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Unemployment falls to 9.4%


IceStone
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A bit of good news on the home front. I think this would have been expected for December and the holidays, but if you also look at the graph on CNN.com you will notice the spike in hiring back in October. What this might have caused is people who previously not looking for work (therefore not being counted in the unemployment data) got back into the business of looking for jobs thinking that businesses were beginning to hire. This could have been the reason for unemployment figures to spike up to 9.8%. This also could be part of the reason for unemployment figures to drop in December as people who got their hopes up lost confidence again and stopped looking. As more of those people stop looking the unemployment numbers would drop. It's difficult to tell, but we will have to see what the next few months will bring.

To add because I'm not good at explaining myself. Only people who are actively looking for work are counted in the unemployment number.

Link

NEW YORK (CNNMoney) -- The U.S. economy added 103,000 jobs in December, and the unemployment rate unexpectedly fell to 9.4% -- its lowest level since May 2009, the Labor Department reported Friday.

Businesses were hiring, adding 113,000 jobs to payrolls in the month. But the government continued to shed staff, cutting 10,000 workers from payrolls.

But the two previous months were better than originally thought. November was revised up to 71,000, while October was revised to 210,000, adding a combined 70,000 jobs to the 2010 total.

Economists surveyed by CNNMoney had forecast 150,000 jobs added during December, and 100,000 for November's revision.

Many economists boosted their predictions earlier in the week, after private payroll processor ADP released a shockingly strong report Wednesday, showing private employers added 297,000 jobs to their payrolls. That report is often seen as a bellwether for the government report that follows.

While the latest data brings hope for 2011, economists still caution that job gains will be gradual at best. There's still a long way to go to recover the 8.5 million jobs lost since the Great Recession began.

The labor market typically needs at least 300,000 to make a difference in the unemployment rate, economists say. Anything less than that is just barely enough to keep pace with population growth.

Overall, the economy rounded out 2010 with 1.1 million jobs added, the best one-year gain in hiring since 2007.

Edited by IceStone
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If the rich getting to keep their tax cuts doesn't result in more jobs then the Republicans will have some explaining to do, because they keep telling us over taxing kills business...If it does result in more jobs then the president can tout his ability to compromise for the sake of the American economy..

Governing for a president is so much easier when there is balance and the house or congress isn't dominated by his own party. Now they can't keep saying "No!!" to everything now that they have the position of power. It's going to be interesting to see how this next year plays out.

They are already backing down on their vow to cut the deficit by 100 billion in their first year. Let's see how much of their "Pledge To America" they actually stand by..

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If the rich getting to keep their tax cuts doesn't result in more jobs then the Republicans will have some explaining to do, because they keep telling us over taxing kills business...If it does result in more jobs then the president can tout his ability to compromise for the sake of the American economy..

Governing for a president is so much easier when there is balance and the house or congress isn't dominated by his own party. Now they can't keep saying "No!!" to everything now that they have the position of power. It's going to be interesting to see how this next year plays out.

They are already backing down on their vow to cut the deficit by 100 billion in their first year. Let's see how much of their "Pledge To America" they actually stand by..

The GOP and the Tea Party people are nothing but a bunch of empty slogans. They're fast becoming a political joke and are in danger of fizzling out before they even get a chance to accomplish anything.

They talk about cutting "wasteful" spending but can't name a single program they would cut. And then they turn around and insist on adding billions to the deficit with upper income tax cuts and repealing health care reform (which lowered the deficit).

As you pointed out, they pledged to cut spending by $100 billion this year, but then after the election called that a "hypothetical". What's "hypothetical" about a specific number? :wacko:

They talk about "returning to the Constitution" and wave their copies of the Constitution in the air, but typically are clueless about what the Constitution actually says.

They cry and wail about the debt, but admit they have no clue what will happen if the debt ceiling is not raised.

Again, it's a bunch of sloganeering nonsense that is neither serious nor credible. They're going to break most of their promises to the Tea Party as they start learning how ridiculously impossible the ideas behind those promises are when it comes to actually governing. Intellectually, they're all talk and no brains.

