B-Man Posted January 10, 2014 Share Posted January 10, 2014 A Big Miss: 74,000 Jobs Created, Labor Force Shrinks Again December wasn’t a great month for the U.S. jobs market: The economy added just 74,000 jobs this past month — 198,000 were expected, and the economy had been creating about 200,000 per month toward the end of the year (and created 182,000 per month over the course of the whole year). While the unemployment rate dropped a full three tenths of a percentage point, to 6.7 percent, this was mostly a drop in the labor-force-participation rate. The share of Americans in the labor force dropped by to 62.8 percent, tied for its lowest reading since 1978. This is a decidedly bad sign, if it stands up to revisions: While the participation rate is now just what it was in October, October was a screwy month, because of the government shutdown and some other issues with the data. It looked like hundreds of thousands of people had left the labor force that month, but then returned in November, which is not how the government shutdown should have shown up in the data, but it is, meaning the drop was just a temporary concern — but now a similar number of people left the workforce in December. (Another bad sign: Hours worked edged down slightly, to 34.4 hours per worker.) . Link to comment Share on other sites More sharing options...
Nanker Posted January 10, 2014 Share Posted January 10, 2014 (edited) There certainly is precedent for it. The Jobless rate fell from 8.1 in August to 7.8 in September... 2012 when a robust 112,000 jobs were "added" in September compared to a measly 142,000 that were "added" in the previous month - August. What a lucky break it was for B. O. - wasn't it? I mean right before the election and everything. It was cool for him to be able to say that that pesky unemployment rate plummeted to below 8% for the first time since he "took" office. Anyway, it's Bush's fault. Have you seen the selfies from the Obama Family Christmas Vacation yet? Edited January 10, 2014 by Nanker Link to comment Share on other sites More sharing options...
B-Man Posted January 10, 2014 Share Posted January 10, 2014 WASHINGTON (AP) — President Barack Obama will announce five “Promise Zones” this week as part of his effort to focus on income inequality in the lead-up to his State of the Union address. Promise Zones are areas where the federal government provides tax incentives and grants to help communities tackle poverty. Obama first announced the initiative during last year’s State of the Union speech. On Thursday, Obama will announce the first Promise Zone locations. They’re in San Antonio, Texas; Philadelphia; Los Angeles; southeastern Kentucky and the Choctaw Nation of Oklahoma. Launching the “promise zones” in whatever fuzzy, prog language Obama wants to use is a huge admission that — drum roll — cutting taxes spurs economic growth. But to the extent that grants, not tax cuts, fuel the program, it’s still going to be a Keynesian exercise in using government spending to somehow pump up growth. Once these money spigots get turned on, it’s nigh impossible to turn them off. Sounds somewhat familiar................................ Link to comment Share on other sites More sharing options...
TPS Posted January 10, 2014 Share Posted January 10, 2014 So I've never had a good memory, and want to ask a question of those here who seem to remember everything. Less than 63% of the US participates in the labor market, only 70,000 jobs get added in December, and the unemployment rate plummets to 6.7%. This isn't a question of the WH playing with the numbers -- they all play with numbers. I don't ever recall such bad news reflecting in such a good number, so I would like to ask those of you with good memories: you all: Do you recall a time in recent history when so many people were leaving the workforce to the extent that it drops the unemployment rate this dramatically on a regular basis? The big drop. here's a good piece breaking down which segments of the population are leaving the LF.http://www.nakedcapitalism.com/2014/01/wolf-richter-chart-true-representation-employment-crisis-country.html Link to comment Share on other sites More sharing options...
IDBillzFan Posted January 10, 2014 Share Posted January 10, 2014 here's a good piece breaking down which segments of the population are leaving the LF. http://www.nakedcapi...is-country.html Nevermind. I found out the reason for the unbelievably bad report. Global Warming. The good news is, if the weather did help depress the payroll numbers, then it’s more likely today’s report is just a momentary blip rather than evidence of a slowing economy. The bad news is, these kinds of unusually cold temperature blips are arguably an example of the extreme weather we’ll be seeing more of with climate change. For example, the polar vortex that froze much of the country this past week came too late to affect the week surveyed by the jobs report. But it also brought even colder temperatures. Conservatives and climate deniers eagerly jumped on the extreme cold as evidence man-made global warming isn’t happening. That trolling might have bite if the cold air over the Arctic had expanded south. But instead the cold air just moved, leaving the North Pole warmer in its wake. Global warming enters the picture because it effects different parts of the planet at different rates, with the poles warming up significantly faster. That in turn alters the jet stream, a “river” of air that flows around the northern hemisphere and has a major influence on America’s weather. Like when you pull a string taut, but then gradually ease the tension, the jet stream becomes more wavy and unstable as the temperature difference between the Arctic and the equator becomes less drastic. That increased “waviness” means individual instances in which the jet stream pulls unusually cold air unusually far south become more common. As a result, hotter temperatures globally can actually deliver colder momentary freezes on a regional level. It’s just one example of the many ways global warming destabilizes the climate, leading to more extreme weather of all sorts, and in turn damaging the economy. The last line reminds me of a line from Steve Martin's "The Jerk": "A girl...you can call a girl 'she.' That's just one of the many things you can call 'she.' " Link to comment Share on other sites More sharing options...
