Posts Tagged ‘Bureau of Labor Statistics’

Jobless numbers released, on time for a Friday afternoon post

Friday, January 8th, 2010

chart-job-loss-1-8-10

The Bureau of Labor Statistics has the bad news: (h/t Ed)

Nonfarm payroll employment edged down (-85,000) in December, and the unemployment rate was unchanged at 10.0 percent, the U.S. Bureau of Labor Statistics reported today. Employment fell in construction, manufacturing, and wholesale trade, while temporary help services and health care added jobs.

In December, both the number of unemployed persons, at 15.3 million, and the unemployment rate, at 10.0 percent, were unchanged. At the start of the recession in December 2007, the number of unemployed persons was 7.7 million, and the unemployment rate was 5.0 percent. …

Total nonfarm payroll employment edged down in December (-85,000). Job losses continued in construction, manufacturing, and wholesale trade, while temporary help services and health care continued to add jobs. During 2009, monthly job losses moderated substantially. Employment losses in the first quarter of 2009 averaged 691,000 per month, compared with an average loss of 69,000 per month in the fourth quarter.

This is sharp drop on the workforce, 661,000 fewer people working.

James Pethokoukis lists
9 reasons why the Dec. jobs report is bad news for Dems

9 reasons why the Dec. jobs report is bad news for Dems
Jan 8, 2010 10:33 EST
2010 election | Obamanomics | unemployment

Talk about one last gasp from the horrible year that was 2009. On the political front, the December jobs numbers were terrible news for the White House and congressional Democrats in a midterm election year. Here’s how it plays out:

1. Remember this simple formula: Unemployment drives presidential approval numbers and presidential approval numbers drive midterm election results.

2. President Barack Obama’s approval numbers are hovering just a tick below 50 percent. Since 1962, the average House midterm loss for the president’s party when his approval is sub-50 percent is 41 seats. The GOP needs 40 to take the House.

3. And make no mistake, the December unemployment numbers were bad both economically and politically. The 85,000 job loss was worse than expected and will be played that way the media. The continuation of a double-digit unemployment also resonates with voters. And not a in a good way.

4. Then will come the second-take stories that will notice the shrinking labor force, which dropped by nearly 700,000 from November. Had it stayed stable for last month, the jobless rate would have been 10.4 percent. Had it stayed stable since August, the jobless rate would be 11 percent!

5. But wait, there’s more! The U-6 rate rate which combines the basic jobless rate, discouraged workers, part-timers-who-would-rather-be-full-tim ers climbed to 17.3 percent. And the average duration of unemployment rose to a record high 29.1 weeks.

Go read the other four reasons.

Power Line explains how the Obama economy is worsening the recession.

What’s to come? The upcoming healthcare legislation, cap and trade, and inflation are not going to make any of these numbers any better.

UPDATE
Not depressed enough yet?
Unemployment Exhaustion Rate = 53.78%, a New High

Update, Saturday 9 January
Doug Ross has a post you must read:
The Obama Recovery: more than 50% will pay no federal taxes in ’09 — a John Galt Tipping Point