Friday, December 07, 2012

Jobs report? Unemployment at 7.7%? Realy?

The tale of two reports. I believe that Mark Twain had it right when he uttered his famous: "There are lies, there are damn lies and there are statistics." Only a damn fool would buy what is being represented and perpetrated against the American people as it concerns the true unemployment rate in this country.

Over 88 million Americans are not working. That is close to one third of our population. Who and what are supporting them?  And on top of that? We once again simply wrote off over a half million Americans who are out of work but who are 'no longer looking for jobs?' How exactly is that accomplished? I am not sure how that works. It seems to me that regardless of whether you have a job or not, there are expenses involved in living. Rent, food, utilities, clothing and don't forget health care. So who is paying for those necessities for these newly included 540 thousand who are 'no longer looking for a job?'

Fiscal cliff? your damn right we are headed for a fiscal cliff. I truly love that euphemism. "Fiscal cliff?" Is that what we are calling the end of America as we know it? Is that how we refer to the complete and utter collapse of our economy? We aren't looking at a fiscal cliff folks, we are looking down both barrels of a reality that is about to explode into a complete collapse of civilization as we know it and anarchy.And Barack Obama and congress have their fingers on the triggers.

Retail and service industry jobs are not what made this nation great and their limited seasonal increase will not sustain us or drag us out of the ever deepening hole. Unless it is our intention as a nation to become the third world play ground of the rich and famous in Europe and Asia, we are on a greased rail to oblivion in the very near future.

And the band plays on and Nero fiddles and the complicit media remains asleep at the switch.

Job Creation Hits 146,000, Rate at 7.7%

The U.S. economy created 146,000 new jobs and the unemployment rate slid to 7.7 percent, in a report much better than economists had expected.
Despite the effects from Superstorm Sandy, the jobs engine continued to run, albeit slowly.
The Labor Department said the storm's effects might be more accurately gauged in next months' report.

146,000 Jobs Added In November, Beat Expectation Of 85,000, Unemployment Rate Lower At 7.7%

Tyler Durden's picture

Looks like Sandy was not an issue at all in the November jobs report which beat in both the number of jobs added, at 146,000 on expectations of 85,000, while the unemployment rate declined to 7.7% from 7.9%, where it was expected to post as well. Watch this space next month for prio revisions: September and October saw 49K downward revisions combined. November will suffer the same fate.

and manufacturing jobs dropped more than expected...

Confused why the unemployment rate dropped? The same, favorite BLS adjustment - a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.

In terms of quality of jobs, the biggest gain was in retail jobs as expected in part of the Thanksgiving rush, which added +53K jobs, Professional and Business services rose by 43K, of which Administrative and Waste Services was +23K, and Hospitality and Leisure +23K: all los paying jobs. Construction jobs lost: 20K.

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