The December 2010 Jobs Numbers Just Plain Suck

[KissMy]

Oops I mean the November 2010 Jobs Numbers Just Plain Suck. (could not go back & change the thread title)

They came in way below those +160 estimates. Actually came in at +39K

Unemployment is at 9.8%

 

[editec]

You must mean November, right?

I'm informed that we need something like 160,000 new jobs every month just to absorb the new workers coming into the job market.

If that is the legit number than we need some number of new hires greater than 160K every month to beat down the unemployment numbers.

I can assure you that giving tax breaks to billionaires won't do that.

I'm not entirely sure what anybody can do to change this dynamic, either.

Not without radically changing the way we do business, at least, which, as we all know, isn't remotely on the table.

 

[KissMy]

We need to cut bloated government salaries & benefits that are double the private sector so more teachers can be hired. Screw the public sector unions those salaries & benefits must be cut in half A.S.A.P. We need a large training effort to get job skills to match those needed by employers. We must tie unemployment benefits to job training, tech school, college etc.

 

[editec]

We need to cut bloated government salaries & benefits that are double the private sector so more teachers can be hired. Screw the public sector unions those salaries & benefits must be cut in half A.S.A.P. We need a large training effort to get job skills to match those needed by employers. We must tie unemployment benefits to job training, tech school, college etc.

All pretty good ideas.

Now try to convince our government to do that.

Just try, I dares ya'.

 

[NYcarbineer]

The Republican Congress owns the economy now.

(hey! wingnut logic is easy!)

 

[Capitalist]

The New York Times could not even spin this disastrous news:

In a significant setback to the recovery and market expectations, the United States economy added just 39,000 jobs in November, and the unemployment rate rose to 9.8 percent, according to the Department of Labor.
November’s numbers were far below the consensus forecast of close to 150,000 jobs. The unemploment rate had been expected to remain at 9.6 percent.
More than 15 million people remained out of work last month, and 6.3 million of them have been unemployed for six months or longer.
Private companies, which have been hiring since the beginning of the year, added 50,000 jobs in November. Most of those increases came from the temporary help, where 40,000 jobs were added, and health care sectors, with an additional 19,000 jobs.
Manufacturing companies, which showed some strength earlier in the year, lost 13,000 jobs.
Included in the latest report were revisions from previous months. The agency now says that the economy added 172,000 jobs in October, instead of the 151,000 jobs previously reported. September was revised to a loss of 24,000 from a loss of 41,000.
The anemic net gain in jobs came as economists had been gradually showing more optimism.
​

 

[william the wie]

I don't think this can be blamed on domestic politics. The tensions in the Korean peninsula that China needs to divert attention away the bust of its own asset bubble and the increasing likelihood of an EU based meltdown strike me as sufficient reason for a recession to start. I have my problems with both Obama and the GOP house but neither of them caused a real estate bubble in the Far East or the EMU.

 

[boedicca]

Here's more info from the BLS report:

The total labor force population grew by 185K

The employed population shrank by 173K

The unemployed population increased by 276K

82K are no longer counted in the labor force.

Net Net - the economy is not growing at a rate to keep up with population growth, let alone make a dent in unemployment.

Obamanomics = Epic Fail.

Employment Situation Summary Table A. Household data, seasonally adjusted


U6 unemployment remains at 17%, which can only be done by excluding more long term unemployed from the stats.

http://www.bls.gov/news.release/empsit.t15.htm

 

[uscitizen]

We need to cut bloated government salaries & benefits that are double the private sector so more teachers can be hired. Screw the public sector unions those salaries & benefits must be cut in half A.S.A.P. We need a large training effort to get job skills to match those needed by employers. We must tie unemployment benefits to job training, tech school, college etc.

All pretty good ideas.

Now try to convince our government to do that.

Just try, I dares ya'.

What about those who are unemployed cannot find a job but already have good viable job training/education? Should they not get unemployment?

