US jobless rate falls to 7.8 pct., 44-month low

  1. 4 The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years. The Labor Department says employers added 114,000 jobs in September. The economy also created 86,000 more jobs in July and August than first estimated.

    The revisions show employers added 146,000 jobs per month from July through September, up from 67,000 in the previous three months. The unemployment rate fell from 8.1 percent in August, matching its level in January 2009 when President Barack Obama took office.

    http://news.yahoo.com/us-jobless-rat...--finance.html
    http://www.bls.gov/news.release/empsit.nr0.htm







    Last edit by Joe V on Oct 5, '12
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  3. Visit  Joe V profile page

    About Joe V

    From 'Vineland, NJ, US'; 46 Years Old; Joined Feb '07; Posts: 7,437; Likes: 5,358.

    157 Comments so far...

  4. Visit  PedsHopeful profile page
    8
    Quote from Joe V
    The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years. The Labor Department says employers added 114,000 jobs in September. The economy also created 86,000 more jobs in July and August than first estimated.

    The revisions show employers added 146,000 jobs per month from July through September, up from 67,000 in the previous three months. The unemployment rate fell from 8.1 percent in August, matching its level in January 2009 when President Barack Obama took office.

    http://news.yahoo.com/us-jobless-rat...--finance.html
    http://www.bls.gov/news.release/empsit.nr0.htm
    What kind of jobs were added? If most were in the fast food industry, or minmum wage, that doesnt really help. You cant support a family on minimum wage. I also question the timing of the release of this info considering how poorly Obama did in the debates. Kind of suspect.
  5. Visit  Tweety profile page
    6
    Not a significant improvement. The economy is still tepid and there's still jobs to be cut for austerity purposes, and people that have given up hope, etc. etc. etc.

    But I'll take this news over what was happening in 2008 any day.
    imintrouble, joanna73, lindarn, and 3 others like this.
  6. Visit  Tweety profile page
    2
    Quote from PedsHopeful
    I also question the timing of the release of this info considering how poorly Obama did in the debates. Kind of suspect.
    This is the time of the month that the jobs reports comes out every month. If Obama had aced the debates followed by this good news, or if the numbers were bad when Romney aced the debates, people would have still suspected the timing but you can blame whomever set up the debates, not the timing of the monthly report that always comes out around the 7th of the month.

    Agree, that good strong high paying jobs are few and far between. Many of those jobs are lost forever, and the middle class is continuing to erode. I said above there isn't much to get excited about.

    Obviously the Democrats are going to spin this to their advantage, and republicans are going to have to find the negative truth, (and I don't blame them, it's politics after all), but it's doubtful anyone is going to claim the economy is good and robust and booming and in recovery.
    Last edit by Tweety on Oct 5, '12
    NF_eyenurse and herring_RN like this.
  7. Visit  Tweety profile page
    1
    As I said, both sides have to spin this to their advantage.

    Romeny's statement:





    Mitt Romney is out with a statement on the jobs numbers, which he characterizes as not good enough:
    “This is not what a real recovery looks like. We created fewer jobs in September than in August, and fewer jobs in August than in July, and we’ve lost over 600,000 manufacturing jobs since President Obama took office. If not for all the people who have simply dropped out of the labor force, the real unemployment rate would be closer to 11%. The results of President Obama's failed policies are staggering – 23 million Americans struggling for work, nearly one in six living in poverty and 47 million people dependent on food stamps to feed themselves and their families. The choice in this election is clear. Under President Obama, we’ll get another four years like the last four years. If I’m elected, we will have a real recovery with pro-growth policies that will create 12 million new jobs and rising incomes for everyone.”
    There's no question that the 8 percent talking point was useful to Romney. But ultimately, what will matter is how people feel about where their lives are - for those for whom things have improved, the figures may seem fine, and for those out of work or struggling, they won't.

    http://www.politico.com/blogs/burns-...611.html?hp=l1
    The right-leaning Americans for Limited Government released a statement saying, "Either the Federal Reserve, which has its fingers on the pulse of every element of the economy, and the Bureau of Labor Statistics manufacturing survey report are grievously wrong or the number used to calculate the unemployment rate are wrong, or worse manipulated. Given that these numbers conveniently meet Obama's campaign promises one month before the election, the conclusions are obvious."Economic journalist Stuart Varney said on Fox News, "There is widespread distrust of this report."
    Conservatives Doubt Jobs Numbers Following Strong Report






    herring_RN likes this.
  8. Visit  Tweety profile page
    1
    Obama's spin:

    President Barack Obama crowed about the September jobs numbers, telling a raucous crowd herethat the unemployment is the lowest during his presidency.“After losing more than 800,000 jobs a monthwhen I took office, our businesses have now added 5.2 million new jobs over the past four years,” Obama said. "This morning, we found out that the unemployment rate has fallen to its lowest level since I took office."
    The crowd screamed. Obama continued.
    "More Americans entered the workforce, more people are getting jobs,” he said. “Now every month reminds us that we've still got too many of our neighbors looking for work. … Today's news is certainly not an excuse to try to talk down the economy to score a few political points."
    Obama touts the lowest unemployment rate of his presidency - POLITICO.com
    herring_RN likes this.
  9. Visit  Tweety profile page
    1
    The writer is a left leaning moderate (many will dismiss him because he sometimes subs for Rachel Maddow on her show), but presents a good look at today's numbers.

