Unemployment down to 6 year low @ 5.9%. 248,000 jobs added Sept. July/Aug. revised

[Engineer]

Bloomberg on the other hand is quite fantastic, very fair.

I should correct myself to state that I have Bloomberg HD but not standard and my HD DVR is downstairs vs regular cable box upstairs. I cannot watch Bloomberg upstairs (in bed) but can watch CNBC. I have rarely watched Bloomberg but may watch it a little just to see what it's about. I hardly watch anything like that anymore because the shows like Fast Money, Mad Money and the Kudlow Report just made it not worth watching.

 

[senseamp]

Don't have Bloomberg and I already said that I would stop watching CNBC (I rarely do anyway).

http://www.bloomberg.com/tv/

 

[werepossum]

The headline number isn't what matters, what matters is the type of jobs, hourly wages, hours worked, who is getting the jobs, and disability.

From what ZH is saying, most of the jobs went to 55-69 demographic. That's not good.

The unemployment rate and participation rates are also important.

 

[Engineer]

Out of curiosity, since there were so many new full time jobs created yet the average wage didn't tick up, does that mean anything in terms of what these new jobs pay (or are they too new to show up in wage statistics)?

 

[werepossum]

So you don't think there is a systemic problem with the types of jobs leaving vs the jobs that are replacing them? Last I saw, all jobs aren't equal and the ones that we are getting take 2 to 3 to make up for a 'good one' lost. If you think I'm whining, more power to you. We are reaping what we sow and the garden looks like shit right now.

Well said. And Democrats want to embrace it and simply seize and redistribute income, and Republicans want to ignore it and pretend it will somehow get better if we just keep doing the things that got us here.

The old truism is that a rising tide lifts all boats. Well, global arbitrage added a metric shitton of boats in China and other Third World nations that have to be lifted up to your level before yours begins to lift. In the mean time, enjoy sinking further into the mud and hope that when that tide reaches you, you aren't already buried.

Engineer, the professional, healthcare and construction jobs in this report accounted for the majority of the 248K gained in September. By definition those aren't McService jobs, certainly not in the wages sense. Wages also went up 2% in the last 12 months, which isn't great but outstrips inflation by a percent. It's pretty typical recovery from a financial-centered recession. Full time jobs far outstripped part time jobs as well.

I think your quoted material may be the best news of all here. If part time jobs are decreasing while full time jobs are increasing, that probably means that employers are either confident enough of the economy to pay benefits, or scared enough of the job market to not risk not paying benefits, or both.

 

[himkhan]

The service industry figured out that if they replaced a full time job with two part time jobs that they're creating twice the opportunity. Twice the jobs! As an added bonus, they no longer have to pay benefits. It's win-win all around.

The service industry has been doing this for decades now to avoid paying their employees benefits. 2 schleps working 20 hours a week has always been better than one person working 40 and drawing benefits.

This is nothing new. :|

 

[sportage]

It is amazing Obama has been able to do what he has, considering the push back from republicans in congress. This news alone should be more than enough to return the US house as well as keeping the US senate democrat.
But people forget.
I figure it takes about one election cycle for the average voter to totally forget what it was like when those "other" guys were in power.

And the news media pulls this shit with the good news must be followed by the imaginary bad news.
I.E., The employment rate dropped under 6%, BUT ARE ALL AMERICANS FEELING ANY PROGRESS?
Unemployment is still 11% for the black and Hispanic community.
But THAT is not Obama's fault.
If the middle class is still feeling that pinch, and the minority communities, then that blame goes to the "other" side in power.
The members of congress that block any and every stimulus proposal which would help out those minorities.

And does anyone really believe that an Mitt Romney or Chris Christie administration would have any influence on minority unemployment other than to make it worse?

If the middle class is feeling pinched even though economically things have improved much, it wouldn't have anything to do with the republican assault on unions and wage now would it?

If the unemployment drops and the economy improves and the market is doing great, having that workers salary remain stagnant while the cost of living continues rising out of sight, then naturally the middle class, the working class, is not going to feel the economic improvements.

But again, all this can be fixed for the better.
It's called elections.
And until the voter ends this practice of voting against their own best interest, and getting their news from Fox, nothing will ever change.
.
.
.

 

[CLite]

Good number, beneath the surface some concerns remain. Looks like markets love it.

Participation rate for 25-54 age group vs participation rate for 55 and over indicates retirement is not the only reason for the 36 year low in LFP we see.

25-54 LFP is declining, 55+ LFP is increasing. Looking at these from about 2000. The GFC really crushed LFP.

A wave of retirement fails to adequately explain the drop in the LFP for ages 54 and under in recent years. Not sure why this keeps getting used to plug the valid concerns about the low LFP.


Anyone have numbers for average federal taxes paid per worker since about 2000?

my googling skills seem to be very weak. Where do you find the 24-54 LFP and 55+ LFP? It seems those numbers are critical for either confirming or disproving the "boomer retirement" explanation.

 

[Cozarkian]

Now change the "From" field to 1948, and you'll see it's just returning to historical norms

Historical norms is when women couldn't get a decent job. It isn't a good thing to return to historical norms.

 

[senseamp]

Historical norms is when women couldn't get a decent job. It isn't a good thing to return to historical norms.

Historical norms when one salary was enough to support a decent life for yourself and your family. Yeah, we wouldn't want to return to those

 

[Matt1970]

It is amazing Obama has been able to do what he has, considering the push back from republicans in congress. This news alone should be more than enough to return the US house as well as keeping the US senate democrat.
But people forget.
I figure it takes about one election cycle for the average voter to totally forget what it was like when those "other" guys were in power.

