Posted on 04/01/2011 5:55:26 AM PDT by Red Badger
WASHINGTON (Reuters) - U.S. employment recorded a second straight month of solid gains in March and the jobless rate fell to a two-year low of 8.8 percent, marking a decisive shift in the labor market that should help to underpin the economic recovery.
Nonfarm payrolls rose 216,000 last month, the largest increase since May, the Labor Department said on Friday. January and February employment figures were revised to show 7,000 more jobs than previously reported.
The strong job gains come amid indications the economy suffered a minor setback early in the year as bad weather and rising energy prices dampened activity.
"All the evidence is pointing to a strengthening labor market," said Bill Cheney, chief economist at John Hancock Financial Services in Boston.
While the report indicated sufficient underlying strength in the economy to cushion it against the impact of high energy prices, it was not strong enough to discourage the Federal Reserve from its ultra-easy monetary policies.
Policymakers at the U.S. central bank are, however, debating whether they should start considering withdrawing some of their massive economic stimulus.
The private sector accounted for all the new jobs in March, adding 230,000 positions after February's 240,000 increase. Government employment fell 14,000, declining for a fifth straight month as local governments let go 15,000 workers.
(Excerpt) Read more at finance.yahoo.com ...
Just imagine if they took control of The Senate, too! Woo hoo! C'mon 2012!
Beware the word “all”.......it’s “all” inclusive...................
Maybe when the "revised" numbers come out.
excellent point. One that most will overlook
Nice contrast. Obviously Bill Cheney hasn’t lost his job.
It’ll be revised back to reality within a week or so.
This can be pretty easily countered. The Republican candidate simply has to note that the Democrats claimed the Bush economy was the worst in 50 years, but the Obama unemployment rate, after 4 years, is still substantially above the worst month of the Bush era.
Add to this the high inflation rate, even after taking into consideration the collapse of the housing market, and the Obama economic "recovery" should look pretty dismal.
If anyone thinks that things are getting better, they should see these figures in context.
Civilian Labor participation rate
employment-population ratio
You and I and all FReepers know that the only figure the MSM will report is the 8.8% and dropping figure. They will not report the underlying figures. If the Bozo admin had said the figure was 6% they would have just reported it with glee and said no more. Not even one scintilla of skepticism from the media. Not even an eyebrow raised or a cough of slight surprise, just a smirk of condescension and a wink of “I got your back, Zero”..............
Nice. As heads is tails . . .
Ok, it’s three different sets of data.
UI claims are initial claims for each week. It’s a gross figure and the individuals could have lost their jobs weeks before filing.
New jobs is survey of non-farm establishments that contribute to Unemployment survey. 216,000 is the NET change (Hires - Fires - Quits - retirements - deaths)
The Unemployment rate is a household survey and includes everyone 16 and older not in prison, the military, or mental institute. The rate is Unemployed divided by Unemployed + Employed. Employment from the Household survey went up 291,000 (includes self-employed, family businesses, farms, domestic workers) and Unemployment went down 131,000 (net change as opposed to gross UI numbers).
And the time frame is different too...UI initial claims are every week, non-farm payroll is from the pay period that includes the 12th, and the household survey is from the week that contains the 12th.
The U-6 comes from the same data set as the U-3, using the same methodologies and adjustments...it’s just a more inclusive definition adding in people not actually trying to work but who claim they really do want one and could take a job if offered (marginally attached) and people who are working part time because either their hours have been cut or they can’t find full time work.
Because Marginally attached is a pretty subjective measure (based on what people claim they would do and not what they are actualy doing) the margins of error are greater (+- 2% for unemployed, +-6% for marginally attached) it’s certainly not truer or better in any way.
Anticipating deep budget cuts by Tea party candidates is probably what encouraged the increased hiring the last few months. Imagine what will happen after we win the Senate in Nov. 2012.
Unemployment is down - Stocks are rising
Gas & Food prices are sky high.......and the whole world is in unrest. At some point it’s going to hit the fan.
Every 1% of the workforce is about 1 million people. So, they are saying 880,000 people found jobs? Nope. They are saying that 880,000 stopped looking for a job.
Many of the gummint employees will be protected from layoffs.
Even political appointees will have their designation changed so they are in the job for a lifetime.
Anybody know of any websites that are like the NY Times or NPR that’s so far right it’s borderline truth (even though the NY Times and NPR go beyond borderline truth)... I don’t mean like the New York Post of Newsmax as they are very factual even though I know they lean right.
I’m looking for a site that’s so tilted to the right it’s almost parody but not parody.
I worked in the Lowe’s garden center about 4 years ago (while pregnant, not something I recommend, lol). I was hired in March of that year and a lot of seasonal people were hired at the same time as I was.
We’re probably seeing a lot people being hired to work in jobs related to the outdoors. We just retained the services of a landscaper to do our yard 3x/month and a lawn company to spray for weeds and fertilizer ever 5-6 weeks (we’re selling our house and dh is already gone to Ohio, so it’s to save me time and trouble of worrying about yard work).
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