Posted on 12/03/2010 5:48:02 AM PST by MinorityRepublican
Edited on 12/03/2010 6:00:23 AM PST by Admin Moderator. [history]
WASHINGTON—The U.S. economy added fewer jobs than expected in November and the unemployment rate rose to its highest level since April, underlining the continued weakness in the labor market 17 months into the recovery.
Nonfarm payrolls rose by 39,000 last month as private-sector employers added only 50,000 jobs, the Labor Department said Friday. The October number was revised up slightly to show a 172,000 increase from a previous estimate of 151,000.
The unemployment rate, which is obtained from a separate household survey, unexpectedly rose to 9.8% last month. More than 15 million people who would like to work can't get a job.
Economists surveyed by Dow Jones Newswires had forecast payrolls would rise by 144,000 and that the jobless rate would remain unchanged at 9.6%.
“Do you mean the U-3 number? The U-6 number is over 22% today (and approaches 23% with the latest data).”
I suppose it’s a nit, but I think you are wrong. The graph you posted shows U-6 at around 17%. It is the “SGS Alternate” number that is around 22%. Again, I suggest sticking with U-6, which is much more that U-3 but significantly less than SGS Alternate.
fewer jobs than WHO expected?!?
Good post devolve. Some new heads are needed on those, lol.
I actually pity the Republicans, digging out of this will take years but the libs will be howling in 6 months if things aren’t better.
But, we still are in lala land with the Gubmit fudging the real numbers.
Here is a little wrench in the gears as well: soon, hundreds of thousands of people may lose their perpetual unemployment checks (which some people have been collecting for almost 2 years!)
When that happens, they automatically come off the U-3 list, and go on the U-6 list! So, will Labor tell us how unemployment just dropped like mad?
She can’t be elected Speaker. She was, however, elected as Minority Leader. Idiots.
Can someone please explain to me how they can say we had 50,000 jobs added, when there were 438,000 (or close to it) new applications for unemployment?
That would seem like an overall loss of 388,000 jobs? Jobs added? Surely they jest.
The democrats had a chance for a strong recovery, but they booted that opportunity by screwing over small businesses with Obamacare and other oppressive legislation. As the democrats say, “you call it income redistribution and we call it fairness.” Small business people are voting against investing and hiring more workers and then having much of their return on investment taken from them to pay for Obamacare and costly bailouts of public sector employees.
The liberals need to learn one big thing: a steadily growing national economy cannot be built up through top-down directives and mandates from the central government, but instead can only be built from the ground up by ensuring the rights of individuals to work and build business with minimal government interference and strictly limited taxation. The voters took the democrats to school on these principles last month, but I’m not sure if stubborn socialists like Pelosi, Hoyer, and Frank have learned anything yet.
Okay, I agree. I’m not sure if I’m making my point clear, but the 438,000 number is just one week’s (at least, as I understand it) new claims.
The 50,000 figure was the jobs created for the whole month.
1.6 plus million jobs lost (new claims) in November and 50,000 total added.
Is there a mistake on my part?
We’re looking at about 1.550 million less jobs at the end of the month. Do you see an error in my logic?
On the upside, people are “green”.....they have nowhere to drive!
I think if the government ever told the truth about how bad things were there would be a market drop of 30-40%.
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Thanks potlatch -
LOL!
I imagine the lefties heads explode when they see that post!
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The recovery is going so well. /sarcasm of course
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I saw somewhere that Chicago firefighters and police are retiring after only 20 years service with huge (UNFUNDED) pensions - and they never paid into Social Security -
Now they can sit in front of their new 60” HDTVs and drink and snack - or work for another law enforcement agency and again “retire” with another pension - or buy into a bar and end up collecting Social Security too!
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Illinois and California think that 0pansy will give them bailouts to pay for their unfunded government pensions and pay off their huge mega-debts
You can bet in Georgia the rural citizens will find several ways to heat their homes and businesses -
It’s the grifters in Atlanta that are demanding cash to pay for their heating bills - It sure is not as cold in Georgia as it is here!
And I have figured out how to cut my heating costs in half from the last 2 years - I have the heat turned off right now - and it is 77°F inside -
Maybe I can open my windows like some Enviro-NYers do - and it will be twice as warm - and not cost me a penny!
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Not to fear. The true (U6) unemployment rate remained unchanged at 17%.
“Small business people are voting against investing and hiring more workers and then having much of their return on investment taken from them to pay for Obamacare and costly bailouts of public sector employees.”
Yep. Only a fool invests in economic growth when Marxists are in charge of the economy.
I know Atlanta has a high minority population, they even tell you at the airport to be careful where you go at night there!
[Lol, nothing like rain, wind and snow blowing in the window and the heat going full force.]
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