Posted on 02/05/2010 5:47:16 AM PST by central_va
WASHINGTON (AP) -- The unemployment rate dropped unexpectedly in January to 9.7 percent from 10 percent while employers shed 20,000 jobs.
The Labor Department says the rate dropped because a survey of households found the number of employed Americans rose by 541,000. The job losses are calculated from a separate survey of employers.
The report also included an annual revision to the estimates of total payrolls, which showed there were 930,000 fewer jobs last March than previously estimated. The department also revised down its estimates for April through October of last year, adding another 433,000 job losses.
November was revised up, however, to show a gain of 64,000 jobs.
All told, the department says the Great Recession has eliminated 8.4 million jobs. That's the most of any recession since World War II as a proportion of total payrolls.
(Excerpt) Read more at finance.yahoo.com ...
Looks like a trick, doesn’t it. They say an extra 900,000 were laid off during Bush years, but we found 500,000 of them back this month.
Like Bush gets hit for the TARP spending, and then Obama gets “income” when the TARP is paid back.
On the other hand, if this makes it easier for the republicans to stand up to the stupid “Senate Jobs Bill” with it’s phony tax giveway to unions (the $5000 tax credit with rules that probably will favor union hiring), that would be a good thing.
Up is down. In is out. Black is white. Good is bad. Near is far. We live in the Bizarro world of nobama times.
At the first stop, 22 people get on the bus and 9 people get off the bus. At the second stop twice as many people got off the bus than at the first stop but half the amount of people got on the bus compared to the first stop. If we see the same progression happen five more times, the unemployment rate will be 9.7%.
Yeah so far it looks like the stock market isn’t buying it either.
My ass.
Thanks! Have not heard that mentioned in the news for a long time.
Exactly! My thoughts are since they are working on a “jobs” bill they want to show that spending actually works to fix the problem. So they will claim the stimuls is working and we just need more of it.
And the Lord spake, saying, "First shalt thou take out the Holy Pin. Then shalt thou count to three, no more, no less. Three shall be the number thou shalt count, and the number of the counting shall be three. Four shalt thou not count, neither count thou two, excepting that thou then proceed to three. Five is right out. Once the number three, being the third number, be reached, then lobbest thou thy Holy Hand Grenade of Antioch towards thy foe, who, being naughty in my sight, shall snuff it.
Pelosi: Where Are the Jobs, Mr. President?
August 1, 2003
Washington, D.C. — House Democratic Leader Nancy Pelosi released the following statement today on the Bureau of Labor Statistics’ announcement that 470,000 people abandoned their job searches in July and that 3.2 million private sector jobs have been lost since President Bush took office:
“The fact is that President Bush’s misguided economic policies have failed to create jobs. Since President Bush took office, the country has lost 3.2 million jobs, the worst record since President Hoover. And today we learned that in July nearly half a million people gave up looking for a job.
“Job losses are taking a real toll on the financial security of American families. While Democrats are fighting for opportunity, jobs, and economic security for working families, Republicans continue to focus on helping those who need help the least.
“According to today’s survey, while the national unemployment rate dropped slightly, it still stands at a near record high. In addition, the unemployment rate for African Americans was still over 11 percent in July, and the unemployment rate for Hispanics was 8.2 percent in July.
“It is time for President Bush and the Republicans to get to work for all Americans, not just the elite few.”
Ah, OK, Could you add more to that comment?
That would make a good tag line.
Initially, it doesn’t look like the market is believing these numbers either... DOW down 17
Great, so now the Demo(n)crats and communists can just relax and coast through November. No worries!
The numbers are being manipulated. Economist were expecting a gain of 5,000 with Unemployment numbers going to 10.1% yet the net between expected gain and real loss is 25,000 lost but the numbers decrease to 9.7%.
In the “jobs bill” debate the GOP needs to summons someone from the Labor Dept to explain how this is possible absent the numbers being fudged. I know their answer will be that many more people dropped from the workforce search but that number would have to be around 2 million in one month.
With all of these revised figures that show even more job losses, then how the heck did the unemployment rate come down? do they really think we’re that stupid?
I guess there’s no need for a jobs bill, now.
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