US employers added 200,000 jobs in December, jobless rate fell to 8.5 percent

[SnyderShrugged]

gotta admit that its great to see things moving in the right direction month over month. Hope it sticks, worried that it wont

[@DCGoldPants]

http://www.washingtonpost.com/business/economy/sixth-straight-month-of-solid-hiring-expected-when-government-reports-on-december-job-growth/2012/01/06/gIQAv7lMeP_story.html?tid=sm_facebook_postpolitics&tid=sm_twitter_washingtonpost

Employers add 200,000 jobs, unemployment rate falls to 8.5 percent, lowest in nearly 3 years.

By Associated Press, Updated: Friday, January 6, 8:39 AM

WASHINGTON — A burst of hiring in December pushed the unemployment rate to its lowest level in nearly three years, giving the economy a boost at the end of 2011.

The Labor Department said Friday that employers added a net 200,000 jobs last month and the unemployment rate fell to 8.5 percent, the lowest since February 2009. The rate has dropped for four straight months.

The hiring gains cap a six-month stretch in which the economy generated 100,000 jobs or more in each month. That hasn’t happened since April 2006.

The steady drop is a positive sign for President Barack Obama, who is bound to face voters with the highest unemployment rate of any sitting president since World War II. Unemployment was 7.8 percent when Obama took office in January 2009.

Still, the level may matter less to his re-election chances if the rate continues to fall. History suggests that presidents’ re-election prospects hinge less on the unemployment rate itself than on the rate’s direction during the year or two before Election Day.

For all of 2011, the economy added 1.6 million jobs, better than the 940,000 added in 2010. The unemployment rate averaged 8.9 percent last year, down from 9.6 percent the previous year.

Economists forecast that the job gains will top 2.1 million this year.

The December report painted a picture of a broadly improving job market. Average hourly pay rose, providing consumers with more income to spend. The average work week lengthened, a sign that business is picking up and companies may soon need more workers. And hiring was strong across almost all major industries.

Manufacturing added 23,000 jobs. Transportation and warehousing added 50,000 jobs. Retailers added 28,000 jobs. Even the beleaguered construction industry added 17,000 workers.

A more robust hiring market coincides with other positive data that show the economy ended the year with some momentum.

Weekly applications for unemployment benefits have fallen to levels last seen more than three years ago. Holiday sales were solid. And November and December were the strongest months of 2011 for U.S. auto sales.

Many businesses say they are ready to step up hiring in early 2012 after seeing stronger consumer confidence and greater demand for their products.

[LadySkinsFan]

Wow, more jobs in spite of Republican attempts to block this. After all, what kind of jobs legislation has been offered in both house of Congress by Republicans and Tea Partiers like they promised they'd do in 2010?

[Thiebear]

In spite of Republicans is about as partisan as you can get there LSF.

Seasonally adjusted Christmas Jobs are great to get people back into work. January is when they get real jobs.

My Mother worked for 2 weeks in December.

[rictus58]

Nothing like partisian hackery @ 9am.

Let's turn something that should be a positive into a negative!

[nonniey]

Wow, more jobs in spite of Republican attempts to block this. After all, what kind of jobs legislation has been offered in both house of Congress by Republicans and Tea Partiers like they promised they'd do in 2010?

You mean more jobs despite the "Jobs bill" being blocked? How can that be? Only Government action can create jobs. Something is just not right.

[Prosperity]

In spite of Republicans is about as partisan as you can get there LSF.

Seasonally adjusted Christmas Jobs are great to get people back into work. January is when they get real jobs.

My Mother worked for 2 weeks in December.

I think these are seasonally adjusted numbers, so christmas specific jobs are already taken into account

[Burgold]

You mean more jobs despite the "Jobs bill" being blocked? How can that be? Only Government action can create jobs. Something is just not right.

In spite of Republicans is about as partisan as you can get there LSF.

Seasonally adjusted Christmas Jobs are great to get people back into work. January is when they get real jobs.

My Mother worked for 2 weeks in December.

Conservatives ask and conservatives explain.

Thankfully, there are some economic numbers that are improving. Sales were up last quarter, as is confidence. Housing is still pretty flat, but over the last three months we've been seeing a titch more job growth and we finally fell throught the 9% barrier. Oil is being held hostage by Iran's blustering and so energy is a threat as is European debt instability. Still, overall, we are doing slightly better despite ourselves.

Only Republicans apparently can be upset about the U.S. economy and jobs situation improving. We got good numbers let's find a way to torpedo it guys and wreck consumer confidence. We have an election to win... screw the country.

[Madison Redskin]

I think these are seasonally adjusted numbers, so christmas specific jobs are already taken into account

Plus, the unemployment rate has fallen for four consecutive months (i.e., prior to the holiday season) and the private sector has been consistently adding jobs since March 2010.

[gbear]

I saw the big jobs number yesterday morning, and I was surprised to see the markets open heading downwards despite it (granted the numbers yesterday don't always predict the jobs numbers we are seeing today). These numbers look huge, like the numbers we have been waiting to see and were beginning to doubt were coming. I'm glad to see the good numbers. Now the question is can the trend be bring a wave or will it hit a wall lke Iran's straight or Europe's finances.