It is not just the untrianed who cannot find jobs? Actually they can find jobs to fit their lack of skills easier than the more esperienced and trained ones.

 

[Capitalist]

Keynesian FAIL…
Communists don’t create wealth, they steal it.
Didn't BHO say that the stimulus would keep us from going over 8 percent unemployment! Idiot......

 

[iamwhatiseem]

We need to cut bloated government salaries & benefits that are double the private sector so more teachers can be hired. Screw the public sector unions those salaries & benefits must be cut in half A.S.A.P. We need a large training effort to get job skills to match those needed by employers. We must tie unemployment benefits to job training, tech school, college etc.

All pretty good ideas.

Now try to convince our government to do that.

Just try, I dares ya'.

Convince government??
Your kidding right? You mean convince Americans?
Pheh...there are a LOT of happy folks who have not done a single thing for 2 and a half years but are still getting paid. Man...I need to quit my job so I can get some free stuff.

 

[NYcarbineer]

And how many years of this?

And yet,

the conservatives claim that if we just keep the budget busting Bush tax cuts in place - WHICH HAVE BEEN IN PLACE THROUGH EVERY DAY OF THIS DOWN CYCLE -

that THAT will magically create jobs.

Unbe-*******-lievable.

 

[Big Black Dog]

Not much incentive for a person drawing $400.00 a week in unemployment to go out and land one of those minimum wage jobs. Why work for anything when you can get something for nothing? I have a neighbor who collects unemployment and he is doing stuff under the table. By doing this, he is actually making more money than he was making when he was working full time. I am sure that there are lots of scammers just like him out there yelling and screaming to keep their unemployment checks coming in. There are people yelling and screaming that extending the unemployment benefits will only increase the deficit by about 12 billion and extending the Bush tax cuts will cost even more in terms of increasing the deficit. Well, I have a novel idea. Let's not do anything that we cannot actually pay for and quit riding the free pony. There is no difference in borrowing the money from China to pay for unemployment benefits than it is for any other reason. It's time to suck it up and pay as you go or DON'T GO.

 

[KissMy]

We need to cut bloated government salaries & benefits that are double the private sector so more teachers can be hired. Screw the public sector unions those salaries & benefits must be cut in half A.S.A.P. We need a large training effort to get job skills to match those needed by employers. We must tie unemployment benefits to job training, tech school, college etc.

All pretty good ideas.

Now try to convince our government to do that.

Just try, I dares ya'.

What about those who are unemployed cannot find a job but already have good viable job training/education? Should they not get unemployment?

It is not just the untrianed who cannot find jobs? Actually they can find jobs to fit their lack of skills easier than the more esperienced and trained ones.

There is no unemployed person that is to smart & could not use training. This would also create a lot of teaching jobs. Doing this will help give us a more flexible better educated workforce that can meet employers needs enabling us to compete globally instead of handing out money for nothing debasing the worlds reserve currency. If our workers sit on the couch collecting government money they will loose their job skills. They need to get an education while we are paying their bills or we should cut them off. This will also keep them from having time to work for cash under the table while collecting unemployment.

 

[B. Kidd]

You must mean November, right?

I'm informed that we need something like 160,000 new jobs every month just to absorb the new workers coming into the job market.

If that is the legit number than we need some number of new hires greater than 160K every month to beat down the unemployment numbers.

I can assure you that giving tax breaks to billionaires won't do that.

I'm not entirely sure what anybody can do to change this dynamic, either.

Not without radically changing the way we do business, at least, which, as we all know, isn't remotely on the table.

The 160k number of new jobs you mention is close enough as far as the number of jobs created per month needed to keep the unemployment # from moving in either direction. 300,000 new jobs created each month is the magic # to move the unemployment # down.

 

[pinqy]

Here's more info from the BLS report:

The total labor force population grew by 185K

You mean the total adult civilian non-institutional population.

82K are no longer counted in the labor force.

