaluation, Demogedden.
Most of the pain today is occurring in the sectors most aggressively funding the GOP, oil and coal in particular. Let's recall the reason that oil prices reached $150 a barrel, rampant speculation facilitated by Morgan Stanley, when 90% of oil out of the ground was owned by them.
But double down, they will. McConnell tells the states to defy the EPA and refuse to develop carbon reduction plans, even while the entire coal industry is insolvent. GOP candidates compete for the craziest tax cuts.
Reality just isn't what it used to be.
Most of the pain today is occurring in the sectors most aggressively funding the GOP, oil and coal in particular. Let's recall the reason that oil prices reached $150 a barrel, rampant speculation facilitated by Morgan Stanley, when 90% of oil out of the ground was owned by them.
But double down, they will. McConnell tells the states to defy the EPA and refuse to develop carbon reduction plans, even while the entire coal industry is insolvent. GOP candidates compete for the craziest tax cuts.
Reality just isn't what it used to be.
52
Fox will have to switch their complaints to wages being unequal between the genders and low minimum wages. Blaming those issues on Obama.
1
I'm still concerned about what kind s of employment. If these jobs are mostly minimum wages, part time, or, seasonal we are not making progress. We are not improving the quality of lives. We are masking a big problem: more working poor & more working and steadily homeless. Give us more pertinent data. Liberal or conservative we all deserve greater transparency about employment concerns that contribute to ever increasing fear of global economic insecurity.
102
read the article.it tells you the primary categories of job growth!
financial services,retail,travel and transportation.
"transportation" is most likely code speak for jobs with uber or lyft
financial services,retail,travel and transportation.
"transportation" is most likely code speak for jobs with uber or lyft
2
How many of these jobs were holiday hires?
1
This is really going to upset the republicans. Of course they will deny everything.
33
Naaah. 94,103,000 Americans not in the labor force doesn't bother me one bit.
6
What's really upsetting Republicans is that the stock market has recovered enough from its complete collapse under Bush that, at age 70, Baby Boomers can finally retire. Republicans are peeved that Baby Boomers don't have to work until they drop dead, since retirement lowers their suddenly-discovered-and-now-all-important "labor participation rate."
3
People who want to work obviously can. And people who want to retire also can now that the stock market has recovered and health insurance is widely available to anyone who needs it. I assume that doesn't bother you either.
There he goes! President Obama making America great again!! But wait...! Isn't there a parallel universe somewhere out there? Stuff's just not adding up and my brain's exploding.
www.endthemadnessnow.org
www.endthemadnessnow.org
43
This article and its "we're number one!" blathering and avoidance of the real issue of real "labour participation" and decent wages is a prime example of what the great media analyst Robert Warshow used to refer to as the "maintain the morale" function of mainstream media.
10
I've often wondered about that, Nathan. During a period of extended unemployment back in the '80s, the papers and the nightly news repeatedly waxed rhapsodic about how the economy was getting better. My girl friend and I had kept our reasonably well paid jobs, but we couldn't help noticing how many of our friends remained on the unemployment rolls, despite all the happy talk in the media. At the time we thought maybe it was a deliberate attempt to make people feel better despite all the evidence to the contrary that surrounded us--I guess we were right!
3
History shows that Democrat Administrations are consistently, almost uniformly, better for the economy than are Republican Administrations. Do the right thing in November.
174
Ever heard of Ronald Reagan?
4
That guy who doubled the debt while increasing taxes? Sure. He's an excellent cautionary tale about eating seed corn and squandering greatness.
6
Vince, would you like to actually review the economic results under Reagan before you cite him?
7
Patricia: that is not true 7.5 %still remain unemployed and the new hiring jobs posted last December will be corrected next month due low sales on the bad market,.
1
So, do you prefer the employment rate when a Republican was in the White House? What was the unemployment rate then?
12
In sharp contrast to the job situation in 2008 when George Bush was the outgoing president, the current outgoing president Obama is leaving the USA in a much better state of the union with regard to the economy and the job situation. The national debt may have doubled during the presidency of Obama but Americans have jobs, at least 95%. Overall President Obama has done well. He ended the 2 major wars, terrorism has been at a much lower level in the USA compared to the Bush years. ISIS has emerged due to the Iraq war, support of the rebels in Syria due to the war mongers in Congress and the Arab spring. Credit goes to President Obama for the economy being stable even though there is instability in several countries. Gas prices are at a record low and with the new gun laws, hopefully the gun violence will be diminished significantly. I am sure there can be some loop hole that will allow President Obama to continue for a third term. If senators and Congresspersons can languish for several terms why not a successful US president continue on for another term. If Ted Cruz can twist eligibility rules why not the term limit for the POTUS.
