Tagged: Facts are a bitch
February 7, 2015 at 1:18 pm #6351
US employers kept their doors wide open for new hires in January, capping a three-month surge that saw a stunning one million jobs created across the country.
A better-than-expected January total of 257,000 net new jobs made for the best hiring over three months since 1997, with a broad range of industries expanding payrolls despite the mid-winter economic slowdown.
The Labor Department’s January employment report released Friday also showed a modest gain in wages, and while the unemployment rate edged up to 5.7 percent from 5.6 percent, analysts said that related more to a jump in returnees to the labor force — a positive sign.
With the economy marking the 11th straight month of 200,000-plus jobs added, “This was another incredibly strong employment report for the US,” said Harm Bandholz of UniCredit.
Most economists said the fresh data showed real signs of the economy gaining traction after a bumpy 2014 during which it grew a modest 2.4 percent.
I blame Obama!!!!!February 7, 2015 at 1:41 pm #6352jerry1949Spectator
Economies bounce back fine all on their own. The best thing a president and the government can do is stay out of the way.
But it’s still not great:
There’s no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.
And it’s a lie that has consequences, because the great American dream is to have a good job, and in recent years, America has failed to deliver that dream more than it has at any time in recent memory. A good job is an individual’s primary identity, their very self-worth, their dignity — it establishes the relationship they have with their friends, community and country. When we fail to deliver a good job that fits a citizen’s talents, training and experience, we are failing the great American dream.
Gallup defines a good job as 30+ hours per week for an organization that provides a regular paycheck. Right now, the U.S. is delivering at a staggeringly low rate of 44%, which is the number of full-time jobs as a percent of the adult population, 18 years and older. We need that to be 50% and a bare minimum of 10 million new, good jobs to replenish America’s middle class.February 7, 2015 at 5:02 pm #6358
Healthy economy forces Republicans to rethink Obama-skewering strategy.
A robust economy marked by a boom in jobs and a plunge in gas prices is threatening the longtime Republican strategy of criticizing President Obama for holding back growth and hiring, forcing the GOP to overhaul its messaging at the beginnings of a presidential campaign.
On Friday, the government announced that 257,000 jobs had been created in January and that wages over the past year had increased 2.2 percent. The bump in wages, together with the sharp decline in gas prices, is providing financial relief that could be worth as much as $2,000 a year to an average worker.
The unemployment rate ticked up by one-tenth of a point to 5.7 percent, largely because a wave of people reentered the workforce — or resumed job hunts — after years of discouragement.
“We’re finally getting to that point where a self-sustaining recovery is going on,” said Jeremy Lawson, chief economist at Standard Life Investments, an asset management firm.
The improvement may mark a turning point in the nation’s seven-year-long debate over the state of the economy. Obama came to office amid a financial crisis, promising to turn the economy around. Republicans repeatedly — and, in the 2014 midterm campaign, successfully — argued that he had fallen short, with an economy suffering slow growth and unnecessarily high unemployment.
But a broad consensus among economists that the economy has come to life in recent months appears to be turning that GOP strategy on its head. Some leaders, such as Senate Majority Leader Mitch McConnell of Kentucky, have acknowledged and sought to claim credit for the improvement, which has coincided with Republicans taking control of both houses of Congress.
Republican economic strategists say that the economy’s improvement poses a tough challenge for the GOP, potentially undermining the party’s hopes of recapturing the White House in 2016 if they don’t have a message that goes beyond assailing Obama.
“When Hillary Clinton runs, she’s going to say, ‘The Republicans gave us a crappy economy twice, and we fixed it twice. Why would you ever trust them again?’ ” said Kevin Hassett, a former economic adviser to GOP nominees Sen. John McCain (R-Ariz.) and former Massachusetts governor Mitt Romney.February 7, 2015 at 5:06 pm #6361
Booming jobs and falling gas prices make this the best economy in 15 years.
The economy added 257,000 jobs in January, added a whopping 147,000 more in revisions to previous months, saw average hourly wages creep up 2.2 percent the past year, and, best of all, the unemployment rate ticked up from 5.6 to 5.7 percent. This last part was good news, because it wasn’t about people losing their jobs, but rather about more people looking for them. Indeed, the labor force grew by 703,000—yes, that’s not a misprint—after you include annual population adjustments. So joblessness went up because the economy is creating so many jobs that people have stopped giving up.
This is the best the economy’s been in 15 years. It’s added an average of 336,000 jobs a month the past three months, 291,000 the past six, and 268,000 the past 12, which, as you can see below, are the highest they’ve been since, yes, 2000. And no, wages still aren’t rising as much as we’d like, but they’re still rising more than inflation thanks to the big drop-off in oil prices. That gives people more money to spend, which leads to more jobs, and, in turn, even more spending, and so on, and so on. It’s a virtuous cycle that might get even more so if young people start moving out of their parents’ basements—yes, they really are—and we have to start building again. There’s already a glimmer of that, as construction has added an average of 38,000 jobs the past three months.February 7, 2015 at 5:09 pm #6362
U.S. Jobs Created in 2014 Largest since 1999.
Last year’s new job numbers in the United States were the highest since 1999.
According to the U.S Department of Labor, more than 2 million jobs were created, dropping the nation’s unemployment rate to 5.6% by the end of the year.
The Department of Labor reports at least 200,000 jobs were added each month for the last 12 months, the first time this has happened in 20 years.February 7, 2015 at 5:50 pm #6366jerry1949Spectator
The bottom line is that we’re at an all time low of full time workers as a percentage of those capable of working.February 7, 2015 at 7:28 pm #6370Deane JohnsonParticipant
What sort of jobs were these? Should we assume they were jobs paying a family a living wage?February 7, 2015 at 7:37 pm #6371
Would either of you prefer a loss of 750,000 jobs per month which was the case when Obama inherited a shit sandwich of an economy?
Face it. The economy is moving forward at full steam, much to the chagrin of those that said Obama would ruin the economy and the stock market. Neither of those outcomes has happened. In fact, the markets are at all time highs and we are seeing job growth not seen in a decade plus.
I’ve been saying for 2+ years that the economy is going in the right direction, and here I am to shove a little shit in all the doomsdayer conservative losers who claim otherwise.February 7, 2015 at 7:46 pm #6374edselehrParticipant
If you’re not going to credit Obama for improvements in the economy, then you can’t blame Obama for any economic downturns.February 7, 2015 at 7:55 pm #6378
What it comes down to is that Obama was right and conservatives were wrong. Conservatives wrecked the economy beyond belief, and Obama did his best to improve it. There is no question that the GOP has been a damper on our recovery, because if Obama were to have his way, the economy would be much better than it is.February 7, 2015 at 11:26 pm #6388skepticalParticipant
“If you’re not going to credit Obama for improvements in the economy, then you can’t blame Obama for any economic downturns.”
Worth giving an echo in case our conservative friends (and resident idiot) didn’t hear this the first time.
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