U.S. unemployment rate drops to 8.3 percent, lowest in almost 3 years

[News_Editor]

U.S. unemployment rate drops to 8.3 percent, lowest in almost 3 years

2012-02-05 01:03:24 GMT+7 (ICT)

WASHINGTON, D.C. (BNO NEWS) -- The United States unemployment rate for the month of January dropped to 8.3 percent, the lowest number in nearly three years, the U.S. Labor Department (DoL) announced.

In its January 2012 Employment Situation report, which was released on Friday, the DoL said the country's labor market posted strong gains, adding approximately 257,000 private sector jobs in January. According to revised numbers from the Bureau of Labor Statistics, the U.S. private sector has created 3.7 million jobs over the last 23 months.

The numbers well exceed overall expectations, dropping the national unemployment rate from 8.5 percent to 8.3 percent, the lowest level since February 2009.

"January's job growth was the strongest in nine months," U.S. Secretary of Labor Hilda L. Solis said, noting that the national unemployment rate has fallen by 0.8 percent in the last five months as employment gains have remained constant.

The DoL report also noted that the manufacturing industry added 50,000 jobs in January and, over the past year, the country's economy has added 235,000 manufacturing jobs. Meanwhile, the construction sector has added 52,000 jobs over the last two months, the largest increase in construction jobs since 2007.

As January's employment numbers exceeded all forecasts, Solis said the accelerated growth in the U.S. labor force is seen across almost every industry. "More products are rolling off the assembly line marked 'made in the USA.'," she said.

"Our economic recovery is on track," Solis underlined. "We can build on this encouraging trend if Congress acts on the president's proposals to remove tax incentives for companies that ship American jobs overseas and invests in training programs so our workers can fill existing openings in advanced manufacturing."

-- © BNO News All rights reserved 2012-02-05

[flying]

Would be nice if they included the whole picture..........

They do not count those who do not receive UE benefits...

They claim they do via a survey of 60k.....60k out of 300 million?

They have no way of knowing those who do not collect or try to.

nor those who are termed "discouraged"

Meaning those who have looked for so long without success they have basically given up.

Nor do they count the millions of self employed now unemployed.

Lastly they do not count the under-employed.

Those that use to work decent jobs & now work 10-15 hours a week

at McDonald's or Home Depot because they cannot find anything else.

These reports are nothing more than election year propaganda...

Hence the emphasis on "lowest in 3 years"

Edited February 4, 2012 by flying

[Credo]

It's hard for some people to admit that there might be some signs of improvement. They have used roughly the same method of calculating the unemployment statistics for a long time.

There have always been the under employed, but as the number of full-time jobs increases, the upward movement of people on the employment scale increases. There will always be the chronically unemployed, many of whom never had a job, never intended to work and certainly have neither the personality nor motivation to work.

The 'whole' picture is out there. I guess it just isn't painted in the right hues for some.

[flying]

It's hard for some people to admit that there might be some signs of improvement.

They have used roughly the same method of calculating the unemployment statistics for a long time.

Trust me I would be the 1st to cheer any real signs of improvement.

But I live here in the US & this is the reality.

Yes they have always used the same method & the same could be said for the CPI otherwise known as the CP-Lie

Also the same for GDP which includes government spending...funny huh?

Consider the implications of that for a moment

You cant make this stuff up it is all true.

The truth is the UE numbers have always been closer to half of reality than whole.

Things are not going well here & the recent post of American Airlines dropping 13,000 employees is

just another in line.

Believe me as I said I would be happy to cheer if it were true that things were getting better here.

Edited February 5, 2012 by flying

[cloudhopper]

It's hard for some people to admit that there might be some signs of improvement. They have used roughly the same method of calculating the unemployment statistics for a long time.

There have always been the under employed, but as the number of full-time jobs increases, the upward movement of people on the employment scale increases. There will always be the chronically unemployed, many of whom never had a job, never intended to work and certainly have neither the personality nor motivation to work.