    We’ve hit that moment in the election when people begin to lose their minds. Case in point, within minutes of the jobs report, Twitter filled with Republicans claiming the books were somehow cooked, the numbers aren’t real, etc.Let’s take a deep breath. Jobs reports are about the economy, not about the election. Confusing the two leads to very bad analysis.
    This is a good jobs report in a still-weak economy. The 114,000 jobs we added in September aren’t very impressive. The revisions to the last two months, which added 86,000 jobs to the total, were much more impressive. Those revisions also suggest that September’s jobs could get revised up — or, of course, down. So be careful about reading too much into that number. Still, these are, at best, good, not great, numbers.
    The controversy, if it’s worth using that word, is over the unemployment rate, which dropped from 8.1 percent to 7.8 percent. That’s three-tenths of one percent. That’s what all the fuss is about.
    Let’s get one thing out of the way: The data was not, as Jack Welch suggested in a now-infamous tweet, manipulated. The Bureau of Labor Statistics is set up to ensure the White House has no ability to influence it. As labor economist Betsey Stevenson wrote, “anyone who thinks that political folks can manipulate the unemployment data are completely ignorant of how the BLS works and how the data are compiled.” Plus, if the White House somehow was manipulating the data, don’t you think they would have made the payroll number look a bit better than 114,000? No one would have batted an eye at 160,000.
    The fact is that there’s not much that needs to be explained here. We’ve seen drops like this — and even drops bigger than this — before. Between July and August the unemployment rate dropped from 8.3 percent to 8.1 percent — two-tenths of one percent. November-December of 2011 also saw a .2 percent drop. November-December of 2010 saw a .4 percent drop. This isn’t some incredible aberration. The fact that the unemployment rate broke under the psychologically important 8 percent line is making this number feel bigger to people than it really is.
    September jobs report: Debunking the jobs report conspiracy theories

    http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/10/05/the-jobs-report-in-six-charts/
    NF_eyenurse likes this.
  10. Visit  Spidey's mom profile page
    2
    Tweety beat me to it . . . this is based on the # of people who left the workforce - they aren't counting those people. If so many people hadn't given up on looking for work in the past 4 years, the unemployment rate would be higher.

    Most of the jobs are part-time jobs.
    NF_eyenurse and kcmylorn like this.
  11. Visit  Tweety profile page
    4
    Quote from Spidey's mom
    Tweety beat me to it . . . this is based on the # of people who left the workforce - they aren't counting those people. If so many people hadn't given up on looking for work in the past 4 years, the unemployment rate would be higher.

    Most of the jobs are part-time jobs.
    It might be higher, but it's still dropping.

    The second link was suppose to have some charts that talked about this, but is links back to the first one, it has some of that information. Regardless, it's not a political issue how they have counted the unemployment rate for the last four years because Obama didn't invent this system. (If Romney's elected and he touts "look at all the jobs I've created, I'll remind you of this...LOL)
    NF_eyenurse, mediajunkie650, tewdles, and 1 other like this.
  12. Visit  tntrn profile page
    2
    The jobs report is always followed by a corrected jobs report.....that will be more telling and it is never as rosy looking.
    joanna73 and herring_RN like this.
  13. Visit  Tweety profile page
    3
    Quote from tntrn
    The jobs report is always followed by a corrected jobs report.....that will be more telling and it is never as rosy looking.
    Can you clarify?

    Are you saying the current jobs report is "rosy" because no one else did, and most of the links and news I'm hearing is very cautious, and no one is using the word "rosy".

    What is this "corrected jobs report" and when does it come out? There's been several times when the jobs report has revived the previous reports upward as well as downward. For example the report today also some figures for July and August were higher than expected.

    I agree though with the sentiment that you have to look beyond the numbers, that many of these people were only hired part time, those that have given up aren't counted, etc. But the trend still isn't downward, but it's by no means rosy.

    I don't really like to go back to Bain capital because largely that's a lame defense, but I'm beginning to see the hypocrisy of Romney criticizes that during the Obama administration today that 600,00 manufacturing jobs were lost (not sure if that fact checks) during the Obama administration, when he spent considerable amount of time defending his time at Bain and sending jobs abroad.
    aknottedyarn, tewdles, and herring_RN like this.
  14. Visit  tntrn profile page
    1
    [QUOTE=Tweety;6971209]Can you clarify?

    Are you saying the current jobs report is "rosy" because no one else did, and most of the links and news I'm hearing is very cautious, and no one is using the word "rosy".

    QUOTE]


    I am not saying the report is rosy at all. What I am saying is that after a jobs report is announced, about a week later, comes a corrected jobs report (and I am sorry I don't know the precise name for it) that usually has worse numbers than what was previously announced.

    That is what I mean by "less rosy."

    The corrected numbers never are better numbers....they are always worse. So this 7.8, if the trend goes as it usually does, will be corrected to 8.0 or more.

    I will listen better next time I hear about this....in about a week....
    Tweety likes this.
  15. Visit  Tweety profile page
    0
    Thanks for clarifying. While I knew they frequently revise their reports, I didn't know one came out a week later. Seems like that like you Romney should be mentioning this.


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