[Larry]

I think these are seasonally adjusted numbers, so christmas specific jobs are already taken into account

I hope that they're seasonally adjusted.

But I'm not seeing those words in the article.

I'm looking a the actual BLS report, though. And they list a lot of numbers, and then they mention a number and say that that number isn't seasonally adjusted. To me, that at least implies that the previous numbers were adjusted.

[Prosperity]

I saw the big jobs number yesterday morning, and I was surprised to see the markets open heading downwards despite it (granted the numbers yesterday don't always predict the jobs numbers we are seeing today). These numbers look huge, like the numbers we have been waiting to see and were beginning to doubt were coming. I'm glad to see the good numbers. Now the question is can the trend be bring a wave or will it hit a wall lke Iran's straight or Europe's finances.

Europe's weakness has not necessarily been bad for us, I think it's made our goods and services more competitive, but I'm not sure about the exact mechanism. If there is a complete financial collapse, who knows. A war with Iran, air strikes on Iran, would send the world into another financial panic/recession. Just another reason why there isn't going to be war w/ Iran.

[Teller]

Aaaaand LSF takes all the steam out of a thread with lots of positive potential. Now, if you'll excuse me, I have to go call my republican congressman and tell him to block any further job creation.

[Larry]

Europe's weakness has not necessarily been bad for us, I think it's made our goods and services more competitive, but I'm not sure about the exact mechanism. If there is a complete financial collapse, who knows. A war with Iran, air strikes on Iran, would send the world into another financial panic/recession. Just another reason why there isn't going to be war w/ Iran.

I suspect that that's sure part of it.

People are more scared about a European currency collapse than an American one, so the panicked money if flowing here. Same reason why the US has plenty of people willing to buy T-bills.

[Larry]

I saw the big jobs number yesterday morning, and I was surprised to see the markets open heading downwards despite it (granted the numbers yesterday don't always predict the jobs numbers we are seeing today).

Yeah, but I own a lot of Disney stock, and it's been climbing for months. I expected it to drop after Disney paid their annual dividend (because of people who were just holding the thing so they could get the dividend, then cash out), but it didn't happen. Just kept climbing.

Looks like at least the "Disney investor confidence" rating is very good. Lots of people think Disney is going to make a lot of money next year.

[Prosperity]

I hope that they're seasonally adjusted.

But I'm not seeing those words in the article.

I'm looking a the actual BLS report, though. And they list a lot of numbers, and then they mention a number and say that that number isn't seasonally adjusted. To me, that at least implies that the previous numbers were adjusted.

http://www.bls.gov/news.release/empsit.a.htm

seasonally adjusted rate: 8.5%

[Busch1724]

I wish we could get a report on what type of jobs. I have an idea it's mainly retail jobs that don't pay as well as "career" jobs.

[Kilmer17]

Wow, more jobs in spite of Republican attempts to block this. After all, what kind of jobs legislation has been offered in both house of Congress by Republicans and Tea Partiers like they promised they'd do in 2010?

Soooooo, what you are saying is that the GOP idea that businesses create jobs when the Govt doesnt interfere is the right idea?

I think we should thank the GOP for making sure that the Govt stays out of the way. Dont you?

[skinsfan07]

Conservatives ask and conservatives explain.

Thankfully, there are some economic numbers that are improving. Sales were up last quarter, as is confidence. Housing is still pretty flat, but over the last three months we've been seeing a titch more job growth and we finally fell throught the 9% barrier. Oil is being held hostage by Iran's blustering and so energy is a threat as is European debt instability. Still, overall, we are doing slightly better despite ourselves.

Only Republicans apparently can be upset about the U.S. economy and jobs situation improving. We got good numbers let's find a way to torpedo it guys and wreck consumer confidence. We have an election to win... screw the country.

Ziiiiiiinnngggg!

[gbear]

Busch, this is from the CNN report:

"The manufacturing, health care and education industries were all bright spots in December, each adding more than 20,000 jobs. Even the construction industry, which had been bleeding jobs the two prior months, hired another 17,000 workers."

So it's not all retail.

[Renegade7]

I think these are seasonally adjusted numbers, so christmas specific jobs are already taken into account

Add to that, it's still lower then last December...

[visionary]

According to Zakaria, Health Care added 315,000 jobs in 2011.

[twa]

a relatively decent report with labor participation rates steady and the private sector expanding

I'll spare ya the bad news

[Busch1724]

Busch, this is from the CNN report:

"The manufacturing, health care and education industries were all bright spots in December, each adding more than 20,000 jobs. Even the construction industry, which had been bleeding jobs the two prior months, hired another 17,000 workers."

So it's not all retail.

That is good news, especially in manufacturing.

[Predicto]

a relatively decent report with labor participation rates steady and the private sector expanding

I'll spare ya the bad news

What, you didn't have time to listen to Rush this morning?