Posted on 02/04/2011 6:36:42 AM PST by Rational Thought
...9% Unemployment, Not Seasonally Adjusted U-6 Surges From 16.6% to 17.3%
Highlights
* Change in Private Payrolls (Jan) M/M 50K vs. Exp. 145K (Prev. 113K) * Change in Manufacturing Payrolls (Jan) M/M 49K vs. Exp. 10K (Prev. 10K) * Seasonally adjusted U-6 underemployment 16.1% from 16.6% previously * Much more importantly, Not-seasonally adjusted U-6 surged from 16.6% to 17.3%! * The civilian labor force declined from 153,690 to 153,186 * Government workers: from 20,759K to 20,740K * Labor force participation at 64.2%, the lowest since March March 1984 * Part-time workers for economic reasons: 8,407 * Part-time workers for non-economic reasons: 17,552 * Birth/Death adjustment: -339,000
We are now all awaiting Snow Lavorgna to appear and explain how January snow is to blame for genital herpes, among every other bad thing in the world.
(Excerpt) Read more at zerohedge.com ...
Bond market is taking a mulligan on this number. Too much noise in it to draw any conclusions you hadn’t already drawn.
I can’t wait for the “Summer of Recovery”! Oh, wait...that was last summer.
bttt
have no fear our brave corrupt biased media have said that they embarrassed themselves enough in Egypt with their one sided coverage and bias and now will only report facts
yea right.
maybe it’s time to protest outside their HQ’s and demand for once the media and press do their jobs and report facts and stop covering for their messiah in the white house.
And they want us to believe that unemployment fell to 9%...
I think we need to be a bit cautious about hingeing all hopes of ousting Obama on the economy still sucking in 2012. The economy is recovering in pretty much every category except for jobs. If those do turn around, as dawn generally does tend to follow night, then we won’t have much to say.
We also don’t want to be in the position of HOPING the economy doesn’t recover. Obama has made terrible policy choices. That’s where the criticism should be directed. He neither caused this recession, nor did much to reverse it, other than a big concession on the tax laws in December.
so the unemployment number went down because a million people in the last month quit looking for work.
and the Obama admin will tout the 9%...
amazing.
If one doesn't have a job (and wants one) the economy is NOT recovering, eh?
Ok, so by that logic, all the people who have jobs will conclude the economy is recovering and vote Democrat, and all the people who don’t have jobs will vote for us. And we lose 90-10. The point is that the fear of further job losses is dissipating, while the open question is how fast the jobs come back, not the worry of a new down leg. That’s a big diff.
The civilian labor force declined from 153,690,000 to 153,186,000
A change of 504,000.
So the number of people available/looking for work dropped by more than half a million. No wonder the unemployment “went down”—the pool got smaller.
Obamanomics is a failure.
I also would dispute the economy recovering in pretty much every category. Fed policy with a falling dollar have created an illusion on Wall St. A main factor in the initial decline, real estate, continues to worsen.
This is not a matter of hoping. That's like saying, “Hey, let's give this Socialism thing a try and hope it works”.
Here is the Article I linked to.
I believe you are correct that the current recovery is based on fiscal and monetary stimulus which both contain within them the seeds of the next downturn, but I believe the people who understand that number in the dozens, not the millions.
Meanwhile, the stock market is up, the cash registers are ringing, car sales are rebounding, even some types of real estate are rallying. To the average Joe, this feels like a recovery, and to be fair, it’s not that different from the last recovery under Bush, also almost entirely a fiscal and monetary joke.
This economy was headed downhill before Zero got into offie. The two years with Mother Pelosi leading from 2007 to 2009 did not help. The housing bubble started before 2006. The downward trends started decades ago. We are finally at the end of the Reagan economic recovery. Obama is owned by people more powerful than him. He's a narcissist they found to be their public face. He thinks he's in charge and is their useful idiots. You are correct, he does hate America and his policies are bad.
But damn, not everything that is wrong is ALL his fault!
Is the GOP House caving in and increasing the national debt limit Obama's fault? No. What do those guys know? Who has talked to them. It is irrational to be so deep in debt and say it is "responsible" to go deeper in debt.
What do they know? Who's gotten to them? Are they willingly in on destroying America as well?
The average Joe also knows gas is over $3/gal and rising and that food seems to be more expensive every week.
We are in the Great Depression 2.0. The big difference is that we have not destroyed the industrial base of most other industrialized countries this time.
It is not going to get better any time soon.
To paraphrase Ronald Reagan - “A recession is when your neighbor loses his job; a depression is when you lose your job; and recovery begins when Obama loses his job” ;)
Until the banks and financial institutions return to ‘mark to market’accounting basis all market asset valuations are based on a fraud. Market rallies, real estate rallies, all of it based on ‘mark to fantasy’—unicorn crap skittles—fraud.
Oh, I agree.
One reason jobs are going to lag is that unemployment benefits have been extended, and states (I know Virginia is one) are not monitoring the efforts of people to seek jobs and get off unemployment.
I own a small business, and after three miserable years, I have begun to hire for a few new positions. I have been unsuccessful to date because at least two applicants I have made offers to, are on unemployment and also work for cash on the side. I cannot pay these people what they are worth and get them to work for me until their unemployment goes away. There is a LOT of this going on, and the states are not enforcing the rules. They don't care nor do the Feds.
The automobile sector now has three years of pent-up demand, interest rates are low, and despite other systemic drains on the economy, our system is very resilient, still very powerful.
The economy will get better in spite of Obama.
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