Unemployment rate dropped to 4.7% in January - 193,000 New Jobs

February 3, 2006

[new yorker 77]

Unemployment Falls to 4.7%

January +193,000 Jobs

December +140,000 Jobs - A 32,000 Upward Revision

[Gribbles141]

I'm not sold on the tax cuts "creating" revenue yet - the cuts took 5 years to get revenues back to 2000 levels.

The tax cuts were passed in 2003, not 2001. I hear yah on the spending though.

[Toddsterpatriot]

IOW, the actual total of unemployed is understated because the BLS exluded them from the labor force.

You have to take Willie's math with a grain of salt. He insists that the trade deficit reduces GDP.

[1rudeboy]

C'mon, expat, get it together.

[Angry_White_Man_Syndrome]

If you have been unemployed for 1.5 years, you must not be looking. I am in the middle of changing jobs right now. I started fishing at the first of the year and had an offer by the end of January. If you don't have a job it is because you don't want or need one bad enough.

[eraser2005]

Better....

Although the chart is dated - if you update it, you'll see a 3.8004% growth rate since the 2003 cuts. That compares to a 3.78% growth rate in the same period following the 91-92 recession when taxes were raised.

Ok - there is a difference. Statistically significant? Probably not.... and not enough in my opinion to justify massive budget deficits.

Once again... bring back pay-go... then we can afford more tax cuts.

[Toddsterpatriot]

Once again... bring back pay-go... then we can afford more tax cuts.

The problem with pay-go is it tends to boost taxes rather than cut spending.

[eraser2005]

Actually, 2001 and 2003....

[1rudeboy]

You saw the same GDP growth rates coming out of the 91-92 period, after taxes were raised.

So if the growth rates are the same coming out of recessions regardless whether taxes are cut or not, cut my damn taxes.

[Moonman62]

Maybe what you're thinking about are wage increases that accompany rising productivity

No I'm not. Market based wage increases may or may not cause a temporary increase in prices. And even if they do, it's not inflation.

Inflation is caused by currency devaluation, government overspending, and stunted economic growth (caused by various forms of government over-regulation).

[IrishMike]

Hello New Yorker 77,
Great News.......
then I'm jumping around the net and I get to the RASMUSSEN site and today's update, which is average of last three days (moving poll) and has the following:
Americans - 35% say US economy in RECESSION
Investors - 26% say US economy in RECESSION
FIGURE THAT !!!!!

[Beagle8U]

"Michigan has led the nation with the most new factories and expansion projects."

But elect the current socialist, RAT Governor, and all those jobs headed for the door.

We need to send her dumb a$$ back to Toronto, with a garbage truck under each arm!

[dfwgator]

"They took our jerbs."

[eraser2005]

So in Engler's last two years the unemployment rate was rising 1.5% per year, and in Granholm's first two it has gone up 0.25% per year.

I'm not saying it isn't lousy performance, but Engler didn't leave things in good shape by any stretch.

[new yorker 77]

The reason.

Liberals who are polled ... LIE.

[TheForceOfOne]

Sarcasm on..

This is horrible news!

When do we start to erect Hooverville Bushville on the Nation Mall for the homeless and unemployed victims of Bushenomics!

/sarcasm off

[eraser2005]

The first cuts were in 2001... a second wave in 2003... GDP contraction ended in 4Q01, but didn't stabilize until 1Q03. Jobs growth didn't occur until 2Q03. That puts 2003 squarely in the middle of "coming out of recession" territory

[1rudeboy]

Other highlights of the Engler administration include:

• passing the $675 million Clean Michigan Initiative to reduce pollution, fix up state parks, improve water quality and clean up contaminated sites;
• trimming state government personnel by more than 20 percent (excluding state troopers, prison guards and other public safety workers);
• transforming the $1.8 billion deficit he inherited to a $1.3 billion surplus; [hey, eraser, did 'ya see this?]
• restoring Michigan's AAA credit rating;
• helping nearly 300,000 families achieve independence from cash welfare and reducing welfare rolls by nearly 70 percent;
• restructuring the regulation of energy and telecommunications industries to increase consumer choice and reduce rates;
• investing a record-high $1.54 billion to fix our roads in 2001 alone - more than four times the amount spent in 1990;
• reducing violent crime by more than 25 percent;
• serving an additional 45,000 patients annually with mental health services;
• giving Detroit's mayor authority to appoint the local school board and speed up the pace of reform;
• increasing K-12 education spending by 84 percent; and,
• dramatically improving student reading and math test scores.

 

[TheForceOfOne]

LOL!

I watched that last night.


Oh, sorry........They took our jerbs!

[eraser2005]

At least the budget gets into balance (see '94-2000). :)

Without it we're seeing spending growth faster than it has been in decades and massive deficits... I think that's worse... at least live within your means.. :)

[eraser2005]

Do you hear me arguing against tax cuts? I've said time and again I have no problems - IF AND ONLY IF spending is cut at the same time. The problem is the GOP keeps cutting taxes and sending spending through the roof - that's a perfect storm that leads from a balanced budget to a $600 billion deficit in the blink of an eye.