Economy Creates 120,000 Jobs, Rate Tumbles to 8.6%

CNBC ^ | 12-2-2011 | Jeff Cox

[The_Victor]

Job creation remained weak in the U.S. during November, with just 120,000 new positions created, though the unemployment rate slid to 8.6 percent, a government report showed Friday.

The rate fell from the previous month's 9.0 percent, which would reflect a drop in the participation rate among those without jobs.

Average earnings were essentially flat, up two cents to $23.18 an hour. Private payrolls increased 140,000, considerably less than a report earlier this week showing that nongovernment jobs were up by more than 200,000 for the month.

[napscoordinator]

I would love to buy a bridge in NYC. Are you kidding me...12 dollars per car (or more). I could be a millionaire. My post was somewhat sarcastic. By June 2012, they are going to be saying the unemployment rate is 7.5....count on it. This has been part of the plan forever.

[Eagle of Liberty]

It means that an insignificant number of jobs were added, but that an ENORMOUS number of people dropped out of even looking for jobs...the so-called "discouraged workers" number

Do you have to be collecting unemployment to be considered in the unemployed number? I am pretty sure that by now, a large number of people have probably exhausted their weeks of unemployment. Funny that we NEVER hear about extending the package any more. That was Pelosi and Reid's fallback legislation any time they wanted to gin up some anger for damn near a year.

[littleharbour]

Sign on the White House: “Abandon hope all ye workers who enter here”. This is what is happening. The US workforce is moving from discouragement to despair. The welfare rolls will increase, as will the number of those working under the table. Obama’s economy is Jimmy Carter malaise on steroids.

[Eagle of Liberty]

Ha! And we are now at war with Eurasia. DAY OF RAGE!

[princeofdarkness]

From Lakeshore Laments:

“Jim Pethokoukis of the American Enterprise Institute on Twitter figures that we’ve so increased the number of discouraged workers and shrank our labor force so much, that if Obama had the same number of people working now as he had labor force when he came into office, Unemployment would be 11%.”

Even Carter never had an UR this high. I believe that the highest during his presidency was 7.5%, and this was under the old BLS measuring standards.

[july4thfreedomfoundation]

On Fox Radio News, they said the “drop” in the unemployment rate to 8.6% was partially due to 300,000 people who gave up looking for work.

Fox said those 300,000 are NOT counted in the “official” rate of unemployment.

These government numbers are so fudged it boogles the mind.

We all know the true rate of unemployment is way up into the double digits.

[SumProVita]

“These numbers are not to be trusted.”

My husband and I agree.

[SouthTexas]

I don’t know if people are giving up or they just quit counting. Easy to drop the unemployment rate when you control all the numbers.

[Eagle of Liberty]

By June 2012, they are going to be saying the unemployment rate is 7.5....count on it. This has been part of the plan forever.

Yep. Reduce it little by little each month and the sheeple won't even notice it.

[MrB]

Whaddaya mean, “we’re NOW at war with Eurasia”?
We’ve ALWAYS been at war with Eurasia.

[COBOL2Java]

Economy Creates 120,000 Jobs

[fhayek]

Let me throw this in the hopper: (http://www.zerohedge.com/news/gm-channel-stuffing-surges-all-time-record#comments). General Motors is building inventory much faster than it is selling cars. Sure, it saves jobs, good union jobs - for now. It sure must be nice to run a company when you really don't have to worry about the bottom line.

[spokeshave]

So then why are income tax receipts down 50%?

Going Gault.

[Eagle of Liberty]

Oh yes, you are correct. What else should we rewrite for the Dems today?

[RS_Rider]

This 8.6% number is legitimate as the imposter in the white hut!

[9YearLurker]

Once again fewer new jobs are created than required just to keep even with population growth—so more would-be workers have to be classified out of the workforce.

At this rate, it is clear the Obama team has decided ‘bring’ the rate below 8% by next November.

[bert]

Ginger White got a big payday for lying about an affair with Herman Cain. That job will be over in about two or three weeks when she is shown to be a real live skank

[xzins]

I believe they fall out of the numbers after their unemployment is used up. They are the U6 number.

There are those who haven’t looked for work in the last month....they are the “discouraged workers”, if I recall correctly.

There’s some other dodge in there, too. It’s something like “they haven’t ‘reported’ looking for work in the past month. It sounds like those who haven’t checked in.

[Docs Galore]

“Sign on the White House: “Abandon hope all ye workers who enter here”. This is what is happening. The US workforce is moving from discouragement to despair. The welfare rolls will increase, as will the number of those working under the table. Obama’s economy is Jimmy Carter malaise on steroids.”

THAT’S THE SIMPLE TRUTH!!!!!

[Scotswife]

there was a thread yesterday that applications for unemployment were over 400,000.

In what universe does the math of 120,000 “new” jobs outweigh the loss of 400,000, resulting in a lower unemployment rate?