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Economy Added Fewer Jobs Than Expected in November [unemployment rate: 9.8%]
The Wall Street Journal ^ | Friday, December 3, 2010 | By LUCA DILEO And JEFFREY SPARSHOTT

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%.


TOPICS: Breaking News; Business/Economy; Government; Politics/Elections
KEYWORDS: economy; ecoonomy; expectedlyunexpected; joblessrate; jobs; obama; recession; recovery; unemployment; unexpected
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To: xzins

With face lifts and botox!!!

How are you?

(And I’m glad I didn’t offend)


61 posted on 12/03/2010 7:19:01 AM PST by MortMan (To Obama "Kill them all and let [God] sort them out" is an abortion slogan.)
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To: MinorityRepublican; All

A lot of us called it, that last months election numbers were false as these numbers now are much worse, showing the real pattern. Funny how the unemployment rate magically stayed still in the report right before the election. And now after the election the unemployment rate goes up and the jobs created are much less than the fake election report. funny how that is isn’t it?


62 posted on 12/03/2010 7:25:52 AM PST by Democrat_media (Why is no government creating a product we can hold in our hands like a cell phone..?)
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To: MinorityRepublican
A trillion dollars spent...and all I got was this lousy T-shirt.

FAIL!

63 posted on 12/03/2010 7:27:26 AM PST by RckyRaCoCo (I prefer liberty with danger to peace with slavery, IXNAY THE TSA!)
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To: MortMan

No offense intended....none taken.

Doing well, MM.

Most people don’t improve with either age or botox. Pelosi strikes out on both.


64 posted on 12/03/2010 7:27:56 AM PST by xzins (Retired Army Chaplain & proud of it: Truly Supporting the Troops means praying for their Victory!)
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To: SkyPilot

I think you are overstating the bad news, which need not be overstated to be really bad.

The SGS Alternate, which is the only number that approaches your 22.5% unemployment, includes “SGS-estimated long-term discouraged workers.” So, there is little or no data to support the addition to the U-6 number. More importantly, it is not at all clear that “long-term discouraged workers” means much more than slackers who have found a way to live without working. Such folks may be unproductive and may even be leeches, but not because of the economy.

I suggest sticking with the U-6 number. It is horrible, and using it avoids the plausible charge of overstating unemployment for political purposes. No exaggeration is needed to demonstrate that Obama is a Category 5 disaster.


65 posted on 12/03/2010 7:30:49 AM PST by olrtex
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To: olrtex
After reading your post, I checked my yard. I couldn’t find any pieces of sky. I’ll keep looking.

I bet the Jews in Berlin made the same snarky comments to their fellow Germans in 1932. "Oy Irving why are you being such a hysteric...."

66 posted on 12/03/2010 7:33:36 AM PST by pburgh01
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To: Rational Thought
This figure includes retail hiring for the Holidays, underscoring just how terrible this number really is.

Some commentator on FoxNews said that the rise in the UE percent was due to people thinking the job market was improving, so they were re-signing up at their local Jobs/UE offices.

Just days earlier, an FR thread indicated that some companies were already starting to lay off those hired for the holiday.


67 posted on 12/03/2010 7:33:38 AM PST by TomGuy
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To: dools0007world

The left solution

Extend unemployme­nt till 2019 and raise taxes.


68 posted on 12/03/2010 7:34:41 AM PST by mandaladon
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To: onemiddleamerican

You’re just not “intellectually liberal” enough to understand it, that’s all. /sarc.


69 posted on 12/03/2010 7:35:27 AM PST by LibsRJerks
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To: Zeddicus

“Employment in the private service-providing sector rose 65,000 in November, though retail hiring fell a surprising 28,100 despite expectations of a busy holiday season.
Yeah this is VERY scary, and portends even worse employment figures in January when the holiday seasonal employess (to the extent that there are any at all) are let go.”

The drop in retail hiring is scary, I suppose; but I am not so sure that it “portends even worse employment figures in January.” How do seasonal adjustments affect the numbers? If seasonal adjustments for November assumed higher seasonal employment than actually occcurred, then it seems like the 9.8% figure might overstate the actual situation, doesn’t it?

Also, don’t some month’s figures adjust for all previously “incorrect” seasonal adjustments?


70 posted on 12/03/2010 7:41:31 AM PST by olrtex
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To: MinorityRepublican

Take 3 trillion dollars out of an economy and give it to your bank buddies and unions gangsters and you almost have to expect a moribund economy


71 posted on 12/03/2010 7:43:36 AM PST by hattend (The meaning of the 2010 election was rebuke, reject, and repeal. - Sarah Palin)
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To: MinorityRepublican
How do you starve a liberal? Hide their food stamps under their work boots.
72 posted on 12/03/2010 7:47:23 AM PST by mandaladon
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To: hattend

“Take 3 trillion dollars out of an economy and give it to your bank buddies and unions gangsters and you almost have to expect a moribund economy.”

Then scare the c#%$ out of all producers by playing favorites, bullying, telling them they are bad guys, and creating severe uncertainty as to taxes and regulations, and you really should expect a moribund economy.


73 posted on 12/03/2010 7:50:51 AM PST by olrtex
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To: John W
17 months into WHAT recovery?

Oh. You hadn't heard? They declared that the recession was over in June 2009

74 posted on 12/03/2010 7:51:39 AM PST by VeniVidiVici (What's black and white and red all over? HINT: Think White House)
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To: MinorityRepublican
Obama Jobs Deficit Further Evidence of Failure


75 posted on 12/03/2010 8:00:47 AM PST by Innovative (Weakness is provocative.)
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To: MinorityRepublican

FoxNews Alert:

Deficit Plan fails to get necessary 14 votes.


76 posted on 12/03/2010 8:03:35 AM PST by TomGuy
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To: TomGuy

I’ve suspected for a long time that the jobless rate is actually worse but they don’t want to say it is over 10% for political purposes. Even admitting that it rose again has to be chilling with regard to the actual problem.


77 posted on 12/03/2010 8:14:59 AM PST by OrangeHoof (Washington, we Texans want a divorce!)
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To: MinorityRepublican

Surprise! I just heard on CNN (I like to know what the left is up to) that Osambama was scheduled to talk about the jobs report, but has instead flown to Afghanistan. I’m shocked!


78 posted on 12/03/2010 8:15:23 AM PST by trappedincanuckistan (livefreeordietryin)
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To: onemiddleamerican
I'm not to smart on this stuff either but I do believe Gross Domestic Production (GDP) as measured in US dollars is used to determine recession/recovery. So lets say in 3rd quarter 2008 the GDP was 15 trillion dollars/yr and then the recession hit so that 4th quarter 2008 GDP was 12 trillion/per then it (recession) bottomed out say 2cd quarter 2009 at 10 trillion/yer. So the bottom of the recession is a GSP of 10T/yr. Now if we have a GDP of 11T/yr then we are in recovery even thou the GDP is way below what it was in 2008. All they look at is the direction of the GDP graph over 2 quarters of a year, up=recovery, down=recession. Hope that helps and I hope it is mostly correct. lol.

Also the GDP numbers are susposed to be corrected for inflation but I seriouly doubt that since gov seems to think there is no inflation.

79 posted on 12/03/2010 8:16:28 AM PST by jpsb
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To: mo

Yesterday I read where economists were predicting an increase in the market by 18% next year.

Invest heavily in the S&P derivatives and they SWEAR you too can pull down an 18% return on your investment.

Bullsh*t.


80 posted on 12/03/2010 8:29:41 AM PST by Abathar (Proudly posting without reading the article carefully since 2004)
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