Posted on 01/07/2012 1:20:49 AM PST by null and void
U.S. employment growth accelerated last month and the jobless rate dropped to a near three-year low of 8.5 percent, the strongest evidence yet the economic recovery is gaining steam.
"We're moving in the right direction. When Congress returns they should extend the middle-class tax cut for all of this year, to make sure we keep this recovery going," he said.
LONG ROAD BACK
Employment remains about 6.1 million below its pre-recession level and at December's pace of job growth, it would take about 2-1/2 years to win those jobs back. There are roughly 4.3 unemployed people for every job opening.
A broad measure of unemployment, which includes people who want to work but have stopped looking and those working only part time but who want more work, dropped to an almost three-year low of 15.2 percent from 15.6 percent in November.
Still, all told, 23.7 million Americans are either out of work or underemployed.
"The Fed will be watching for further credible evidence that this improving trend is gaining traction," said Anthony Karydakis, chief economist at Commerzbank in New York.
GOVERNMENT A DRAG
All the job gains in December came from the private sector, where payrolls rose 212,000 - the most in three months.
Government employment contracted 12,000, with most of the drag coming from local government layoffs. However, the pace of government job losses is moderating as some states report revenue growth after years of being in the red.
Construction payrolls increased 17,000 after falling 12,000 in November as mild weather has boosted groundbreaking for new homes.
"Firms need to grow wages faster if consumption is to accelerate. There is not a lot of appetite to give raises," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.
(Excerpt) Read more at reuters.com ...
Yeah!....Sure!...
Happy Days Are Here Again!!!!!
The Obama Recovery begins, woo hoo!
So what Obama’s done to the economy is just starting to pay off, huh? On what is this miracle based on? The stimulus and Obamacare?
If things are looking good on election day will people actually think he deserves a second term, or will they see our problems aren’t going away because of a bump in the jobless number, however it’s fixed?
I have no idea, am asking those who might have a clue.
The full Reuters report is surprisingly balanced.
It’ll be unicorns and rainbows and skittles for all...
Isn’t it wonderful, some people have jobs and dont even know it.
LMAO!!!! That had me crying! “S-s-some people have jobs and don’t even know it!”
Can you imagine the stories and the spin from Democrat newsroom scum like Reuters if there was currently a Republican president in office? First, they’d be explaing why the number is artificially inflated, and then they’d follow up with a plethora of doom-and-gloom projections.
...At least, that’s what they consistently did when Bush was in office and the unemployment rate was around 5%.
Temporary holiday jobs being touted which are going away or are gone already. Expect to see another spike in unemployment.
Like Obama. He seems to think he's a pro golfer.
Let's give em a cool name, like STEALTH jobs! Obama will LOVE getting up there and talking about that.
“Happy Days Are Here Again!!!!!
The Obama Recovery begins, woo hoo!”
Didn’t you know? It’s the new normal.
Those folks like us who have jobs are just selfish, we’re keeping those good honest non-rich Americans from getting work.
I’m quitting and signing up for welfare today. I’m so ashamed.
Obama/Biden ‘12—yes, yes I see, it all makes sense now...
Let me know when you ‘create an opening’...
“Let me know when you ‘create an opening’...”
Zing! I’ll be sure to try the veal. ;)
I’m gonna become a unicorn-hair brusher. I’ll have a nice brush made of gold, and I’ll spend my days brushing and brushing the beautiful white hair of all the pretty unicorns that will prance in the hills, while we all sing and dance all day, and we never grow old, and everyone loves everyone else.
At least as long as they keep the meds coming.
And what’s going to happen when all those soldiers that Obama says we don’t need come looking for a job? Half a million, I think.
Obama passes executive signing statement to make Christmas full year holiday to make temporary jobs permanent.
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