DC Tom Posted January 10, 2014 Share Posted January 10, 2014 Nevermind. I found out the reason for the unbelievably bad report. Global Warming. That is AWESOME! Link to comment Share on other sites More sharing options...
Nanker Posted January 11, 2014 Share Posted January 11, 2014 Wow! 91.8 million people now not in the labor force and it's all because of global warming. I'm impressed. http://www.zerohedge.com/news/2014-01-10/people-not-labor-force-soar-record-918-million-participation-rate-plunges-1978-level Link to comment Share on other sites More sharing options...
keepthefaith Posted January 12, 2014 Share Posted January 12, 2014 here's a good piece breaking down which segments of the population are leaving the LF. http://www.nakedcapi...is-country.html Interesting numbers. I didn't expect to see an increase in the older workforce as older workers are often passed up for younger ones but the explanation that many can't afford to retire makes sense. Sucks for the younger folks and it's a sign of the weak economy. The forecast is crappy. We need some meaningful pro-growth policy shifts and to me we have to find a way to bring back large-scale manufacturing to this country. Link to comment Share on other sites More sharing options...
Cinga Posted January 13, 2014 Share Posted January 13, 2014 (edited) Interesting numbers. I didn't expect to see an increase in the older workforce as older workers are often passed up for younger ones but the explanation that many can't afford to retire makes sense. Sucks for the younger folks and it's a sign of the weak economy. The forecast is crappy. We need some meaningful pro-growth policy shifts and to me we have to find a way to bring back large-scale manufacturing to this country. Won't happen anytime soon unfortunately since we have become a regulation nation, not just in the laws themselves, but in what we can call, "Made in the USA"... Not on a large scale anyways... Anything assembled here, has to be able to prove ALL the parts were also made here... Think of a power tool for instance in today's global environment... Copper, plastic, switch, motor, metal.... ALL have to be of domestic origin.... Now, think about a pair of socks... Cotton, Polyester... Simple huh???? Easy to find huh??? I think.... no.... I KNOW soon, you'll start seeing a lot more stuff with the monikers, "Built in America" or "Assembled in America"; not to get around the rules and regs, but because companies WANT to bring jobs here.... Edited January 13, 2014 by Cinga Link to comment Share on other sites More sharing options...
JuanGuzman Posted January 13, 2014 Share Posted January 13, 2014 Is the economy finally starting to catch another gear? It seems like the news on the U.S. Economy has been more positive of late, e.g., GDP growth accellerating, deficits shrinking etc. . What are people on PPP thinking...? Link to comment Share on other sites More sharing options...
B-Man Posted January 13, 2014 Share Posted January 13, 2014 AP's Rugaber: 'Jobs Report Puzzles Economists'; Fails to Cite Obamacare Confusion or Costs Following up on Friday's awful jobs report from the government (only 74,000 seasonally adjusted jobs added, with the unemployment rate dropping to 6.7 percent only because adults continued to leave the workforce), the Asssociated Press's Christopher Rugaber tried to search for excuses. To its credit, the headline at Rugaber's report didn't blatantly dissemble like the one at Bloomberg, which, in revising the title of from the 1970s ("Blame It on the Sun"), blamed it on the cold and snow: "Old Man Winter Put a Chill on U.S. Labor Market at End of 2013." But the AP reporter predictably failed to entertain the possibility that Obamacare's virtual chaos, plan cancellations, and impending 2014 premium hikes might have thrown a great deal of sand into the job market's gears, even though a virtual halt in healthcare hiring stuck out like a sore thumb. {snip} Finally, while Rugaber noted that the health care sector lost 6,000 jobs in December (seasonally adjusted, though not flagged as such), he failed to tell readers that this was the sector's first loss in over 10 years. On a not seasonally adjusted basis, the 1,800 jobs added represented the sector's worst December since related recordkeeping began in 1990. But somehow, Obamacare isn't at all relevant to the disappointment results. Give me a break Excerpts follow at the link Read more: http://newsbusters.org/#ixzz2qFLXdSxW Link to comment Share on other sites More sharing options...
