Posted on 01/10/2014 5:42:52 AM PST by John W
Job creation stumbled in December, with the U.S. economy adding just 74,000 positions even as the Federal Reserve voted to take the first steps in eliminating its stimulus program.
The unemployment rate dropped to 6.7 percent, below economist estimates and due primarily to continued shrinkage in the labor force. The labor force participation rate tumbled to 62.8 percent, its worst level since January 1978.
(Excerpt) Read more at cnbc.com ...
LIES, LIES, AND MORE LIES
1.4 million people who have exhausted their total 99 weeks of unemployment benefits, the longest in history and now they are no longer counted as unemployed.
Since the number being 1.4 million at once is a large number the UE rate dropped to 6.7 percent.
This should be a GOP argument for not renewing these benefits
that the UE rate is back under 7% and no longer an needed.
After all Obama refused during last years campaign to notice
more people were out of work not less.
why is it “non-farm” ?
Labor Participation Rate (1948-2013)
Source--Bureau of Labor Statistics
What is "U6"? One thing I wish they'd stop is a seasonally adjusted number. It would be much more accurate to give the raw data and let the analysts do the analyzing, taking into account things like seasonal fluctuation.
If the numbers were given accurately, with the unemployment number being based on people who would work if they could, the unemployment percentage would be really high, we all agree. It would actually help, because the argument could easily be made that there is no need for foreign labor in the US, invader or otherwise.
U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force
NOTE: Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.
The current U-6 rate is 13.1%.
Whether or not one collects unemployment insurance has no bearing on how the unemployment rate is calculated.
Somehow that message is NEVER going to get planted on FR, LOL.
Thank you. Is that U6 raw data or seasonally adjusted?
One ‘jobs’ report says there are over 99 million unemployed persons in the USA.
Our census population says there are about 330 million citizens here.
The Obama administration says there is only a 6.7% unemployment rate.
The methods for determining unemployment are obviously very flawed & need to be restructured.
Obama will try to tell us by Nov 2014 that unemployment is about 1.5%...& the compliant media will state such.
Mark my words.
We’d have a forest by now, otherwise. :)
If the economy adds about 208,000 jobs per month, which was the average monthly rate for the best year of job creation in the 2000s, then it will take until April 2020 to close the jobs gap. Given a more optimistic rate of 321,000 jobs per month, which was the average monthly rate of the best year of job creation in the 1990s, the economy will reach pre-recession employment levels by December 2016.
Our average monthly job creation rate for 2013 was far below 208,000.
I’ve had similar failure disputing that Muslims are exempt from Obamacare. Some premises will never die.
Yes, we can;-?
Good question. It is a very complicated situation. Here’s my non-professional take:
1) The economy is in recovery. Earnings have grown for the last 3 years. Housing is coming back. The energy market has been exploding. Consumer spending is healthy.
2) The recovery is very slow by historical standards. Basically 2% growth for the last 3 years which is anemic.
3) Why? This is the most anti-business administration in history. Through the EPA, Obamacare, taxation, regulations, etc. the environment for doing business is as strict as it has ever been. it also creates an incredible amount of uncertainty.
4) We have large structural issues facing us from a demographic standpoint that are going to cause major financial/economic issues over the next 20 years.
In summary, the economy is...okay. It could be a hell of a lot better if the government created an atmosphere for growth.
And what happens when interest rates return to historic norms? Our debt servicing costs will explode. The Fed has been holding down interest rates, but it will have to let them rise at some point.
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