US adds 171,000 new jobs in October; 25th straight month of job growth

Discussion in 'Politics, Religion, Social Issues' started by zioxide, Nov 2, 2012.

  1. zioxide macrumors 603

    zioxide

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    #1
    http://hosted.ap.org/dynamic/stories/U/US_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT

    More proof that we are making real progress. The rate we are adding jobs has been increasing over the past few months. More people are starting to feel confident and people who had previously stopped looking for work are now starting to look again. We're going in the right direction. Why turn back now?
     
  2. Tomorrow macrumors 604

    Tomorrow

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    #2
    If by "real progress" you mean "significant progress," I can't agree.

    While the economy is definitely adding jobs, it's a bit misleading to look at 171,000 new jobs for October and take it at face value. It's been estimated that the economy needs to add anywhere from 80,000 to 150,000 jobs per month just to keep up with population growth. Factor that in, and the number of new jobs isn't nearly as impressive as it might appear.

    Factoring in population growth, there's been a substantial net loss of jobs since he took office.
     
  3. zioxide thread starter macrumors 603

    zioxide

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    #3
    It's significant because between election day 2008 and the day President Obama took office we were losing jobs at a rate of 800,000 per month. Gaining an average of 173,000 per month is significantly better than losing 800,000 per month.

    Obviously it's not where we want or need it to be, but it is progress. You have to learn to walk before you learn to run.
     
  4. Rodimus Prime macrumors G4

    Rodimus Prime

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    Yeah but for about the year after he took office the economy was lossing 6+figures a month. So from when it bottom out that is another story. He took on an economy that was losing over 1/2 a million jobs a month.

    Mind you there needs to be more growth as really I look at only things that over 125-150k as real job growth.
     
  5. PowerPCMacMan macrumors 6502a

    PowerPCMacMan

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    Real Unemployment percent

    This isn't the real unemployment percentage.. I figure its still close to 15 percent. The Government lies about these figures and doesn't factor in the only reason why the unemployment rate went down is due to the fact that many are already done with their benefits and or given up trying to find work.

    Still pretty dismal if you ask me. Add to the fact that the only jobs added were service industry based jobs which pay only 7.25- maybe, if your lucky, 10 or 11 an hour - hardly any change for the better if you ask me.

    ----------

    The sad part is that this number 7.8 is NOT the real unemployment percentage. The government and labor departments only show you the percentage of those who have dropped out looking for employment and or exhausted all of the unemployment benefits - more people fall off unemployment(benefits gone), the lower the number.. but this is NOT the real unemployment percentage by a long shot..

    still the job market is dismal. Most of the jobs added according to this article were LOW-paying service industry jobs, hardly anything significant if you ask me. 7.25-11 an hour jobs hardly provide LIVING wages to those who were making top dollars before layoffs or unemployment.

    just my .02 - Then again I don't believe anything the government says these days.


     
  6. Tomorrow macrumors 604

    Tomorrow

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    You might not have a good understanding of what "service industry" jobs are - these are industries that provide services instead of products. Doctors, lawyers, engineers, accountants, etc. I don't think any of them would consider themselves "lucky" to make 10 or 11 an hour.
     
  7. Ugg macrumors 68000

    Ugg

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    What you mean is that those jobs are "professional" service industry jobs which require extensive education and in many cases, state or federal licensing. I don't know why you chose to be obtuse rather than ask for a clarification.
     
  8. zioxide thread starter macrumors 603

    zioxide

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    This is the rate they have used for as far back as I know. Whether you agree with the methodology of finding the numbers or not, this is the way they are calculated now. Improvement is still improvement even if it's a small amount.

    This just proves you probably didn't read the article, because the unemployment rate actually increased by 0.1% since last month. However, since we added nearly 175k jobs, the fact that the percentage increased shows that some of the people who had given up looking for work a few months ago are now starting to look again. This is clearly a good thing.

    Additionally, from the article:

    But since then, more Americans have started or resumed their job hunts, and most have found work. The percentage of Americans working or looking for work rose for a second straight month in October to 63.8 percent.

    The number of people with part-time jobs who wanted full-time work dropped last month. And the number of people who have stopped looking for work also declined. The so-called underemployment rate, which consists of those two groups plus the unemployed, dipped to 14.6 percent from 14.7 percent.


    It doesn't say that anywhere in the article.
     
  9. CorvusCamenarum macrumors 65816

    CorvusCamenarum

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    #9
    How many of those jobs are seasonal that will be gone come January?
     
  10. citizenzen macrumors 65816

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    #10
    ^^^This.

    Unless the detractors can prove that this number was derived in a unique way just for the Obama Administration, then it's the same number by which every past administration has been judged.

    It's curious how the detractors want to change the basis by which unemployed is judged now that Obama is in office.

    Very curious indeed.
     
  11. Eraserhead macrumors G4

    Eraserhead

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    #11
    The figures will be seasonally adjusted.
     
  12. blevins321 macrumors 68030

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    #12
    As a contractor designing a state unemployment system, doing federal reporting, I can tell you that the reporting formulas have not been changed since at least the Windows 95 era.
     
  13. Rodimus Prime macrumors G4

    Rodimus Prime

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    I am just going to point out that the work force has increased not decrease. AKA more people entered the work force so the number dropped with a larger gain in the people entering the work force.
     
  14. Tomorrow macrumors 604

    Tomorrow

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    "Obtuse?" No, just pointing out a flaw in someone's claim. Think about it, even guys who mow the lawn make more than ten bucks an hour. There's nothing "lucky" about working in a service industry and making more than minimum wage.

    In fact, let's think about jobs that do pay minimum wage. Fast food? That's not a service industry. Stocker? That's retail. Warehouse? By definition, you're moving products in a supply chain; not a service industry.

    This is an argument based on simple facts. Nothing obtuse about it.
     
  15. MadeTheSwitch macrumors 6502a

    MadeTheSwitch

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    Glad we have an expert here who "figures" things out better then all the economist in the country. Without any supporting evidence. :rolleyes:
     
  16. JMB1911 macrumors regular

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    It's both shocking and pathetic how anyone can take an honest look at obamas record and think it is good. I am literally amazed. AMAZED.
     
  17. citizenzen macrumors 65816

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    I see four years of economic recovery despite a Republican Party determined to thwart Obama's every move. Now Romney has little to campaign on ... other than claiming that he'd have done it faster.

    To paraphrase a quote I read somewhere ...

    It's both shocking and pathetic how anyone can buy the snake oil that Romney is selling. I am literally amazed. AMAZED.
     
  18. JMB1911 macrumors regular

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    We shall see on Tuesday. Your name is fitting.....citizen of the all powerful state. Just the way you like it.
     
  19. iJohnHenry macrumors P6

    iJohnHenry

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    #19
    :confused:

    It is obvious, to all but a few, that he is indeed Citizen Zen. :D
     
  20. MadeTheSwitch macrumors 6502a

    MadeTheSwitch

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    You don't need to wait until Tuesday. You can see it in how the campaigns are acting now. When a campaign goes into a state they have avoided (PA) at the last minute, it is a sign of desperation. Even Ann has been in tears this weekend and reflecting back on the campaign..as if it's the day after the election. Except she is doing this before election day. And they are already trying to spin things as being the hurricane's fault. That's not signs of a winning campaign. They know they have lost. A campaign knows.
     
  21. haxrnick macrumors 6502a

    haxrnick

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    I guess that's a way to spin it. Typically PA has gone (D) and is probably looked at as California or NY so why waste the money? Now that they realize there's a chance maybe they're there to actually try and pull it out.
     

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