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War of the Whales


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Ear to the Ground

Wee Bit of Good News on the Job Front

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Posted on Nov 5, 2010
AP / Amy Sancetta

Two things are a given at the beginning of every month: The rent comes due and U.S. employment figures are released. Regarding the latter, the economy added 151,000 jobs in October, reversing a trend of four months of job losses but not enough to cut into the stubborn 9.6 percent national unemployment rate.

Underemployment, a better gauge of the actual employment situation, did slip back from 17.1 percent to 17 percent. That means 17 percent of working Americans are unemployed, unable to find full-time work, or have simply given up looking. —JCL

The New York Times:

The United States economy added 151,000 jobs in October, a welcome change after four months of job losses but still not enough to make a dent in unemployment.

Private companies have been expanding their payrolls throughout 2010, according to a Labor Department report released Friday. Private job growth had been overwhelmed by the elimination of temporary decennial Census jobs and layoffs by state and local government during the summer and early fall—until October.

On many levels, the October report was much stronger than expected. Forecasters had been expecting a gain of only 60,000 jobs. The report also revised the numbers for August and September, showing 110,000 fewer jobs losses than previously estimated. Hourly wages were slightly higher, too.

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By AP, November 19, 2010 at 7:12 pm Link to this comment
(Unregistered commenter)

Ah, come on now, do the powers that be, controlling the media, really think “they” can brainwash the general public into believing the economy is turning around?  Unemployment always drops holiday time for all the PT store work, realize these are minimum wage jobs.  It is annoying, that other websites talking about this subject are not allowing any comments.  I wonder, how many jobs would be created if all the huge industries who have farmed out customer service jobs to the Phillipines, China and India, suddenly, where required to have these positions filled with the unemployed, who are at home, that have internet/phone access.  Let’s stop wasting a billion dollars a day in the “war”, and reward or subsidize these industries to employ Americans. Eh?  I would work for pennies from home, no benefits, no problem, times are tough and I would survive on this.

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By rico, suave, November 6, 2010 at 3:06 pm Link to this comment

basho:

“nothing to cheer about here.”

Unless myabe you were one of the ones who got a job.

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By Inherit The Wind, November 6, 2010 at 2:06 pm Link to this comment

Thanks, I appreciate it.  I’ve been working again for well over a year now, but I lost 5 months.  It wasn’t nearly as bad as many people have it, and we were and are again a 2-income household and had resources.

But it’s rough when you KNOW sooner or later the resources will dry up if you don’t land something. I met people who were getting dunned constantly and wouldn’t answer their cell phones—and had to decide which bill was the most important to pay, who could be pushed off the longest, etc. 

While there’s been lots of yammerin’ about people taking out loans they couldn’t afford, how many COULD afford them—until their job was shipped to India or China or Indonesia?  I haven’t seen the numbers on foreclosures of people who lost jobs who HAD been able to keep up while working.

Every increase in employment should mean SOMEBODY is going to be able pay their mortgage.

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By basho, November 6, 2010 at 12:15 pm Link to this comment

“What you don’t understand is the bleeding is over and now the healing can start. “

for your sake and all the rest of the folks out there without a job, i do hope you’re right.

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By Inherit The Wind, November 6, 2010 at 8:22 am Link to this comment

When you are one getting laid off, the numbers don’t mean a damn thing.  All it means is you can say you were laid off and it’s not a black mark because it’s everywhere.

And when you get a job again, also the numbers don’t mean anything, other than you have a paycheck again.  Been there, done that.

What you don’t understand is the bleeding is over and now the healing can start.  It’s like a cruise ship trying to reverse directions…..it takes a LONG time to stop, and a long time to come up to speed in the opposite direction.  ANY jobs growth is better than ANY jobs lost.

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By basho, November 6, 2010 at 3:38 am Link to this comment

“The United States economy added 151,000 jobs in October”

at this rate it will only take about 10 years to make up for all the job losses using the ‘official’ stats of 10% unemployment. the unofficial number is 20+% (not govt manipulated)

of the 150k ‘new’ jobs, how many of them are in mfg?
the u.s. does not have a mfg. base to support more hiring.
corps. are sending their money to asia and europe.

these were mostly service jobs— minimum wage.

nothing to cheer about here.

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By Inherit The Wind, November 5, 2010 at 10:22 pm Link to this comment

TARP was no good, the stimulus was no good.

But somehow, the bleeding has stopped. The hemorrhaging of jobs has ended.  Now, maybe we can start creating them again—until Boehner and his gang actually come to power.

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By Big B, November 5, 2010 at 3:00 pm Link to this comment

This is october folks, it’s when the retail sector does all of it’s hiring for the holidays (all minimum wage based no benefit jobs) all the while the economy is still seeing about 450,000 newly unemployed every month.

You doin’ a helluva job, Brownie.

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By Rachel McIntyre, November 5, 2010 at 2:40 pm Link to this comment
(Unregistered commenter)

When you see that 151,000 be sure to subtract 120,000 which leaves a net addition of 31,000—this allows for the number of jobs that need to be added every month to stay even with population growth.

The reporters for the NYTimes and most other media do a very superficial job with unemployment numbers, that consistently understates the problem.  For one thing, they are wedded to the artificially low U3 number instead of the much more accurate U6 number.  And they generally forget about population growth (over 3 million/year now in the USA).

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By Gmonst, November 5, 2010 at 2:37 pm Link to this comment

The jobless rate has not fallen substantially this year largely because job growth has been barely fast enough to absorb new entrants to the labor force. And even if the economy suddenly ramps up and starts adding 208,000 jobs a month — the average during the best year of job creation this decade — it would take 12 years to fully close the gap between the growing number of American workers and the total number of jobs available, according to Brookings Institution’s Hamilton Project

That paragraph just about sums up the situation.  Despite all the cheering for the creation of a few jobs, the seriousness problem of unemployment is not going anywhere soon.

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