The Labor Force grew by 103,000. The 82,000 is the change in the Not in the Labor Force category and that's NOT just people "no longer counted in the labor force" since many were probably never in the labor force. For Oct-Nov, 297,000 people entered the population as Not in the Labor Force (78k entered the pop as employed, 21k entered as unemployed, and 211k left the population) Source: Labor Force Status Flows

Net Net - the economy is not growing at a rate to keep up with population growth, let alone make a dent in unemployment.

Absolutely true.

U6 unemployment remains at 17%, which can only be done by excluding more long term unemployed from the stats.

Length of unemployment has **** all to do with any measure of unemployment except the U1 (unemployed more than 15 weeks). It's a question of looking or not looking for work. Someone out of work for 6 years is still counted as unemployed if they're currently looking for work. Someone fired last week is not if they haven't started looking yet. Someone not looking for work, regardless of length of time, won't be in the U3, but might be in the U4, or 5 (and thus the U6 which includes everyone in the U4/5).

But in any case, changes in part time for economic reasons can have a huge effect on the U6. Before I even look at the Marginally attached, and part-timers, since the U4 (includes discouraged) and the U5 (includes all marginally attached) both went up, it has to be the case that part time for economic reasons went down.

And sure enough: Table A-8 shows that Part time for Economic reasons went from 9,154,000 to 8,972,000, a decrease of 182,000. That's why the U6 stayed flat while the U1 to U5 measures increased.

 

[uscitizen]

Not much incentive for a person drawing $400.00 a week in unemployment to go out and land one of those minimum wage jobs. Why work for anything when you can get something for nothing? I have a neighbor who collects unemployment and he is doing stuff under the table. By doing this, he is actually making more money than he was making when he was working full time. I am sure that there are lots of scammers just like him out there yelling and screaming to keep their unemployment checks coming in. There are people yelling and screaming that extending the unemployment benefits will only increase the deficit by about 12 billion and extending the Bush tax cuts will cost even more in terms of increasing the deficit. Well, I have a novel idea. Let's not do anything that we cannot actually pay for and quit riding the free pony. There is no difference in borrowing the money from China to pay for unemployment benefits than it is for any other reason. It's time to suck it up and pay as you go or DON'T GO.

I find it hard to believe he is making more than before. In any case he is comitting a crime and should be punished.
there are always those who cheat and such in anything.
Doctors defrauding medicare/medicaid, Preachers who embezzle from the church. Politicians taking kickbacks, etc.
Should all be punished for the sins of the few?

why have you not turned the guy in? Do you enjoy being a silent partner in his crime?
By not reporting him are you being negilgent in your duties as a citizen by not reporting someone who is in effect stealing by not reporting his under the table income?

 

[Trajan]

You must mean November, right?

I'm informed that we need something like 160,000 new jobs every month just to absorb the new workers coming into the job market.

If that is the legit number than we need some number of new hires greater than 160K every month to beat down the unemployment numbers.

I thanked you based on the above which most folks forget, I have read 130-150K but lets not quibble your dead on...we are not even treading water yet. NET- net, we have not created a net plus job in what? 2.5 years?

The forecast and the disparity in result especially makes it plain to me at least, they are still, even after all of these months ( year and change since the recession ended ha ha ) groping their way in the dark. NO ONE knows what to truly expect next.

I can assure you that giving tax breaks to billionaires won't do that.

you have another suggestion? ( and frankly you are really are seeing this narrowly imho.)

I'm not entirely sure what anybody can do to change this dynamic, either.

Not without radically changing the way we do business, at least, which, as we all know, isn't remotely on the table.

beats me man.

 

[Truthmatters]

Millions with a few more bucks in their pocket will hire no one if ther is no one to buy what they hire people to make.


The idea of supply side is a myth pulled right out the ass of a journalist turned political consultant

 

[Revere]

Same bucks in their pockets. Nobody's taxes are being cut.