Skip to comments.157,000 Jobs Added In January, Unemployment Rate At 7.9%(Ministry of Plenty alert)
Posted on 02/01/2013 5:42:31 AM PST by Perdogg
The goldilocks economy continues as the unemployment rate comes right as expected, or 157,000, a tiny miss to expectations of 165,000, down from the upwardly revised 196,000 (was 155,000 previously), leading to an unemployment rate of 7.9%, higher than the 7.8% expected.
unemployment rate creeping back up, jobs created down (to be further revised down later when no one is looking)
welcome to the Obama recovery! *lol*
how UNEXPECTED !
Do they even bother with publishing the great news of ONLY 350,000 jobs lost every Thursday anymore?
I’ve heard it said that job hunting is a full time job. Are they including that now?
Obama’s economic malaise is the new normal.
I guaran-damn-tee you that if Mitt Romney had been victorious in November, the unemployment rate would be going down.
Speaking of malaise, at least when Jimmy Carter was President, he actually seemed to care (even though he was completely ineffectual at fixing it). With Obama, every day is a big party celebrating him while everyone denies the malaise exists at all.
“I guaran-damn-tee you that if Mitt Romney had been victorious in November, the unemployment rate would be going down.”
Yes, but according to about a third or so posters here, it was more important to “send a strong message to the GOP”.
That’s not the way it works... There are hundreds of thousands of people hired and fired all the time (employment churn). The NFP number is the “net” of the hirings and firings for the month. This month was +157K, both November and December were revised upward sharply. The economy is not “strong” but it is improving. Unfortunately a lot of people here just simply don’t want to see it.
Rapid analysis from Business Insider:
The jobs report is out for January, and on the headline it’s a slight miss.
157K new jobs is below the consensus estimates of 165K.
The unemployment rate ticked up to 7.9%.
But the report had a lot of good news as well. Last month was revised higher, from 155K to 196K.
And November was revised even higher, from 161K to 247K!
Those are some seriously impressive revisions.
Once again, public sector employment continues to be a drag. Another 4.7K jobs were lost in local government education.
Good news comes from average hourly wages, which grew 0.2%, ahead of the 0.1% that was expected.
I guaran-damn-tee you that if Mitt Romney...”
...fully agreed. He’s a RINO from the word go but knows economics and supports capitalism.
As long as the fedgov can get away with running multi-trillion dollar deficits and supporting the poor and lower middle class folks with massive benefits, life is good.
And when this financial charade implodes, life will be bad.
hush!! facts are boring! Conspiracies are fun!
“Thats not the way it works..”
Happy days are here again, thanks to Obama!
How it worked until I noticed Thursday reports didn’t seem to be available a few weeks ago, was that ABCCBSCNNNBCFOX/AP would report every Thursday morning that 350-something thousand NEW applications for unemployment were filed in the last week.
How do YOU remember it?
They’re not really a third of the posters here, they just shout as if they are.....
The economic improvement at best could be described as tepid. It still stinks compared to normal. The decline in unemployment in the last three years is almost entirely due to the number of people who have simply given up trying to find work and gone on the permanent dole, and the markets are being mostly fueled by Ben Bernanke’s Magical Money Making Machine.
Even during the Great Depression, there were periods of minor growth. The truth is that America and most of the world is stuck in an ongoing Little Depression.
Looking at the specifics on bls.gov, Obama’s economy seems to be targeting White men....the unemployment rate for them went from 6.2 to 6.6.
Black men saw their unemployment rate drop from 14.0 to 13.4.
“hush!! facts are boring! Conspiracies are fun!”
Yep, FR is done.
I understand now, it’s all so easy once one starts believing all the left wing freaks at Freerepublic!
Long live Obama! Heil Hussein!
Which way is Mecca?
“And when this financial charade implodes, life will be bad it will be the Republicans’ fault.”
Arrogant condescending posters at Freerepublic laugh at your “conspiracy” theory!
Seriously? The population grows 200,000+ per month. We are not even keeping up with population growth. We are stuck in a permanent bottom. We fell, and we are not getting up.
The market is ignoring it...look like a repeat of the last time capital gains were raised. buy stocks till April then get out.
“The economy is not strong but it is improving. Unfortunately a lot of people here just simply dont want to see it.”
Could you please elaborate. By what metric do you consider the economy improving?
GDP? - it just shrunk, not improving
Unemployment? - Static at best,but just creeped up a notch.
Labor force participation? (IMHO the most devastating and long lasting metric) - it keeps going down, down, down!
Debt vs GDP? - We’re in third world territory
The only bright spot in the economy is housing sales. But isn’t that how we got into this mess in the first place? Obama’s ‘Consumer Financial Protection Bureau’ has codified its new rules, and left the barn door wiiiide open. No down payment or credit check required to get a home loan (and all of the sudden the federal government is underwriting 9 out of 10 loans, so there is no risk in not running a credit check). Also, employment is not required (welfare payments count as ‘documented income’). The only restriction was a ban on interest only loans...except Fanniue and Freddie are exempt for 7 years. So to put it bluntly, the housing sector is being propped up by the imaginary creditworthiness of the federal government. Of course this is causing a bubble, which will pop.