The 'whole' picture is out there. I guess it just isn't painted in the right hues for some.

The whole picture is that the actual number of people employed in the US today is roughly the same as it was in the late 70's but the population has increased by about 30 million in that same period. According to this report over 1 million people left the work force last year alone.

[Credo]

And how many of those people are not of employment age? What are the comparable numbers of people who are retired?

The situation in the US is not good. This just points to the fact that it is improving.

[flying]

The situation in the US is not good. This just points to the fact that it is improving.

Really wish I could agree.

But the reality here is different. I have never seen so many cut & reduced.

It not only is continuing but getting worse

Folks tell me almost daily they are laid off or folks I know who have worked over a decade at the same place are

cut from full time to 18-22 hours a week. Then to add insult their adjusted from salary to hourly pay is also cut.

Here is a recent article that is closer to reality

http://www.ibtimes.c...t-rate-15-6.htm

http://www.shadowsta...ployment-charts

PS: Also the U6 figures have been available since 1994

http://portalseven.c...ent_rate_u6.jsp

I guess to be literal you could say it dropped ever so very slightly but it sure has not translated into

a felt improvement. One must also remember all the small self employed that went under.

Edited February 5, 2012 by flying

[geriatrickid]

If there had been a negative result, some would be even more critical. The fact of the matter is that the Obama administration policies have helped the USA recover from the fiscal debauchery, the worst financial crisis, since the great depression. Hopefully, Mr. Obama is returned to office as the alternative possible candidates are none to reassuring,.

[BigJohnnyBKK]

Would be nice if they included the whole picture..........

They do not count those who do not receive UE benefits...

nor those who are termed "discouraged"

Lastly they do not count the under-employed.

These factors will be taken into account as we move forward, as real wages rise and opportunities increase those who are discouraged and underemployed will be looking.

"Total unemployment" is a complete fiction and in fact undesirable economically, 3-5% is normal and necessary in the constantly-in-transition economy we have now. High unemployment keeps wages down, which of course big business loves.

The key indicator for well-being will be the growth of real wages for those in the bottom 60 - 70%, and that factor will only be influenced by key policy changes over the long term.

If that's an important goal for you which party is more likely to deliver it?

[chuckd]

The unemployment figures do not include those that dropped off the unemployment roles because they have run out of benefits.  In other words, they have been unemployed longer than (as I recall) the 99 weeks they are eligible to draw unemployment benefits.

They are not employed but they are not unemployed either.

The Democratically controlled Senate is sitting on 30 jobs bills that have been passed by the House of Representatives and Reid refuses to even give them a hearing.

The US is led by a bunch of incompetents with Obama at the head of the list.

PS:  Please see my signature below if you have any doubts about my feelings.

[flying]

If that's an important goal for you which party is more likely to deliver it?

Agree for the most part but seems more & more these days are coming to the conclusion

that it no longer matter which party ( of the two main ones ) we choose.

There is a certain reality that needs to be addressed & none can turn lead into gold.

What we feel today is the result of many factors. Not just to be ascribed to a political party.

But more so those who pull the strings of both parties.

[Jingthing]

Both parties use the same rules to show this number. The trend of this number is positive and thus positive for the reelection of President Obama. Considering he will be running against Romney, better the devil we know than the devil from planet Out of Touch. Don't change camels in the middle of a streaming torrent!

Edited February 5, 2012 by Jingthing

[Suradit69]

It's hard for some people to admit that there might be some signs of improvement. They have used roughly the same method of calculating the unemployment statistics for a long time.

...

The 'whole' picture is out there. I guess it just isn't painted in the right hues for some.

[flying]

The fact of the matter is that the Obama administration policies have helped the USA recover from the fiscal debauchery, the worst financial crisis, since the great depression. Hopefully, Mr. Obama is returned to office as the alternative possible candidates are none to reassuring,.

The reality of Obama's tenor is there to see below........

