Skip to comments.Economy Creates 163,000 New Jobs but Rate Rises to 8.3%
Posted on 08/03/2012 5:36:33 AM PDT by Perdogg
The U.S. economy closed out an otherwise weak second quarter by creating more jobs than expected, with 163,000 new positions added, but the unemployment rate fell to 8.3 percent. June saw 80,000 new jobs.
(Excerpt) Read more at cnbc.com ...
I thought it was 8.2% before. I must have missed the unheralded re adjustment to 8.4%
In related news the chocolate ration was increased to 25 grams per week.
Teachers are typically paid 12 months out of the year even though they work 10 so no they aren’t included. Even if they were that would be considered “seasonal” and would be adjsted for in the statistics.
After the last several months I don’t trust any initial reports on unemployment numbers.
How many times have the initial numbers be revised downwards in the last six months?
I will wait a week or three to see what the actual numbers are instead of responding to the initial, higher numbers, designed to make things to look better for the Emperor.
It is curious that the UE numbers were in the 385k range a few weeks ago and DROPPED to the 365k range more recently.
Yet, the UE percent INCREASED.
[Something smells, and it isn’t dead fish.]
I believe you need 400k per month just to cover new entrants.
Anything less then 250,000 newly created jobs per month is a lousy number. Obama continues to destroy the USA economy!!! Please also note the June created jobs number was downgraded substantially. Our economy is in terrible shape and getting worse. With gasoline prices on a fast track rise, once again, the created jobs numbers for Augiust, September, October, Novenber will get will only get worse progressively.
Obama has succeeeded well above his wildest dreams in his determined quest to destroy the USA eonomy. Wake up, America. Time is short. Obama and the entire Democrat Party must be defeated, politically, come November 6, 2012.
We got the pre-spun job quantity data already, where we learned that nearly 3 times the headline print was due to seasonal and B/D adjustments and is thus nothing but noise. Now we get the quality. As can be seen below, courtesy of Table A9 from the Household Survey, in July the number of part-time jobs added was 31K, bringing the total to 27,925, just shy of the all time record of 28,038. Full time jobs? Down 228,000 to 114,345, lower than the February full-time jobs print of 114,408. Once again, more and more Americans are relinquishing any and all benefits associated with Full Time Jobs benefits, and instead are agreeing on a job. Any job. Even if it means working just 1 hour a week. For the BLS it doesn't matter - 1 hour of work a week still qualifies you as a Part-Time worker.
Full time and part-time jobs summary:
Great find, thanks for posting the ZeroHedge analysis. Wow, there is some serious deception occurring in an attempt to help Obama and the Democrats.
Bingo. The market doesn’t react to anything anymore except the machinations of the Fed. Will they ease or won’t they.
That’s all traders look at anymore. Stock trading volumes are way down and are dominated by frontrunning HFT computers trying to anticipate what the Fed will do next. It’s a huge joke. Except the joke is on us.
Actually, bert, the lead was written a week ago to trumpet Obie's falling unemployment rate, no matter what actually happened. The editor forgot to fix that descriptor.
Also, this morning's politico email blast noted that "Analysts had predicted the July jobs number would come in at around 100,000". When have analysts ever predicted anything that low? Sounds like an unprovable fact, totally made up, and included to make Obie look better.
Team Obama keep claiming 4.2 million new jobs in the past 28 months.
Republicans need to counter: Obama has been in office 42 months.
Note that convenient typo in the article. The rate ROSE.
My guess is that formerly "discouraged workers" found part-time jobs. That accounts for the job increase and the rising unemployment rate.
Check this out.
Actually, the campaigns are hiring, so you may be on to something there?
I don't either. However, in our school district about 15% of the teachers are non-tenured and they are all terminated unceremoniously in June and then unceremoniously hired back in August. It is their way of by-passing the tenure requirement.
“...Job growth has average about 75,000 jobs a month during the Obama recovery for a total of 2.7 million jobs. Context: During the first three years of the Reagan Recovery, job growth averaged 273,000 a month for a total of 9.8 million. If you adjust for the larger U.S. population today, the Reagan Recovery averaged 360,000 jobs a month for a three-year total of 13 million jobs.
This continues to be the longest stretch of 8% or higher unemployment since the Great Depression, 42 straight months.
If the labor force participation rate was the same as when Obama took office in January 2009, the unemployment rate would be 11.0%.
Even if you take into account that the LFP should be declining as America ages, the unemployment rate would be 10.6%...”:
Urbansurvival......Did I mention that another 150,000 people just "disappeared" from the labor force? Or that the acutal number of people holding jobs was down 195,000 for the month-on month comparison?
That’s 165k for the quarter, not month. And still the rate fell up to 8.3%
Corn, too. We're burning our food. Grocery prices are going to jump up ANOTHER 3%.
Good God, does that really say that the unemployment rate “fell” from 8.2 to 8.3? Brazen, shameless scoundrels!
They are saying it fell up. It’s insanely brazen 1984 style propaganda.
No, you got to get the terminology right. Gasoline just PLUMMETED from 3.25 to 4.00.
Wonder if that will affect the chocolate ration in a positive way.
As more and more people start realizing they can’t make it on the dole they will start looking for jobs which will cause the unemployment rate to rise.
Obama will be toast by October so look for a surprise.
No. Every report and news break would be telling us how bad it is out there, how failed Republican polices are, how badly we need a new president. The nightly news would be showing us the lines at food banks, unemployment offices, talking about the dramatic rice in homelessness, epic turnouts for "now hiring" events at fast food outlets, just as they did during Bush 41's recession.
What’s with the “but” in the title. Doesn’t it take more than 163,000 jobs a month just to keep up with population growth?
The public does not understand that the only force keeping our economy out of recession is massive deficit spending. If Obama is reelected, then as soon as congress cuts the deficit and reduces the fiscal stimulus early next year, we'll go right back into a recession for sure. And it could be a deep and ugly recession because of the huge hangover in the business community from the idea of another four years of Obama (and this time completely out of control and uninhibited by the need to run for re-election).
The only thing that can keep America out of recession next year is a Romney victory, repeal of Obamacare, a rollback of idiotic regulatory policy, and a carefully designed fiscal policy that gradually brings down federal deficits without any sudden big tax increases or big cuts in defense spending. If you want to keep your job next year, then do whatever you can to help Romney win in November.
Exactly! They want reparations from “the man” as the NAALCP leaders pointed out, not JOBS!!
the mistake was publishing it. they probably already had the article written with “fall” in it, just waiting to print the actual number.
160k in the front door
150k out the back door(dropped)
the household report shows 195k lost jobs.
Oil up over 4.00 just this day alone. That’s the so called government pension dumping “rally.”
Here's what they are doing in Jax, Fla. The Mathews Bridge is having repairs. I hear every 90 days they FIRE all the temporary workers and then rehire them. Creating jobs my a$%.
The lying SOBs actually have about a 20% unemployment rate and cook the numbers to get 8.3%. Just keep lowering the number of people who want to work and the rate will stay low.
The real question is not if Hussein is totally screwing this country, everyone with an IQ near room temperature knows he is. There are TWO possibilities:
1. Hussein is a bigger idiot than Jimmy Carter
2. Hussein really is a Muslim FANATIC terrorist plant, no background, no records.
The right answer is #2.
At the state workforce center (aka unemployment office) we took credit for anything, even day labor jobs, even if they lasted an hour, and that was in the 1980s and 90’s. Even “obtained employment” counts (jobseeker found work, not through our referral, but after we “assisted” them in any way) and I’m sure they’re even more creative nowadays.
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