58
Look at the labor participation rate, not the unemployment rate for the real state of employment.
http://data.bls.gov/timeseries/LNS11300000
It is exponentially worse now than it was in 2008.
http://data.bls.gov/timeseries/LNS11300000
It is exponentially worse now than it was in 2008.
6
The only statistic that matters, from the WSJ:
"The labor force participation rate, the measure of how many people in the labor force that can be working actually are working or at least looking for work, was at 62.6% in December. That is up a tick from 62.5% in November, which is good, but down a bit from 62.7% in December 2014.
Excluding the seasonal adjustments, the rate was at 62.4% in December, down from 62.5% in December 2014.
The changes are pretty marginal. Overall, this is still an economy that is missing millions of potential workers, and it’s one reason that we can’t get any sustainable long-term growth."
"The labor force participation rate, the measure of how many people in the labor force that can be working actually are working or at least looking for work, was at 62.6% in December. That is up a tick from 62.5% in November, which is good, but down a bit from 62.7% in December 2014.
Excluding the seasonal adjustments, the rate was at 62.4% in December, down from 62.5% in December 2014.
The changes are pretty marginal. Overall, this is still an economy that is missing millions of potential workers, and it’s one reason that we can’t get any sustainable long-term growth."
8
^ Nah you don't understand statistics.
LPR combines unemployed and employed and divides by entire population of 65.
If the unemployed find work - it has now effect on LPR.
What effects it most is retirees. 250 thousand Americans retire every month and that is the main reason LPR does not change no matter how many jobs we crate.
PS - WSJ does not claim that is the only statistic that matters either, that's ridiculous and a false claim by you.
LPR combines unemployed and employed and divides by entire population of 65.
If the unemployed find work - it has now effect on LPR.
What effects it most is retirees. 250 thousand Americans retire every month and that is the main reason LPR does not change no matter how many jobs we crate.
PS - WSJ does not claim that is the only statistic that matters either, that's ridiculous and a false claim by you.
19
GOP politicians like to point to this statistic as evidence that many workers have give up on finding jobs, but the declining labor force participation rate is almost entirely the result of demographics. Boomers are reaching retirement age and are, not surprisingly, retiring. They are not "potential workers," as you suggest. BLS projected this declining labor force participation rate as early as 2006: http://tinyurl.com/ha7nkf9
The President (like all presidents before him) has limited ability to effect the overall economy. To the extent that President Obama has affected it, the effects have been quite positive. To the extent the economy has struggled to recovery from the financial collapse of 2007-2008, the problems have been a direct result of the enormity of that collapse. President Bush bears some responsibility for the collapse, but not the major blame. The fault, dear MM, is not in our presidents, but in our financial players. You might want to check out "The Big Short." It condenses the story to fit it into a movie time limit, but it gets the basics right.
The President (like all presidents before him) has limited ability to effect the overall economy. To the extent that President Obama has affected it, the effects have been quite positive. To the extent the economy has struggled to recovery from the financial collapse of 2007-2008, the problems have been a direct result of the enormity of that collapse. President Bush bears some responsibility for the collapse, but not the major blame. The fault, dear MM, is not in our presidents, but in our financial players. You might want to check out "The Big Short." It condenses the story to fit it into a movie time limit, but it gets the basics right.
18
I'll buy the labor force participation rate if Republicans will admit that the number includes 75-year-old retirees and 16-year-old high school students, which it does.
8
The article says that most economists believe that 5% unemployment is full employment because that is where inflation begins. Well, there 's absolutely no sign of inflation anywhere, and when I was a young adult, 4% unemployment was considered too high, which, I believe is still true. Most of our social and political unrest, today, stems from there not being enough jobs for ordinary working folks, up and down the skills ladder. As Bill Clinton said in New Hampshire the other day, when you wake up in the morning and don't have a job to go to, bad things happen. One of the reasons that I'm for Hillary is that I suspect she agrees with Bill, and will act on those shared beliefs.
8
What the article doesn't answer is who the "job creators" are and whether the stimulus of corporate tax reduction works. The other question relevant to our politics is why, if automation is a factor in suppressing job and wage growth, how big a factor is it compared to shifting jobs overseas? Automation was predicted to take away jobs at least sixty years ago. Shifting jobs overseas is at the discretion of the employers and hurts American workers and should be discouraged. But we seem to be going in the opposite direction in our trade treaties. Indeed, the middle class is becoming the rod of the barbell described in the article.