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lol..I work with a tea party Palin supporter and she has been complaining about taxes, spending and socialism ever since the moment Obama got into office...

So we get a company wide email explaining how are social security taxes will be cut by 2% starting January 1..So she comes to another one of her tea party loving co-workers this morning and says..

"I see they are cutting social security taxes. I guess it's good because we get to keep more of our money. But what about our social security money when we retire? We depend on that money to survive in our golden years. Obama just doesn't care about this countries future"

Then it hit me.. This isn't about taxes, socialism and spending at all with some of these people...

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lol..I work with a tea party Palin supporter and she has been complaining about taxes, spending and socialism ever since the moment Obama got into office...

So we get a company wide email explaining how are social security taxes will be cut by 2% starting January 1..So she comes to another one of her tea party loving co-workers this morning and says..

"I see they are cutting social security taxes. I guess it's good because we get to keep more of our money. But what about our social security money when we retire? We depend on that money to survive in our golden years. Obama just doesn't care about this countries future"

Then it hit me.. This isn't about taxes, socialism and spending at all with some of these people...

Yep, for a lot of them it's anger that "those people" are in power.

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lol..I work with a tea party Palin supporter and she has been complaining about taxes, spending and socialism ever since the moment Obama got into office...

So we get a company wide email explaining how are social security taxes will be cut by 2% starting January 1..So she comes to another one of her tea party loving co-workers this morning and says..

"I see they are cutting social security taxes. I guess it's good because we get to keep more of our money. But what about our social security money when we retire? We depend on that money to survive in our golden years. Obama just doesn't care about this countries future"

Then it hit me.. This isn't about taxes, socialism and spending at all with some of these people...

yup I had a couple people say the same thing.

I told them they could easily just put the money they saved into savings......they dont HAVE to spend it.

They complain about the Gov. wanting to control stuff then ***** when the gov is not taking care of them.

It is funny and sad all at same time.

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Its funny to watch some democratic analysts on TV declaring that the stimulus is a success and we are on the road to recovery because of these job numbers. They don't even realize they are cutting their own throats. I suspect this number will be back up above 9.5% in the next few months as more people will undoubtedly now come back into the job market after hearing all the good news which means that they will be counted again thus driving the unemployment numbers up again. I sometimes wonder how many of these people get on TV.

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If the rich getting to keep their tax cuts doesn't result in more jobs then the Republicans will have some explaining to do, because they keep telling us over taxing kills business...If it does result in more jobs then the president can tout his ability to compromise for the sake of the American economy..

Governing for a president is so much easier when there is balance and the house or congress isn't dominated by his own party. Now they can't keep saying "No!!" to everything now that they have the position of power. It's going to be interesting to see how this next year plays out.

They are already backing down on their vow to cut the deficit by 100 billion in their first year. Let's see how much of their "Pledge To America" they actually stand by..

The blame or reward for the economy is going to fall squarely on the shoulders of the president. The left will try and pin it on the house but it wont work. If Job numbers still suck 6 months before the election Obama is toast.

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When People's 99 weeks run out are they no longer considered unemployed?

I read have heard that rumor from several places and if it is true that could explain some of the drop in unemployment.

its true. you are only considered unemployed for a certain time in economics. after a while you become considered a discouraged worker, and you are not counted in that 9.4% unemployed.

but didnt they extend the benefits?

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its true. you are only considered unemployed for a certain time in economics. after a while you become considered a discouraged worker, and you are not counted in that 9.4% unemployed.

but didnt they extend the benefits?

My understanding that they extended it for the people who were past the normal 6 months, but once you are at 99 weeks you are done. I am not sure that is the case

Edited by Brehus
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So we get a company wide email explaining how are social security taxes will be cut by 2% starting January 1..So she comes to another one of her tea party loving co-workers this morning and says..

"I see they are cutting social security taxes. I guess it's good because we get to keep more of our money. But what about our social security money when we retire? We depend on that money to survive in our golden years. Obama just doesn't care about this countries future"

Then it hit me.. This isn't about taxes, socialism and spending at all with some of these people...

Get rid of Social Security and let people either choose or not choose to invest in their own retirements...

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