Follow Slashdot blog updates by subscribing to our blog RSS feed

 



Forgot your password?
typodupeerror
×
United States The Almighty Buck

US Economy Added 178,000 Jobs in November; Unemployment Rate Drops To 4.6 Percent (washingtonpost.com) 533

The U.S. economy added 178,000 jobs in November, while the unemployment rate fell to 4.6 percent from 4.9 percent the previous month, according to new government data released (Editor's note: the link could be paywalled; alternate source) Friday morning. From a report on the Washington Post: Economists surveyed by Bloomberg News had expected U.S. employers to create 180,000 new jobs last month -- roughly in line with the average number added in the first 11 months of the year. The first release after a contentious election in which the candidates disputed the health and direction of the economy, the data showed a job market that is continuing to steadily strengthen from the recession. The unemployment rate fell to levels not seen since August 2007, before a bubble in the U.S. housing market began to burst. The fall was driven partly by the creation of new jobs, and partly by people retiring and otherwise leaving the labor force. The labor force participation rate ticked down to 62.7 percent. Average hourly earnings declined by 3 cents to $25.89. The decrease pared back large gains seen in October, but over the year average hourly earnings are still up 2.5 percent, the Bureau of Labor Statistics said.
This discussion has been archived. No new comments can be posted.

US Economy Added 178,000 Jobs in November; Unemployment Rate Drops To 4.6 Percent

Comments Filter:
  • Thank God (Score:5, Funny)

    by monkease ( 726622 ) on Friday December 02, 2016 @10:11AM (#53407991) Homepage
    the GOP saved us from the Anti-Christ Obama, who was sure to appoint himself President-for-Life, and who, unchecked, would have stripped religion, freedom, free enterprise, free speech, free beer, whiteness, and fast food from our great land. Obviously this good news has to do with our optimism about President Trump, who has vowed to preserve our most sacred traditions and Make America Great Again, Like It Used To Be, Before Obama Took All The Jobs, you know?
  • by Anonymous Coward

    Dear America,
    Brace yourself, this might be the last story before "Despite Trump" begins to be added to every positive story by the bitter left wing.
    Sincerely,
    The UK, despite Brexit.

  • The unemployment rate fell to levels not seen since August 2007, before a bubble in the U.S. housing market began to burst. The fall was driven partly by the creation of new jobs, and partly by people retiring and otherwise leaving the labor force. The labor force participation rate ticked down to 62.7 percent.

    So uh, inflation is still a thing (at a fairly steady rate) and retirement plans have imploded and people have less savings than ever, so they should be having to work longer, right? Unless those people are actually dropping dead, a reduction in the labor force participation rate at this time equals an increase in the actual unemployment rate, as defined by the number of people seeking employment. People who are partially employed and either going farther into debt or neglecting their health because they can't afford deductibles and/or time off (or both) are not only a growing segment of the population but also not represented in the unemployment rate.

    Last I checked, a million new jobs hadn't made any improvement in the number of people seeking work. This is really the only relevant statistic of this bunch, and it's not presented here. Hmmmmmm.

    • a reduction in the labor force participation rate at this time equals an increase in the actual unemployment rate, as defined by the number of people seeking employment.

      4.6% unemployment in November 2016 is at 62.7% labor force participation rate. At a LFPR of 66.4%--the peak rate at 2007--that would reflect 4.87% unemployment. Comparing to Obama's peak 10% unemployment at 65% labor force participation rate, it'd be 4.77%.

      Last I checked, a million new jobs hadn't made any improvement in the number of people seeking work.

      A million new jobs and 1.5 million new people is a reduction in proportion of unemployed people and an increase in effectiveness and stability of economy. An economy with 1 million people seeking work and 300,000 employed is collapsing and will experi

    • by jeff4747 ( 256583 ) on Friday December 02, 2016 @11:03AM (#53408403)

      a reduction in the labor force participation rate at this time equals an increase in the actual unemployment rate, as defined by the number of people seeking employment

      Actually, it's nowhere near that simple. For example, my wife is a "stay-at-home mom". Thus she's on the "bad" side of the labor force participation rate. She's doing this because 1) we think it's better for our younger-than-school-age kids, and 2) she can't make enough to pay for the daycare we would have to buy.