Tiberius Posted January 15, 2014 Share Posted January 15, 2014 So much for all the Conservative yammering over inflation and hyper inflation http://www.bloomberg.com/news/2014-01-15/producer-prices-in-u-s-climbed-in-2013-by-least-in-five-years.html Link to comment Share on other sites More sharing options...
B-Man Posted January 19, 2014 Share Posted January 19, 2014 Link to comment Share on other sites More sharing options...
IDBillzFan Posted January 29, 2014 Share Posted January 29, 2014 Nice article here from Stephen Moore, formerly of WSJ. I've seen his appear on Greta, and surprised to hear he jumped to Heritage, but he's a very down-to-earth no-nonsense guy who recently challenged Krugman to a debate after Krugman took a shot at him. Regardless, check this out: How Obamanomics Promotes Inequality. Link to comment Share on other sites More sharing options...
Nanker Posted January 30, 2014 Share Posted January 30, 2014 Common man, give 'em a break. They're still trying to figure out how to grow the economy from the Middle Class downward at the expense of the rich who have the audacity to earn over $200k a year. $200k - man, that's a FORTUNE. You know how many big flat-screen TVs that kind of scoot can buy? If your neighbor has one - he didn't earn it. He stole the money from YOU. Time to make things right and take the money back from him, and get yerself a six pack of Colt 45. [/obamanomicsmania] Link to comment Share on other sites More sharing options...
B-Man Posted January 30, 2014 Share Posted January 30, 2014 Economists see few dollars and little sense on Obama agenda ; More politics than real reform Five years after the Wall Street collapse, the plan President Obama laid out this week to try to revive a sluggish economy and build “ladders of opportunity” into the middle class has been received largely with yawns from economists and business groups, who argue that his small, targeted policy proposals aren’t substitutes for a broader vision of less spending and regulation and of fundamental tax reform. To sell his initiatives — which include minimum wage increases and government-backed retirement accounts for workers — Mr. Obama hit the road on a four-state swing, where he is repeating his pledge to bypass Congress and embark on a landmark year of executive action. But some political and economic analysts say the president’s proposals represent little in the way of new ideas and are more of an attempt to show Americans that his party is making progress as many of his fellow Democrats head into a high-stakes fall election fight. Read more: http://www.washingto.../#ixzz2rtBOYDBt Follow us: @washtimes on Twitter Link to comment Share on other sites More sharing options...
IDBillzFan Posted January 30, 2014 Share Posted January 30, 2014 Common man, give 'em a break. They're still trying to figure out how to grow the economy from the Middle Class downward at the expense of the rich who have the audacity to earn over $200k a year. $200k - man, that's a FORTUNE. You know how many big flat-screen TVs that kind of scoot can buy? If your neighbor has one - he didn't earn it. He stole the money from YOU. Time to make things right and take the money back from him, and get yerself a six pack of Colt 45. [/obamanomicsmania] The Barack Obama Trickle Up Poverty Plan...it's all the rage. This just in...first time jobless claims rise -- wait for it -- unexpectedly! Why, it seems like only yesterday that Barry was using the SOTU to tell everyone how great everything is looking!! Link to comment Share on other sites More sharing options...
keepthefaith Posted January 30, 2014 Share Posted January 30, 2014 Read more: http://www.washingto.../#ixzz2rtBOYDBt Follow us: @washtimes on Twitter What truly amazes me is how the President of the United States who has the largest toolbox on earth can only find and use the tax tool and the spend tool. Like a chief Formula One mechanic reaching to the bottom drawer of his toolbox and grabbing vice grips and the sledge hammer in order to adjust the cam timing and expecting he'll get the job done. Link to comment Share on other sites More sharing options...
IDBillzFan Posted February 7, 2014 Share Posted February 7, 2014 Another horrible jobs report....wait for it....unexpectedly! Good news! Unemployment has dropped an entire percentage point in the past few months to 6.6%! Bad news! 10M have quit looking for work...or as the Democrats say, 10M freed from job lock!!! Link to comment Share on other sites More sharing options...
OCinBuffalo Posted February 8, 2014 Share Posted February 8, 2014 10M freed from job lock!!! They have no idea that they've created a meme with that. "Job lock" is going to win the internet routinely, in my estimation. Link to comment Share on other sites More sharing options...
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