Posted on 01/09/2016 7:48:06 PM PST by SeekAndFind
We needed some good news in an otherwise grim week for the economy and stocks and got it in a blockbuster report showing 292,000 new hires in December and a 50,000 upward revision from previous months.
The alternative measure used by the Department of Labor based on the household survey, showed job growth was even swifter, with a gain of 485,000. Best of all, nearly half a million Americans on net entered the labor force, helping reverse for now a horrid slide in labor market participation.
The participation rate now stands at 62.6%, up from 62.4% in September. But we're still way behind the pre-recession high of 66.2% in 2007. A record 94 million Americans over the age of 16 are not working or looking for work.
Average wages were down a notch to $25.24 -- bad news on a number of fronts. Real median wages have now been flat for almost a decade. It looks like a lot of those new jobs in December were at McDonald's or Wal-Mart. About 37,000 came in bars and restaurants. The painful pattern of this recovery is that the jobs gained don't pay as much as the jobs that have disappeared.
Alas, the jobs report looked at the economy through the rearview mirror. Obviously the world has changed a lot in the last week, with stocks selling off 7% in their worst-ever start. If the market doesn't snap back quickly, expect negative wealth effects to kick in from the losses.
"Profits are falling, business investment is low, and consumers are fearful," said economist Larry Kudlow.
Low oil prices are normally good news for the economy, but their relentless decline of late is a symptom of weak global demand from producers.
(Excerpt) Read more at news.investors.com ...
40 million plus out of work, they’re all lying about it, and we’re supposed to think a few hundred thousand minimum wage hires will force raises?
Seriously, some folks are just freaking clueless when it comes to supply and demand.
Ever heard of the Christmas hiring period? Now, in Jan., the jobless applications peak.
Unemployment is still terrible when 70 people apply for an $11.00 an hour job.
Yep, that’s right.
Pure propaganda and a lie!
The nation is going through a serious stage of depression due to the the problems in the oil industry.
Go back to 1982, 1986 and the later depressions in the oil industry and look at the unemployment, bankruptcy, along with retail sales and foreclosures. The graphs and figures don’t lie.
THE ECONOMY IS BAD! The government is feeding us “rainbow stew” leading up to the next election.
And this is in spite of all the cash the Fed is pumping into our system.
Thank you. He makes some great points.
The electronic sales sites are wreaking havoc with brick and mortar selling centers.
I have concerns over this, but in an ever changing Capitalist society, things like that are bound to happen.
I bookmarked the article to give it further review later.
He made good points in the party I’ve already read, and I’m reasonably sure that will continue throughout.
Big lies!
Stockman: Only 11,000 Jobs Last Month, Not 292,000
NewsMax ^ | 01/09/2016 | David Stockman
Posted on 1/11/2016, 4:06:12 PM by GilGil
So what happened to the non-seasonally adjusted (NSA) job count in December at similar points late in the course of prior cycles? Well, in December 1999 about 140,000 jobs were added and in December 2007 there was a NSA gain of 212,000. This time we got the magnificent sum of 11,000, and by the way, last year was only 6,000.
The real news flash in the December “jobs†report, therefore, is that even by the lights of the BLS’ rickety, archaic and virtually worthless establishment survey, the domestic economy is dead in the water. We are not on the verge of “escape velocity,†as our foolish monetary politburo keeps insisting; the US economy is actually knocking on the door of recession.
http://www.freerepublic.com/focus/f-news/3382446/posts
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