And the news media pulls this shit with the good news must be followed by the imaginary bad news.
I.E., The employment rate dropped under 6%, BUT ARE ALL AMERICANS FEELING ANY PROGRESS?
Unemployment is still 11% for the black and Hispanic community.
But THAT is not Obama's fault.
If the middle class is still feeling that pinch, and the minority communities, then that blame goes to the "other" side in power.
The members of congress that block any and every stimulus proposal which would help out those minorities.

And does anyone really believe that an Mitt Romney or Chris Christie administration would have any influence on minority unemployment other than to make it worse?

If the middle class is feeling pinched even though economically things have improved much, it wouldn't have anything to do with the republican assault on unions and wage now would it?

If the unemployment drops and the economy improves and the market is doing great, having that workers salary remain stagnant while the cost of living continues rising out of sight, then naturally the middle class, the working class, is not going to feel the economic improvements.

But again, all this can be fixed for the better.
It's called elections.
And until the voter ends this practice of voting against their own best interest, and getting their news from Fox, nothing will ever change.
.
.
.

Are we talking about the same Obama? The one who had a period of time where he didn't need much of any republican votes to get things passed, and unemployment was being reported at 10.2%, his main concern concern was to get healthcare reform?

 

[fskimospy]

Are we talking about the same Obama? The one who had a period of time where he didn't need much of any republican votes to get things passed, and unemployment was being reported at 10.2%, his main concern concern was to get healthcare reform?

Did you miss that ~$700 billion economic rescue package he passed first? Oh wait, you guys hated that too. You complain that he didn't do anything while simultaneously being sent into an incandescent rage about what he does do.

I think you're just mad that he wasn't a Republican.

 

[Matt1970]

Historical norms when one salary was enough to support a decent life for yourself and your family. Yeah, we wouldn't want to return to those

Those were also times when Americans bought almost exclusively American made stuff. There was probably only one high tech device in the household, a TV, and odds are you were wearing your brothers hand-me-down clothes and playing with his old toys. There very well may have been only one car, dad took it to work all week and mom took it to the grocery store on Saturdays. People ate in. Eating out was a special occasion not a way of life. Cable, internet and cell phone bills non-existent. These are the descendants of those that weathered the great depression.

It wasn't just the income that was different back then, it was the lifestyle.

 

[Matt1970]

Did you miss that ~$700 billion economic rescue package he passed first? Oh wait, you guys hated that too. You complain that he didn't do anything while simultaneously being sent into an incandescent rage about what he does do.

I think you're just mad that he wasn't a Republican.

That's the one. The one that took years to pay out. A good idea but a bad implementation. You don't stimulate an economy by trickling money into it.

 

[fskimospy]

That's the one. The one that took years to pay out. A good idea but a bad implementation. You don't stimulate an economy by trickling money into it.

So then we can all agree that his first priority was the economy, right? Considering that was basically the first thing he attended to and all. After passing something like that you want to give it some time to work before doing other things, right?

I've seriously never understood the argument that Obama passed health care reform instead of tending to the economy when the evidence is so clear.

 

[Matt1970]

So then we can all agree that his first priority was the economy, right? Considering that was basically the first thing he attended to and all. After passing something like that you want to give it some time to work before doing other things, right?

I've seriously never understood the argument that Obama passed health care reform instead of tending to the economy when the evidence is so clear.

The evidence is so clear it was his priority for less than a month. He took office on Jan 20th and signed it into law Feb 17th.

 

[fskimospy]

The evidence is so clear it was his priority for less than a month. He took office on Jan 20th and signed it into law Feb 17th.

Wait, now you're complaining that he moved quickly? How long should he have waited to pass a bill?

 

[Matt1970]

Wait, now you're complaining that he moved quickly? How long should he have waited to pass a bill?

No, it's just that since then he has done nothing but blame Bush, blame Republican for instead of fixing the problems he promised to fix.

 

[senseamp]

Those were also times when Americans bought almost exclusively American made stuff. There was probably only one high tech device in the household, a TV, and odds are you were wearing your brothers hand-me-down clothes and playing with his old toys. There very well may have been only one car, dad took it to work all week and mom took it to the grocery store on Saturdays. People ate in. Eating out was a special occasion not a way of life. Cable, internet and cell phone bills non-existent. These are the descendants of those that weathered the great depression.

It wasn't just the income that was different back then, it was the lifestyle.

And? If people decide they want one parent to spend time at home raising kids instead of working two jobs to afford more disposable Chinese made junk and new cars to keep up with the neighbors, that is a bad thing because it reduces labor participation?

 

[senseamp]

No, it's just that since then he has done nothing but blame Bush, blame Republican for instead of fixing the problems he promised to fix.

Obama fixed the economy that Bush wrecked AND reformed health care on top of it. Haters, hate on.

 

[Matt1970]

Obama fixed the economy that Bush wrecked AND reformed health care on top of it. Haters, hate on.

And how exactly did he do that?

 

[senseamp]

And how exactly did he do that?

Over Republicans kicking and screaming like little imbecile children.

 

[Matt1970]

Over Republicans kicking and screaming like little imbecile children.

That's what I thought.

 

[senseamp]

That's what I thought.

You should try actually thinking for a change and not this reflex you consider thought.

 

[Matt1970]

You should try actually thinking for a change and not this reflex you consider thought.

So your insults are as weak as your understanding of what is actually going on.