Aa
Unemployment rate at lowest level in five years
http://www.msnbc.com/msnbc/november-jobs-report-unemployment-falls
The economy added 203,000 jobs in November, pushing the unemployment rate down to 7.0%—the lowest level in five years.
The unemployment rate’s drop from 7.3% to 7.0% was particularly dramatic because of the impact of the government shutdown, as temporarily furloughed workers who counted as unemployed in October returned to work last month.
But November’s jobs report also shows the labor market is starting to pick up steam in more far-reaching ways. Much of the job growth in recent months has been fueled by retail and other low-wage industries.
By contrast, the industries that added the most jobs in November are comparatively higher-paying: transportation, health care, and manufacturing. The number of people working part-time because their hours had been cut back or because they couldn’t find full-time work also fell by 331,000 to 7.7 million.
The jobs numbers are under particular scrutiny as the Federal Reserve mulls when to start ending its stimulus bond-buying program, which has helped keep interest rates extraordinarily low. In June, outgoing Federal Reserve Chairman Ben Bernanke said the unemployment rate “would likely be in the vicinity of 7%” when the program finally ends.
But the timing of the Fed’s pullback will also depend on how Congress manages to handle its next budget deadline, and whether it can finally get past the dysfunction and brinksmanship that has hurt economic confidence for much of the past two and a half years.
The encouraging jobs numbers could also make it harder for Democrats to secure an extension of federal unemployment insurance, which expires at the end of this month, as Republicans have opposed continuing the program on the grounds that the economy has sufficiently improved.
The federal unemployment benefits, however, only go to jobless Americans whose state benefits have expired—those, for the most part, who have been unemployed for longer than 26 weeks. And that group continues to face huge obstacles in re-entering the labor market.
There are still more than 4 million Americans who are long-term unemployed, and that number barely changed in November.
The economy added 203,000 jobs in November, pushing the unemployment rate down to 7.0%—the lowest level in five years.
The unemployment rate’s drop from 7.3% to 7.0% was particularly dramatic because of the impact of the government shutdown, as temporarily furloughed workers who counted as unemployed in October returned to work last month.
But November’s jobs report also shows the labor market is starting to pick up steam in more far-reaching ways. Much of the job growth in recent months has been fueled by retail and other low-wage industries.
By contrast, the industries that added the most jobs in November are comparatively higher-paying: transportation, health care, and manufacturing. The number of people working part-time because their hours had been cut back or because they couldn’t find full-time work also fell by 331,000 to 7.7 million.
The jobs numbers are under particular scrutiny as the Federal Reserve mulls when to start ending its stimulus bond-buying program, which has helped keep interest rates extraordinarily low. In June, outgoing Federal Reserve Chairman Ben Bernanke said the unemployment rate “would likely be in the vicinity of 7%” when the program finally ends.
But the timing of the Fed’s pullback will also depend on how Congress manages to handle its next budget deadline, and whether it can finally get past the dysfunction and brinksmanship that has hurt economic confidence for much of the past two and a half years.
The encouraging jobs numbers could also make it harder for Democrats to secure an extension of federal unemployment insurance, which expires at the end of this month, as Republicans have opposed continuing the program on the grounds that the economy has sufficiently improved.
The federal unemployment benefits, however, only go to jobless Americans whose state benefits have expired—those, for the most part, who have been unemployed for longer than 26 weeks. And that group continues to face huge obstacles in re-entering the labor market.
There are still more than 4 million Americans who are long-term unemployed, and that number barely changed in November.
ok...We'll leave it at that!
He was never blamed for the bad economy, and those that did blame him, are idiots.
That said, he was blamed for not HELPING it. Yes, he tried, but he failed on the broad strokes. He spent $1T+ and not much good came of it.
Sure, some good programs were created, and a few hundred jobs came out of it, but spending $1T for a few hundred jobs? I think anyone/everyone will agree, that's not good economics.
I don't remember anyone here blaming B.O. specifically for the bad economy. If you too it that way, then you took what they said out oif context. This bad economy is the byproduct of 20-30 years of living beyond our means, on an over'inflated dollar.
That said, he was blamed for not HELPING it. Yes, he tried, but he failed on the broad strokes. He spent $1T+ and not much good came of it.
Sure, some good programs were created, and a few hundred jobs came out of it, but spending $1T for a few hundred jobs? I think anyone/everyone will agree, that's not good economics.
I don't remember anyone here blaming B.O. specifically for the bad economy. If you too it that way, then you took what they said out oif context. This bad economy is the byproduct of 20-30 years of living beyond our means, on an over'inflated dollar.
*know..excuse the typo:)..
Ok but in REALITY he is/was blamed for a bad economy before it started improving....Now that the economy is improving, all of a sudden the President cannot be blamed for or praised for the way the economy is. I knwo damn well if unemployment was at 9% it would SO be the Presidents fault no?!...I can't keep up..
Case & point: http://www.cnn.com/2013/12/06/politics/obama-economy/index.html?hpt=po_c1
Quote:
That means it's perhaps not fair to give presidents credit when the economy improves or blame them when it goes bad.
"It's never fair," Zelizer said. "Presidents don't have total control of the economy. They can't even control Congress. But fair or not, that's what happens."
Just trying to bolster my point. Obama is responsible for neither the increase, nor the decrease. Again, to think he is, is like saying he can control the weather, or the earths orbit around the sun.
He can't.
It's a common misnomer so not surprising that one might think the President controls the economy. He can HELP it, or HINDER it, but he can't CONTROL it.
Quote:
That means it's perhaps not fair to give presidents credit when the economy improves or blame them when it goes bad.