1
"whether the stimulus of corporate tax reduction works."......Supply side economics works in the right economic environment. That economic environment occurs when inflation is high and corporate sector profit margins are low. Today inflation is low and corporate sector profit margins are the highest they have been in 65 years. Today supply side economics is the wrong solution. The present economic environment calls for demand side help - we need to be taking advantage of the opportunity to rebuild and improve our infrastructure, build public education, and invest in basic research. It is unfortunate that members of the Republican Congress are unfamiliar with ECON 101 and are instead locked into party dogma.
3
Pushing on a string works, inorganic demand pulls...
Unhealthy progress, unhealthy progress... brings a false sense of security... at great cost to the nation's balance sheet - and most particularly to the FED.
For those inclined to clap, list the fundamental areas where it may be said we are healthy - better off, on solid ground... draw up the list.
Education
Food and farming
Medicine and care...
Personal health...
Environmental health...
Market structure...
Oligarchy... vs pluralism...
Journalism...
Politics...
Campaign finance...
Ever more shallow rivers... filled with run off...
Aquifer suffocation...
Drought and desertification...
Arms race...
60 million refugees... mostly children... starving in many places...
Chaos in Russia, Crimea, Ukraine, Europe, mid east, Africa...
Nuclear - North Korea, Iran...
Warming - impact of seashore communities and islands where 50% of humanity lives
Fuel cost in decline accelerating decline of alternatives...
Increasing indiscriminate use of antibiotic destroying efficacy of antibiotic...
Crammed prisons... corrupt prosecutors... rogue cops
Mass shootings... and suicides...
Rise of ISIL - decline to the US constitution...
Congressional incompetence...
Donald Trump
Christ Christie...
Hillary and the Department of Justice...
Climbing interest in socialism...
Increase in suicide...
State and federal deficits, Puerto Rico - nation bankruptcy threatens
Collapse of China..
In denial...
Unhealthy progress, unhealthy progress... brings a false sense of security... at great cost to the nation's balance sheet - and most particularly to the FED.
For those inclined to clap, list the fundamental areas where it may be said we are healthy - better off, on solid ground... draw up the list.
Education
Food and farming
Medicine and care...
Personal health...
Environmental health...
Market structure...
Oligarchy... vs pluralism...
Journalism...
Politics...
Campaign finance...
Ever more shallow rivers... filled with run off...
Aquifer suffocation...
Drought and desertification...
Arms race...
60 million refugees... mostly children... starving in many places...
Chaos in Russia, Crimea, Ukraine, Europe, mid east, Africa...
Nuclear - North Korea, Iran...
Warming - impact of seashore communities and islands where 50% of humanity lives
Fuel cost in decline accelerating decline of alternatives...
Increasing indiscriminate use of antibiotic destroying efficacy of antibiotic...
Crammed prisons... corrupt prosecutors... rogue cops
Mass shootings... and suicides...
Rise of ISIL - decline to the US constitution...
Congressional incompetence...
Donald Trump
Christ Christie...
Hillary and the Department of Justice...
Climbing interest in socialism...
Increase in suicide...
State and federal deficits, Puerto Rico - nation bankruptcy threatens
Collapse of China..
In denial...
5
Que the braying. Based on the continual public nay-saying about these official monthly employment reports, one might almost believe that... Republicans can't count.
29
Looking forward to the GOP spin on this. Time for them to continue to play the gloom and doom fear card. Enough already. And we can regulate auto safety and food but not guns.....
57
Oh, "we can regulate food" you say? Ever heard of something called GMOs?
1
Bold prediction: the spin, which is already apparent in these comments, will consist of pointing to the lower labor force participation rate, which has been falling--as it has been predicted to--since 2000. The rising employed-to-population ratio will be ignored, as well as the demographic factors, beyond the control of any policy, that are causing the decline in the LFPR. The LFPR is predicted to continue to decline until 2015. If at some point between now and then, a Republican is elected president, we will cease to hear about the LFPR.
6
batavicus: So because it was predicted that the labor force participation would fall and that's what's happening, that makes it OK? Who exactly is that good for? The "1%" that progressives love to excoriate, maybe.
1
“Employment in routine occupations, however, has been mostly stagnant.”
The report concluded that, “It is expected that the disappearance of routine jobs in the U.S. will also continue.”
The new on-demand economy surely does help businesses, but how does a worker in a “nonroutine occupation” who is reduced to “flexible, temporary or part-time” work pay "routine" living expenses such as the rent and health insurance? How does she pay student debt or fund retirement? When will the unemployment numbers begin to reflect the increasingly precarious and surely disruptive--but not in a good way--labor market?