      When the BLS measures the "unemployment rate", they actually produce several different statistics. These statistics are produced by surveying households, not just people receiving unemployment benefits. The number printed in newspaper headlines is U3. The people you are talking about when you say "actual unemployment rate" are in U6. Here's a graph of U6. [stlouisfed.org]

      If you're going to claim a low employment/population ratio always demonstrates an awful economy, you're going to have to explain why the 1950s/1960s "boom" had a lower employment/population ratio than we have today. [stlouisfed.org]

  • by ITRambo ( 1467509 ) on Friday December 02, 2016 @10:25AM (#53408071)
    These are not the hallmarks of a thriving economy. The US economy is in a sickly state, with too many part time jobs with no benefits. We need to stop shooting ourselves in the foot. The fact that the numbers look like an improvement is a bit like a doctor telling a patient wife that he's not sick any more. He's dead. The US needs to get healthy before it dies.
    • The average income doesn't represent income as buying power. That statistic is particularly interesting to me, but not to everyone else: nobody cares that they spend half as much of their income on all the shit they used to buy, and now load up on new stuff they couldn't afford before; what they care about is that the number of dollars hasn't gotten visibly-bigger. If people were naive to inflation, we could just instate 10% inflation per year and tell them they're getting richer, and they'd believe it

    • Average income down, fewer people working

      No, average incomes are not down.

  • Wait a year (Score:2, Interesting)

    by GLMDesigns ( 2044134 )
    When Bush was president 200,000 new jobs was considered anemic as it didn't cover the rise in working age adults.

    Now, with a greater population 187k is considered great. A sign that the economy is truly booming.

    Wait a year, when Trump is president, and anything under 200,000k will be considered anemic again.

    Remember we've always been at war with Eastasia.
    • Re:Wait a year (Score:4, Insightful)

      by bill_mcgonigle ( 4333 ) * on Friday December 02, 2016 @03:22PM (#53410367) Homepage Journal

      When Bush was president 200,000 new jobs was considered anemic as it didn't cover the rise in working age adults.

      Currently we need 215-220K per month growth to remain even with population growth. Everything else is a loss, and the lies are covered up with the "discouraged worker" nonsense.

      Don't be played for a fool by official propaganda - the math will set you free. Once you understand that this drain on the economy is the real cost of endless war, it starts to make quite a bit more sense (and it's also much more depressing). But, "hey, the unemployment rate is down*!" so go back to soda pop and television. #include officerbarbrady

  • Hmm... (Score:5, Interesting)

    by EmeraldBot ( 3513925 ) on Friday December 02, 2016 @10:41AM (#53408197)
    I wonder what this''ll do for Trump's expectations. We have a bit of a paradox at the moment - he gets away with the a lot of stuff we would never let any other person say, and we accept his lack of policy, on the basis that he's inexperienced, or not a normal politician. However, at the very same time, people seem to have rather unreal standards for him - not only is he supposed to be everything that a normal president is supposed to be, classy and in tune with what's happening, but he's supposed to exceed on every metric - bring outstanding improvements to the economy, make the United States a world power (without diplomacy), and construct vast infrastructure improvements while curb stomping taxes for everyone. I honestly wonder what'll happen with his supporters when these two collide - many of them do seem to genuinely expect him to pull this off, and if he fails, they don't have anybody else to blame. 2020 might be a rather interesting election year...
  • Freaking Obama hoarding the jobs until the end just so he can make the GOP look bad. SEE SEE!!!!! His Alien brain control device from Area 51 is unfair!

Never buy what you do not want because it is cheap; it will be dear to you. -- Thomas Jefferson

Working...