So I have to ask - exactly how is the economy improving?
“118 k fewer jobs created in Jan 2013 than Jan 2012.
The rate of year over year job growth has fallen from 1.54% in 2012 to 1.37% in 2013.
In no way, shape, or form, is that improving.”
Good time to disband the Obama Jobs Council. It was working so well anyway.
Paying people to stay at home to not work results in people staying at home not working.
Who would have knew?
I'm glad someone else sees this. We really are in bizzarro world.
Initial Unemployment Claims are released every Thursday at 8:30 am ET and have been for years...
The 4 week moving average of Initial Claims is 352,000. As a point of reference the average for the period 1967 until now is 363,000 which means this level of claims is right in line (actually below) with the average over the last 45 year average.
You are also correct on the tepidness of the "recovery" (I've never stated otherwise). 2% growth is pretty pathetic. To show the tepidness of the jobs recovery here is the famous chart from Bill McBride:
Unlike under any previous president none of the current economic conditions are laid at the feet of his policies. Understanding the msm loves his policies, but, they loved other failed presidential policies in the past and at times at least were honest about some of the cause and effect.
And, like foodstamps, the left would point at that effect as being a “good thing”.
Look at the chart I posted in 32. Also look at my other post about the Initial Claims levels being at or slightly below the average of the last 45 years. The “recovery” is slow by historical standards but things like housing are up big YOY, Industrial Production is close to getting back to pre-recession peak. Look, I hate Obama too but the economy is improving. If Obama would not have meddled it would have gotten back a hell of a lot faster. Also Obama’s regulations are stifling growth. We sure as hell could be doing a lot better.
You are correct. I heard something the other day about 70% of the job growth has come from low paying and part-time jobs.
“If today the country had the same proportion of persons of working age employed as it did in 2000, the U.S. would have almost 14 million more people contributing to the economy. “
“Compare 2010 with October 2012, the last month for which food-stamp data have been reported. The unemployment rate fell to 7.8% from 9.6%, and real GDP was rising steadily if not vigorously. Food-stamp usage should have peaked and probably even begun to decline. Yet the number of recipients rose by 7,223,000. In a period of falling unemployment and rising output, the number of food-stamp recipients grew nearly 10,000 a day.”
The wages of unemployment
One month does not a trend make...
Average job growth for 2012 was 181K per month while average job growth for 2011 was 175K per month. January 2012 was the peak job growth for the year so in the F&A world we call that a “tough comparison.”
Again, this is not a “strong” report but it’s a good one. This is nowhere near what we were seeing in 2008, 2009, 2010.
Not sure I understand the food stamp info as I’ve never said that was a good thing and those trends are all in the wrong direction as Obama has massive expanded the program...
The issue with the labor force participation rate is that baby boomers are now retiring. No matter who was president that rate would be declining as the population ages and the baby boomers make up the bulk of the labor force.
I don’t think Romney lost because of them. He lost because of demographics, vote fraud, and because the TV media has become 100% propaganda. Romney and the GOP spent too much time extolling the virtues of hard work. When the vast majority of people are either working for the government or otherwise receiving checks from the government, not even moderates can win.
‘Ministry of Plenty Alert’ *SNORT* Love it.
You mean the revised avg job growth, right?
If a Repub president had such numbers, they’d be horrible, of course...
But hey, that’s life.
You cannot deny that housing is a bright spot for the economy. Starts were up 27% YOY. Existing and new home inventories declined to normal levels. Vacancy rates back down below 2%. Home prices increased for the first time since the financial crisis. Household formation for FY12 was around 1.4 million. Everything in housing is moving the right direction, albeit from a very low base after the collapse.
Well every number comes out with a “flash” report (initial estimate) and then are revised later. Not unusual. Internally when we report numbers we have a “flash” estimate to get an early sense and then we release final numbers a few days later.
Absolutely right on if this was a Republican president, In 2004 job growth averaged 168K per month and it was a “jobless recovery.”
I have noticed no slackening in the number of home foreclosures listed in the legal section of the local newspaper over the last five years.
Terms not seen in the media since 2008
recovery for Wall $treet but not Main Street
Very good point. I can't think of a single positive thing to say about our communist.
This bowl of porridge is too cold.
This bowl of porridge is frozen solid.
This bowl of porridge is a little below lukewarm and kind of nasty, but I guess it will have to do.
Housing is the bright spot but you are incorrect on the lending standards as banks are asking for significantly higher standards than the government requires. 780K housing starts in 2012 when the 50 year average is 1.5 million is anything but a bubble. Household formation was 1.4 million for 2012 which is above the 50 year average of 1.2 million which is why new and existing home inventories are back into normal ranges and even slightly below.
GDP declined because of huge decreases in defense spending. Consumer spending (71% of GDP) was up significantly. That being said 2% growth is anemic at best but we are not in a contraction.
Industrial production is almost back to pre-recession levels.
Capacity utilization is back up to 78.8% from the bottom in 2009 of 66.8%
US Household Net Worth is back up to levels not seen since 2007
US Corporate Profits are at all time highs.
Again, we are not in a “great” economy for sure. But it has improved. This is nowhere near where we were in 2008-10. It could also be a lot better if Obama would get the hell out of the way.