The report concluded that, “It is expected that the disappearance of routine jobs in the U.S. will also continue.”
The new on-demand economy surely does help businesses, but how does a worker in a “nonroutine occupation” who is reduced to “flexible, temporary or part-time” work pay "routine" living expenses such as the rent and health insurance? How does she pay student debt or fund retirement? When will the unemployment numbers begin to reflect the increasingly precarious and surely disruptive--but not in a good way--labor market?
4
We need better programs for preparing unemployed for the available positions if we are to continue to lower the unemployment numbers. Some Republicans will argue that this is all the result of the private sector, I respond, the private sector seems to do very well under Democratic leadership. I still think the Fed was premature with the rate increase.
8
Agreed. The global economy is not in great shape and may be a drag on the US economy. Higher interest rates don't help. Also, job training is expensive. Neither the American private sector nor the GOP are willing to pay for it. They believe importing skilled foreign workers is cheaper. That isn't very patriotic in my opinion.
6
This is the most useless statistic ever. What about people that have given up hope of finding a job. Is that included. This is called Puffing.
5
Does not agree with your world view, so must be a worthless statistic, or a lie.
21
Take off those Fox News blinders and remove those Trump carrots from your ears.
14
Hope this news will stop the presidential candidate bashing the incumbent economic policy, tackle other issues that really matter.
3
Oh, so the Kenyan-Socialist-Marxist-Redistribution witch doctor hasn't yet blown up the surplus economy bequeathed to him by W? On President Obama's watch, a slow, gradual climb out of the pit (with zero aid from the people's Congress) has also simultaneously managed to shrink unemployment from W's near-9% to 5%? Oh, his antagonists will pick over the figures and tell us they look better than they should because, under him, desperate, hardworking, skilled employees have quit seeking work because of the despair that is all this president's fault. With one hand (the other tied behind his back by a truculent Congress sworn to hold him to a single term) President Obama has worked tirelessly to apply a tourniquet to the nation's severed economic artery (Cheney: "Reagan proved deficits don't matter") with no help and less thanks. Imagine an economy under He-whom-I-refuse-to-name, Rubio or Cruz or any other Republican, whose only agenda is more, more, more tax cuts for the rich, deepening income inequality even more. If Bernie Sanders isn't our next president, we'll forfeit the gains made by President Obama. Think Kansas when contemplating the American economy under one of them.
209
This is why I read the NY Times comment thread to the end. Because of people like soxared040713 that take the thoughts and put them to paper so straight-forward but still eloquently. My thoughts EXACTLY! THANK YOU!
5
Hey, if BHO had had the kind of job growth Reagan had, there would be 12,000,000+ workers for BHO to raise taxes on.
BHO -- the most viciously anti-small business president in U.S. history. Now, 60,000,000+ under-employed. What a great record .. not.
BHO -- the most viciously anti-small business president in U.S. history. Now, 60,000,000+ under-employed. What a great record .. not.
You'll notice that Republicans -- as exemplified through the Presidential candidates tax plans -- are once again asserting that deficits don't matter. After 8 years of crying, pouting, screaming and stamping their feet--blocking every effort at monetary stimulus under President Obama, suddenly Republicans think deficits are a good idea. What a wonderful party--there economic policy isn't consistent. Their racial policy, however, unfortunately, is.
3
How will the fickle stock markets respond to this report? And even more interesting will be how the Republican presidential candidates will spin this?
5
How ? the Federal Reserve not even has any reserve.
The stock markets are people, and people are both fearful and greedy. Therefore, it's hard to tell how they will respond in advance of them actually responding..
Seasonal employment a factor? Also, look at the types of jobs. I am not sure we should be that impressed with the numbers.
20
The unemployment rate is based on seasonal adjustments that take into account - and discount - precisely the temporary jobs you are talking about. While I suspect your comment was a politically motivated (not so subtle) attack on Obama, the NYT article should have explained the seasonal adjustment factor. If, for no other reason than to pre-empt the cheap shots. Just saying.
72
Surely you must be aware that these reports are always adjusted for seasonal employment, so that the reports are comparable in what they are reporting.
31
No. I was really asking. And No, it wasn't an attack of anyone. If I wanted to attack President Obama, I would have. The fact is the job market, especially the salary/pay, is not as strong as portrayed by simply looking at these (un)employment numbers.
