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Via CNN: Unemployment rate falls to lowest level since 2008
The U.S. economy added 146,000 jobs in November, and the unemployment rate fell to 7.7% from 7.9% in October, the Labor Department said. While that’s the lowest unemployment rate since December 2008, it fell due mainly to workers dropping out of the labor force.
Some will rightly point out that this is still not good enough, however the important factor is that the trend line continues to go in the right direction.
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Seriously, did you actually read the report? The cognitive dissonance embodied in this blog post is staggering.
FYI the unemployment rate dropped because there was a 350,000-person decline in November in the total workforce. IOW job prospects are so grim the equivalent population of an entire mid-sized city simply gave up and stopped looking for work.
And there were substantial downward revisions to the previously-reported payroll gains for September and October. Turns out that 49,000 fewer payroll jobs were added than what originally had been reported.
To say this is good news and that things are going in the “right direction” is like saying that it’s good news someone lost a lot of weight, because of cancer.
In any event, for those who are beguiled by sheer irony, below are some other details:
– Unemployment for the age 18-19 demographic is 20.3%.
– Unemployment for the age 20-24 demographic is 12.7%.
– Unemployment for the age 55 + demographic is 5.8%.
– Unemployment rate for whites = 6.8%
– Unemployment rate for Hispanics = 10.0%
– Unemployment rate for blacks = 13.2%
Etch-A-Sketch government jobs report issued today with requisite headline November numbers. Below the headlines, big downward revisions in October and September job growth. Government pre-election reported some 50,000 more employees than it actually had in October. Imagine that! Drop in unemployment to 7.7 percent driven once again by Obama’s apathetic, entitlement driven economy – able bodied adults dropping out of the labor market in droves. Move on proletariat. Pay no attention.
@michael reynolds: We are all doomed.
By the way, which right direction trend are you talking about, the trend in accelerating payroll employment numbers being revised to stagnant or softening payroll numbers in subsequent months when no one is looking? Or is it the trend in people dropping out of the productive economy? Please do inform.
You must be referring to the 540,000 people who dropped out of the labor market and the fact that 146,000 net jobs isn’t even keeping up with population growth
Do you have a national policy to deal with that?
Or is another “things bad, president bad” level comment?
Wait, youth unemployment isn’t all a problem with the gen-y’s themselves anymore?
It is hard to keep track of the various assertions, to be sure.
Already up Mikey……LOL….Doom and gloom is all around us….. deep and crisp and even
I’ve said this on another thread but it bears repeating….. what’s going to be amusing is the exact point of economic recovery when Republicans and fellow travellers like Doug change the narrative from it’s all Obama’s fault to Presidents have nothing to do with economic performance. It’s as predictable as night following day.
that 146,000 net jobs isn’t even keeping up with population growth
Nonsense. You just make shit up to fit your preexisting conclusions.
I’ve said this on another thread but it bears repeating….. what’s going to be amusing is the exact point of economic recovery when Republicans and fellow travellers like Doug change the narrative from it’s all Obama’s fault to Presidents have nothing to do with economic performance. It’s as predictable as night following day.
I bet on 6.9% unemployment.
I also can’t wait for the Republican House to claim credit for the recovery. They’ll claim it began when they took control in January 2011-even though they’ve done everything they could to stall the economy
the important factor is that the trend line continues to go in the right direction.
In the part of the article quoted, it states that unemployment “fell due mainly to workers dropping out of the labor force.” That is not a good trend, even if the unemployment number looks good. A portion of the article not quoted goes into more detail:
Households claimed they had 122,000 fewer jobs in November, and also showed 350,000 people dropped out of the labor force.
122,000 fewer jobs is not a good trend. It’s not just “not good enough”; it’s outright bad. While there were fewer jobs overall, there were less people looking for jobs than the month before so the unemployment rate fell.
To qualify for “not good enough” a trend would have to be something you want more of. For instance, if unemployment improved because only 150,000 jobs were created and you wanted 200,00 or more, you could say “this is not good enough, let’s try to increase the rate of job growth.” But to say “the unemployment rate improved because 350,000 people gave up on finding a job any time in the near future, this is not good enough; next month let’s try to get even more people to give up on their job search” is simply mind boggling.
@mantis: The article linked to includes the statement “Economists often say that job growth around 150,000 a month is enough to keep up with population growth, but not much more.” can you explain how Doug’s original comment was nonsense given this information?
Most people who are still working are receiving pay that has not kept pace with the cost of living. Many who have lost jobs and finally found work are working for far less pay and less/no benefits.
I know one person who had worked at a bank for years, lost his job, and after three years, found work at a convenience store at just a little above minimum wage. My salary has not gone up in five years while prices on just about everything that is needed to live on have gone up substantially, especially food and gas. Salaries have not kept up with inflation, unless you are a professional baseball, football, or basketball player (NHL on strike). I don’t know about golfers, bowlers, or pro wrestlers.
