Skip to comments.Unemployment and Labor Force Participation Drop Before the Fiscal Cliff
Posted on 12/07/2012 7:16:31 AM PST by whitedog57
The good news out today is that the unemployment rate dropped from 7.9% to 7.7% for November and underemployment dropped from 14.6%? to 14.4% for November.
Why the decline?
First, nonfarm payrolls increased by 146,000 compared to expectations of 85,000. Private payrolls rose 147,000 compared to expectations of 90,000.
Second, labor force participation dropped to 63.6% from 63.8%.
So, as more people drop out of the labor force AND labor force survivor employment rises, we get a drop in the unemployment rate. But before you get too excited, there are still over 12 million unemployed in the USA. This compares with 6.7 million unemployed in March 2007 under President Bush.
Any bad news today? Manufacturing payrolls declined more than expected by -7,000 after rising 13,000 the month before. And household employment fell -122,000 after rising 410,000 the month before.
And the University of Michigan consumer confidence index fell to January 2008 levels.
The Fiscal Cliff
As we approach the fiscal cliff, we should be asking What the heck is this fiscal cliff that the media keeps talking about???
More than $600 billion in tax increases and federal spending cuts scheduled to take effect in January 2013 threaten to drag the U.S. economy over a fiscal cliff. This page explains the components of the cliff, the talks to avert it and its potential impact.
Do we fall off the fiscal cliff or not?
(Excerpt) Read more at confoundedinterest.wordpress.com ...
Andy Freepers want to photoshop a crying Boehner in a French Foreign Legion hat?
They all found out that its better to NOT take a 69K job in favor of welfare.
Does this data really surprise?
Isn’t that the trend in the US, that is to go onto the Gov dole?
Should explain this trend.
Who cares? I got me an OBAMAPHONE!!!
How does this compare with the number of unemployed during the Roosevelt/Hoover Great Depression when you balance unemployed against the population number. I believe that our population during the '30s was about 130 million. Now its over 300 million. Can one of you math gurus do the calc for us?
Go to “ DAILY JOB CUTS.COM “ ,, pull up their page and take a gander from Oct. 2012 to the present . Even with the xmas temps hired I find these new figures impossible to believe . Citi Bank alone just laid off 11k . The site includes Daily layoffs , Daily Bankruptcies and closings . I’ve been monitoring it since Sept.of 2012 and it’s all bad news for the future .
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