2
It's interesting that the author considers manufacturing and production jobs to be "middle skilled". Right now manufacturers in the industrial heartland all have "help wanted" signed permanently posted, but they can't find enough skilled workers to meet the demand. The USA stopped training tool makers and skilled machinists twenty years ago, and now we're paying the price.
It's true that low skilled jobs in manufacturing are gone forever - no one will pay an American worker to stand in front of a punch press eight hours a day anymore. But it's simply wrong to say that US manufacturing cannot compete. The jobs are here, but the skilled people are not.
It's true that low skilled jobs in manufacturing are gone forever - no one will pay an American worker to stand in front of a punch press eight hours a day anymore. But it's simply wrong to say that US manufacturing cannot compete. The jobs are here, but the skilled people are not.
15
I thought the same thing; skilled manufacturing jobs are here...why aren't they being filled and ushering in a rebound of prosperity? So I started to talking to folks at the kids softball game; the shop owners and some employees or possible employees. The jobs are there, but they pay $10-15/hour. The jobs require skill; math, computer, high level of responsibility (mistakes are expensive) but the jobs pay the same as some many just-above-min-wage jobs. These are not wages you can buy a house and put a kid through college on. But the biz owners can't be competitive paying a higher wage. I wish everything didn't have to be cheap; including people. Germany manages to keep worker's wages high because it's good for the national economy. The GOP keeps wages low and our economy suffers.
3
Funny how those manufacturing companies used to train people in the skills they needed and pay a living wage and benefits and wound up with hardworking loyal employees for life.
4
The labor participation rate, which is abysmally low, is the real measure of unemployment. the "unemployment" rate is just a measure of how long people who are IN the labor market stay unemployed when they are between jobs. Very deceptive. A large portion of the citizens in our country remain unemployed.
86
So what was the labor participation rate under GW Bush? It was lower than it is now. So what are you complaining about?
20
In that case, it must be easy to hire qualified people to fill every one of the job openings. So, why am I seeing all these help-wanted notices every where I go?
12
Labor Participation rate has nothing to do with jobs.
It combine the employed and unemployed and measures against the entire population including retirees.
LPR has been going down since 2003 because 250 thousand boomers retire every month.
You are *completely* misunderstanding this statistic. [on purpose?]
It combine the employed and unemployed and measures against the entire population including retirees.
LPR has been going down since 2003 because 250 thousand boomers retire every month.
You are *completely* misunderstanding this statistic. [on purpose?]
37
New era new lower paying jobs . Example car plants are gone to Mexico and UAW wages for high school grads are not available. Logistics to get the cars from Mexico to dealers is an example of where replacement type jobs are. Specialized healthcare administration and cyber security is where it is at but takes lots of skill training.
2
How can this be? The Republicans repeatedly claim that the US economy is in terrible shape and they promise to bring it back from the dead.
148
Because they'll come up with any excuse in the book, including that Obama is somehow cooking the books. However, they use the same method of counting!
All these gains are in spite of the Republicans doing all that they could to hamper Mr. Obama. He has remained a gentleman throughout.
All these gains are in spite of the Republicans doing all that they could to hamper Mr. Obama. He has remained a gentleman throughout.
6
Howe many of these seasonal help jobs hired in December were let go after Christmas?
37
Probably all of them, as happens after every Christmas. Since all seasonal jobs are temporary by definition, the employment report is adjusted for that every month.
13
The employment data are seasonally adjusted.
10
Very true Tom, Macy's just announced yesterday they will be slashing thousands of jobs. I recently found steady part-time work last year. I was told by the department of labor after being laid off in 2012 to look outside of RI. for a job! A fruitless search...
8
This will be re-written downwards, as every one of these blandishments has been since Chicago politics took over Washington, D.C. The final figure may very well be under one hundred thousand.
The joke is that the Party still insists that the old media still trumpet these claims as if they had ANY relation to reality.
The joke is that the Party still insists that the old media still trumpet these claims as if they had ANY relation to reality.
12
Provide proof of your statement that every jobs report has been revised downward since Obama took office. I personally recall many times when they were revised upwards. I also recall articles pointing out that the jobs reports have more often been revised upwards than downwards in the past several years which is a good sign for the economy. Do you care about reality? How is the weather in that little right wing bubble of yours?
40
The last two months' figures have been revised upwards by 50,000 jobs.
13
As agi says, L'OsservatoreA is just plain wrong. The tired adage that 'we are entitled to our own opinions, but not to our own facts' remains key to understanding political and economic issues. Making up one's own 'facts' is plain unacceptable (no matter who does it). We need constant fact checking. If the comments screeners won't or can't do it, then readers must.
17