What was his promise regarding unemployment when he campaigned for president?

When he campaigned what was the credit rating of the USA?

Did it drop from AAA to AA+ for the first time in history on his watch?

Did our National debt increase over 4 Trillion under Obama?

Yes same for GW Bush but his in 8 years up 4.9 Trillion

Obama 4 in three years

Neither glowing records to say the least but mainly one fact to take away...

It is UNSUSTAINABLE

Can we even pay the interest alone?

Again I am not attributing it all to any party but to stand up & claim he has done a good job

or that he was handed a bad basket of eggs is just more of the same rhetoric.

Edited February 5, 2012 by flying

[chuckd]

Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low

"1.2 million people dropped out of the labor force in one month! So as the labor force increased from 153.9 million to 154.4 million, the non institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation. As for the quality of jobs, as withholding taxes roll over Year over year, it can only mean that the US is replacing high paying FIRE jobs with low paying construction and manufacturing. So much for the improvement."

http://www.zerohedge...n-rate-tumbles-

[flying]

. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation. As for the quality of jobs, as withholding taxes roll over Year over year, it can only mean that the US is replacing high paying FIRE jobs with low paying construction and manufacturing. So much for the improvement."

This is the same slight of hand they use on the CPI

They just change what is in the basket of goods to make the numbers look better.

Yet nothing has changed for the better

It also shows why the snowball is growing as it rolls

They are lowering their own tax revenues & as the debt grows less & less revenues will be forthcoming to

help pay the interest alone on the debt

As far as replacing jobs with low cost manufacturing & construction.....

Well that would even be a nice small step but takes years to tool up &

construction will be limited to government jobs as the private sector

continues to sink along with it the ability for private citizens to afford to be consumers of construction.

So.government jobs in construction/repairs of infrastructure....where does the money come from

to pay that bill? Not from those who can no longer pay taxes. Will the only tax revenues be from

government pay checks? How does that work? Is it a perpetual money tree? Because that is what the government

paid those checks with

Remember a government has no monies except that which they take from us.

Less & less of us have anything more to give

[Credo]

I don't wish to weigh in too heavily on the debate, other than to be slightly optimistic that there is some improvement. The mess occurred under the Bush administration and the Obama administration is left with cleaning it up.

In reality, the economic cycles are cyclical and some administrations are more or less fortunate to preside over a good one.

[Nickiboy03]

Bullshit figures, it is as you know election year so they will come up with all sorts of illusionary statements/propaganda to continue to perpetuate a jobless recovery.

Where is the new manufaturing plants being built or starting up to actually employ people/Asia this is where unemployment is going down.

All of this is banker/gubermint double talk.

The reality is if these figures are true why is gubermint borrowing 1.5 trillion every year & this number isnt coming down,how come interest rates aren't going up if this is a recovery like we used to have when the world leaders still had a shred of sanity left in them.

Look at the Dry Baltic Index it fell 65% in the month of January this is info on goods being shipped around the world there is no recovery only inflation from central bankers printing trillions of dollars or actually using alchemy digital money even cheaper than printing to spread around the world to kick the can down the road for as long as they can.

The United States will suffer financial repression (in Gross's words) if the Federal Reserve implements additional bond monetization as policy. The USFed will hold its benchmark interest rate at near 0% for at least the next three years, as a testament to central bank failure. No departure from the 0% rate can be done. The USGovt debt service requires it, demands it, and will default without it. The ZIRP and QE are worn as badges of failure and dishonor.

Copied from this site and we are free to send to any & all Men & Women

http://www.gold-eagle.com/editorials_12/willie012612.html

Cheers

[koheesti]

People who either don't know or pretend to forget like to blame the Bush administration for the whole mess while forgetting the Dems had control of both houses of Congress TWO FULL YEARS before Obama was sworn in. Before then the Reps were in charge and they were spend happy until voted out. Hopefully they learned a lesson and if they gain control in November, they are tighter with the people's money. I wouldn't count on it though.