"It's never fair," Zelizer said. "Presidents don't have total control of the economy. They can't even control Congress. But fair or not, that's what happens."
Just trying to bolster my point. Obama is responsible for neither the increase, nor the decrease. Again, to think he is, is like saying he can control the weather, or the earths orbit around the sun.
He can't.
It's a common misnomer so not surprising that one might think the President controls the economy. He can HELP it, or HINDER it, but he can't CONTROL it.
Unemployment going UP or DOWN, has nothing to do with the president.
Democrats seem to think a drop in unemployment-rate is Obama's doing.
Republicans seem to think a rise in unemployment-rate is Obama's doing.
Both are wrong.
The unemployment rate i has ZERO to do with the President. It's much bigger than that. Of course, the President can uphold policy decisions made by Congress, and enforce laws that will HELP the economy in the country, but for the most part, the "free market" controls the economy in this country.
Saying Obama can control the unemployment rate, is much like saying he can control the weather.
That dog don't hunt, sorry.
Democrats seem to think a drop in unemployment-rate is Obama's doing.
Republicans seem to think a rise in unemployment-rate is Obama's doing.
Both are wrong.
The unemployment rate i has ZERO to do with the President. It's much bigger than that. Of course, the President can uphold policy decisions made by Congress, and enforce laws that will HELP the economy in the country, but for the most part, the "free market" controls the economy in this country.
Saying Obama can control the unemployment rate, is much like saying he can control the weather.
That dog don't hunt, sorry.
Nooo, that's not how it works T...:)
.I'm sure if it were ticking upwards, it would be the Presidents fault...
I guess its his fault it is ticking downwards then too, yes?
I guess its his fault it is ticking downwards then too, yes?
Unemployment rate on the downward is ALWAYS a good thing....I'm sure if it were ticking upwards, it would be the Presidents fault...
Anywhoo,
This is excellent news and hopefully, there's more to come:)
Anywhoo,
This is excellent news and hopefully, there's more to come:)
"He's not responsible for the economic situation, nor has he done anything to improve it. "
Are you serious????.....you can't be....
Are you serious????.....you can't be....
"....whether it can finally get past the dysfunction and brinksmanship that has hurt economic confidence for much of the past two and a half years."
Of course the Tea Bangers can't do this. This is all they have to offer -- obstructionism and discord.
Spoon fed misinformation and lies, they are unable to come up with any workable, original ideas.
Of course the Tea Bangers can't do this. This is all they have to offer -- obstructionism and discord.
Spoon fed misinformation and lies, they are unable to come up with any workable, original ideas.
"The unemployment rate’s drop from 7.3% to 7.0% was particularly dramatic because of the impact of the government shutdown..."
"...But November’s jobs report also shows the labor market is starting to pick up steam in more far-reaching ways. Much of the job growth in recent months has been fueled by retail and other low-wage industries.
By contrast, the industries that added the most jobs in November are comparatively higher-paying: transportation, health care, and manufacturing The number of people working part-time because their hours had been cut back or because they couldn’t find full-time work also fell by 331,000...."
"But the timing of the Fed’s pullback will also depend on how Congress manages to handle its next budget deadline, and whether it can finally get past the dysfunction and brinksmanship that has hurt economic confidence for much of the past two and a half years."
"...But November’s jobs report also shows the labor market is starting to pick up steam in more far-reaching ways. Much of the job growth in recent months has been fueled by retail and other low-wage industries.
By contrast, the industries that added the most jobs in November are comparatively higher-paying: transportation, health care, and manufacturing The number of people working part-time because their hours had been cut back or because they couldn’t find full-time work also fell by 331,000...."
"But the timing of the Fed’s pullback will also depend on how Congress manages to handle its next budget deadline, and whether it can finally get past the dysfunction and brinksmanship that has hurt economic confidence for much of the past two and a half years."
And MrsP... it's not Obama's fault that the unemployment rate is the way it is. Nor does he have ANY control over it dropping.
He's not responsible for the economic situation, nor has he done anything to improve it.
The free-market cannot and will not be influenced by gov't, in such a way that it'll noticeably increase & prosper due to anything Obama/gov't does.
The "stimulus" that was supposed to bolster the economy and create sustainable jobs? It was a waste of $$$ and didn't create jobs (not nearly as many as they wanted).
$1T down the toilet (and then some).
He's not responsible for the economic situation, nor has he done anything to improve it.
The free-market cannot and will not be influenced by gov't, in such a way that it'll noticeably increase & prosper due to anything Obama/gov't does.
The "stimulus" that was supposed to bolster the economy and create sustainable jobs? It was a waste of $$$ and didn't create jobs (not nearly as many as they wanted).
$1T down the toilet (and then some).
Keep in mind, that the numbers DO NOT include people that have fallen off the radar.
Not trying to take anything away from the 7% unemployment rate... it's good that it's falling, albeit painfully slowly.
But don't forget about the folks that have simply 'given up' looking for work, and no longer qualify for unemployment benefits.
The better indicator, is how many jobs are being ADDED each month. Needs to be in the 200,00 to 225,000 per month range, for the economy to start having a chance of coming back.
Tiny drops in the unemployment rate are an indicator that people are falling off unemployment, nothing more.
Not trying to take anything away from the 7% unemployment rate... it's good that it's falling, albeit painfully slowly.
But don't forget about the folks that have simply 'given up' looking for work, and no longer qualify for unemployment benefits.
The better indicator, is how many jobs are being ADDED each month. Needs to be in the 200,00 to 225,000 per month range, for the economy to start having a chance of coming back.
Tiny drops in the unemployment rate are an indicator that people are falling off unemployment, nothing more.
I blame President Obama..
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