U.S. Adds 284K jobs in January

[Texashiker]

That translates to about 160,000 jobs. It wouldn't make a dent.

160,000 jobs X $50,000 a year = 8 billion

For $16 billion, its more like 320,000 jobs at $50k a year.

If my math is off, please let me know.

Bringing down unemployment to 8.4%, per CNN twitter.

I would like to know the average yearly wage of those 284k jobs.

 

[woolfe9999]

The correct numbers are 8.3% unemployment and 243,000 jobs, not 8.4% and 284,000 jobs.

Also worth mentioning, labor force participation remained unchanged for the month, so like last month, once again there wasn't an exodus from the job market.

Also December got a small upward revision and November got a large one.

http://www.bls.gov/news.release/pdf/empsit.pdf

This is starting to possibly look like a trend. Let's hope it is one.

 

[PokerGuy]

More jobs is always a good thing, I'm glad to see things are slowly starting to come around.

Edit: thanks to woolfe9999 for clarifying, removed my comment regarding participation rate.

 

[Texashiker]

This is starting to possibly look like a trend. Let's hope it is one.

Look for the economy to take a upwards turn in November - April. This is due to seasonal shopping, and income tax returns.

After April, look for the economy to take a nosedive as income tax returns are depleted.

My step son works for a local big box mart. Every year he gets back around $6 - $9k in income tax. He has 3 kids and the job does not pay "that" great. He spends the money on home improvements and toys like new cell phones. Usually by February he has spent all of the money

 

[Blackjack200]

160,000 jobs X $50,000 a year = 8 billion

For $16 billion, its more like 320,000 jobs at $50k a year.

If my math is off, please let me know.

If a worker is making $50k a year his employment is likely costing close to $100k once you consider employer contributions to payroll taxes, benefits (health etc.), pensions, support (office space, computers, the whole shebang), more management, etc.

But $100k might be too much. Let's split it and say $75k per hire or about 215k jobs. Still won't make a dent. We added 243k just last month and that didn't make a dent.

 

[manimal]

While participation rate is a concern the overall trend is a good thing. What I am seeing in construction and automotive sectors is a uptick in aggregate demand. Spending is up which is the most meaningful metric we can look at among a sea of cherry picked numbers thrown at us.

 

[woolfe9999]

Look for the economy to take a upwards turn in November - April. This is due to seasonal shopping, and income tax returns.

After April, look for the economy to take a nosedive as income tax returns are depleted.

My step son works for a local big box mart. Every year he gets back around $6 - $9k in income tax. He has 3 kids and the job does not pay "that" great. He spends the money on home improvements and toys like new cell phones. Usually by February he has spent all of the money

If memory serves, in 2010 and 2011, the best months were not Nov/Dec/Jan, but rather March/April/May. The worst were the summer months. So you may be somewhat correct, but if the trend holds, we'll see even stronger numbers in the spring than we're seeing now, so the summer months will have to be pretty awful to negate much of this trend. We shall see.

 

[michal1980]

Are you really this ignorant or are you just pretending? Do you realize how many facets of the manufacturing industry directly support the Auto industry? Do you want all those businesses to fail too?

/facepalm X 10

I want bad business to fail.

 

[RavenSEAL]

Official White House Chart:

January was the 23rd consecutive month of job growth: http://ofa.bo/8Vpg5x

 

[1prophet]

Are you really this ignorant or are you just pretending? Do you realize how many facets of the manufacturing industry directly support the Auto industry? Do you want all those businesses to fail too?

/facepalm X 10

You mean like the ever growing overseas companies like china producing more and more original equipment parts for the big 3, pretty soon the US companies won't be relevant.



And where is the UAW who at one time would shut down an automaker if they found NGK plugs in an American car?

[SIZE=+4]Saturn workers may strike GM[/SIZE]

FLINT, Mich., July 17, 1998 -- The labor troubles at General Motors Corp. are growing as the automaker's Saturn workers in Tennessee will vote Sunday on whether to give union leaders permission to call a strike.
Even though the Saturn workers have long been portrayed as a model of union-management cooperation because of their unconventional UAW contract, a dispute arose with GM over worker bonuses. The dispute has been exacerbated by GM's use of Japanese spark plugs in Saturn engines since one of the two Flint strikes cut off the supply of GM plugs last month.
And at GM's engine plant in Romulus, outside Detroit, workers disrupted production Wednesday to protest the use of the Japanese NGK plugs there. The Romulus plant makes engines for GM's new generation of full-size pickups.
"I think it's a total disservice to all of America for General Motors to be using Japanese spark plugs in their products," UAW Vice President Richard Shoemaker said. "Again, I think it lends validity to what we've been saying all along, that they have an 'America last' strategy."
The strikes, which began June 5, have cost the world's No. 1 automaker at least $1.2 billion. They have idled 25 assembly plants and more than 100 parts plants across North America, as well as nearly 179,00 workers.

I'll tell you where they are standing by the side of the Democratic party that has muzzled them over the years, soon they won't be relevant.

 

[umbrella39]

Actually, the manufacturing sector was one of the fastest growing areas.

Indeed. It is nice to see want ads finally starting to show up in Michigan which was decimated for the past 10 years due to manufacturing taking a crap here.

 

[Jaskalas]

I suppose I should be thankful the government created yet another economic bubble to 'save us' from the mess of a correction. Then again, when you look at the debt and taxes needed to fill the gap, I'm not convinced there will be anything to be thankful for once the bill comes due for this wonderful 'economy'.

Worse yet when this bubble pops. When will that be, I wonder?

 

[cybrsage]

The new Chevy Sonic is built in the US...unlike the Ford Fiesta, its direct competitor (build in Mexido).

 

[Ninjahedge]

The new Chevy Sonic is built in the US...unlike the Ford Fiesta, its direct competitor (build in Mexido).

I've been to Mexido.

I like it there.

 

[fskimospy]

I've been to Mexido.

I like it there.

Dancun is nice this time of year. You can swim with the turtles.