[Ulysses G.]

IMO Obama promised to fix the mess and he did not do it. He has to take responsibilty for that.

[koheesti]

IMO Obama promised to fix the mess and he did not do it. He has to take responsibilty for that.

It's hard to blame Obama. The only time he leads is when he tees off first.

Edited February 5, 2012 by koheesti

[flying]

Indeed. He is taking responsibility to serve for EIGHT YEARS and finish the job!

That is not what he said when he applied for the 4 year job.....

Also what makes you think he can do it in 8 years?

It has been 3+ already & he has yet to start

Edited February 5, 2012 by flying

[cdnvic]

Debate the issues please, don't attack each other. One post removed.

[BEENTHEREDONETHAT]

I don't think it matters which party is in , they are there to get rich and if that means screwing the people, so be it. They vote as the lobbyist tell them to vote, it's that simple. And who do you think the lobbyist are trying to please, certainly not the people but whichever big business is footing the bill.

Lets face it the total system is broke, and most of the people are not interested. then there are those who are so blind they think the gov't is doing a good job. They are listening to the media and not looking at the numbers.

[dighambara]

Would be nice if they included the whole picture..........

They do not count those who do not receive UE benefits...

They claim they do via a survey of 60k.....60k out of 300 million?

They have no way of knowing those who do not collect or try to.

nor those who are termed "discouraged"

Meaning those who have looked for so long without success they have basically given up.

Nor do they count the millions of self employed now unemployed.

Lastly they do not count the under-employed.

Those that use to work decent jobs & now work 10-15 hours a week

at McDonald's or Home Depot because they cannot find anything else.

These reports are nothing more than election year propaganda...

Hence the emphasis on "lowest in 3 years"

I read yesterday that the estimate is 10% who have fallen off the rolls - no longer receiving benefits - no longer looking for a job - making the true picture closer to 18% unemployment...

[Jingthing]

The economic suffering in the US is massive. Is the rigid ideology of the tea party the answer? No, it is not. Be prepared for an Obama second term and more progress on the slow recovery from this historically bad era.

[chuckd]

The economic suffering in the US is massive. Is the rigid ideology of the tea party the answer? No, it is not. Be prepared for an Obama second term and more progress on the slow recovery from this historically bad era.

As stated earlier, the Republicans in the House have passed 30 proposed laws to bolster the flagging economy and generate job growth. The Democratic majority in the Senate, led by the illustrious Harry Reid, has failed to even call them up for a vote.

Don't blame the tea party for the failings of the Obama administration and the four years of democratic control of both houses of Congress from 2006 through 2010. The tea party had absolutely nothing to do with this situation.

Just as another aside, is everybody aware the Democratic Senate has not passed a budget in over 1,000 days? They are afraid to let the American people know what they are spending and what it is being wasted on.

[Jingthing]

As stated earlier, the Republicans in the House have passed 30 proposed laws to bolster the flagging economy and generate job growth. The Democratic majority in the Senate, led by the illustrious Harry Reid, has failed to even call them up for a vote.

...

That's simply right wing propaganda. You are assuming everyone AGREES those bills were good for that goal. That's politics and it goes both ways. The republicans have been shockingly obstructionist. Indeed not much is getting done. Who's to blame? That's what elections are for. I don't like the tea party odds. Yes, the tea party and the republican party are now THE SAME.

http://www.ibtimes.c...-help-obama.htm

2012 Election: Republican Obstructionism Could Help Obama

Congress: A 9 Percent Approvel Rating

Edited February 5, 2012 by Jingthing

[Ulysses G.]

Who's to blame?

Obama. The buck stops there and his leadership has been a disaster.

Edited February 5, 2012 by Ulysses G.

[Jingthing]

Who's to blame?

Obama. The buck stops there and his leadership has been a disaster.

I get how you feel but can't agree that Romney is the answer.