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To mis-quote Keith Richards, "Dont let the fuckers get you down."

In spite of Republicans worst intentions, American unemployment dropped to 8.6% in November.  The separate Labor Dept jobs report showed a net job growth of 120,000 "careers" dispite 20K more layoffs by the Austerity Party.    Revisions added about 70K jobs in Sept. and October.

This comes on the heels of manufacturing index reports showing that the US economy is leading the world in growth while Asia is flagging and Europe is stumbling back into recession.  Exports are up by 20%... yes, EXPORTS.  Remember Obama repeating that exports would drive our growth repeatedly all year?   It's working people.

The GOP has been choking this country since the newly elected Tea Party was sworn in in January.   They tried to steer us into default and calamity numerous times.   Through it all our President has managed to keep stimulus in this economy while minimizing the public sector carnage where he could.   Green jobs are still growing and the auto industry is enjoying a renaissance both in sales and innovation completely thanks to Barack H. Obama's leadership.

The dramatic drop to 8.6% is largely attributable to people dropping out of the jobs market but don't be fooled, a lot more people have been coming into the market since  the summer:

What’s more, the labor force had increased by nearly 1 million people in the three months before November, suggesting that more jobs are available. People tend to reenter the labor force when they think they have a better chance of finding a job.
Per Marketwatch

Today's a very good day to be me.   A good day for progressive Dems who have trusted that smart would trump stupid.

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Comment Preferences

  •  Isn't it a bit early to start drinking? (7+ / 0-)

    Unemployment is down because about 300,000 people gave up looking.

    +120,000 should be treading water.

    •  No it's not and heres' why... (10+ / 0-)

      ... yes, the NET increase does not look that big but you see a trend in that the revisions are all going up over the past three months,  not just in this report but previous revisions since September.   The number of people looking over that time has actually gone way up, by about a million people in the past 3 months.  That says that Octobers 9% was way better than Augusts' 9%.   This month the numbers kinda caught up, thus the dramatic downturn in the unemployment rate.   Also the U6 unemployment also went down a lot too.

      No, we don't get enough opportunities to celebrate.  Enjoy.  Maybe this is just proof that the real adults are in charge now.

      •  There's also holiday hiring to consider. (0+ / 0-)

        A drop to 8.6% looks like a promising start, even given the very significant caveats, but I think we have to see another 2-3 months' data first before we start patting ourselves on the back.

        Not to mention the fact that Europe could blow a gasket any day, which would send things reeling again.  Cautious optimisim is the order of the day.

        We reach for the stars with shaking hands in bare-knuckle times.

        by TheOrchid on Fri Dec 02, 2011 at 08:24:08 AM PST

        [ Parent ]

    •  The ridicule says more about you than it does. (5+ / 0-)
      Recommended by:
      anodnhajo, doroma, kefauver, We Won, ronnied

      about the diarist's views.

      •  It says I remember last years "green shoots" (4+ / 0-)

        A few "not awful" numbers don't mean it's time to start blowing noisemakers while the Deficit Hawks get back to firing teachers.

        4 years into this depression & we still haven't addressed any of the fundamental causes - inequality, oil dependency & the rapacious financial sector. Just a small start on fixing the health system, that's liable to be scrapped before most of it even goes into effect.

        •  I think your comment says (0+ / 0-)

          either

          a) you equate celebrating with some form of inebriation or intoxication
          and your biased definition of what times inebriation and intoxication are appropriate
          (see shift workers or the global online community as a reference)

          or

          b) you equate the diarist and his work with some form inebriation.

          It was, at least, a poor choice of phrase for the point you wished to make, or it was a personal insult directed at the diarist.

          "so tell me how do you do, finally I meet you"

          by anodnhajo on Fri Dec 02, 2011 at 09:43:34 AM PST

          [ Parent ]

        •  We haven't addressed them? (1+ / 0-)
          Recommended by:
          virginislandsguy

          The Stimulus Act included alternative energy endeavors that the Wall Street Journal called "bigger than the Manhattan Project."  Those are ongoing and paying off.

          The Dept of Defense is converting to alternative energy.  They spend $800 billion per year on energy and are on track to convert half of that to alternative energy.  That not only reduces foreign oil dependence but also creates a huge market for alternative technologies, thus fueling the swith.

          Dodd-Frank directly addresses the rapacious financial sector.  It doesn't make it less rapacious, but it makes taxpayer funded bailouts illegal, includes the Volcker Rule in an effective form, and requires death to big banks that fail - formerly "too big to fail."

          The Affordable Care Act institutes payroll tax on all investment income and capital gains for high income taxpayers.  That provision, combined with other middle-income tax programs sponsored by the President, represent the largest shift of income from wealthy to middle class in U.S. history.

          The statements you make are fashionable, but  not accurate.

          •  What? (0+ / 0-)

            "The Affordable Care Act institutes payroll tax on all investment income and capital gains for high income taxpayers.  That provision, combined with other middle-income tax programs sponsored by the President, represent the largest shift of income from wealthy to middle class in U.S. history.

            First of all, what is a "payroll tax on investment income"?

            Second: we've had the largest shift of income from wealthy to middle class in U.S. history"?? How did we all miss that one.

            Finally, where the heck did you find capital gains tax increases and the mysterious payroll tax on non payroll income in the Affordable Care Act?

            the fact that you're right is nothing more than interesting

            by Egg on Fri Dec 02, 2011 at 10:17:46 AM PST

            [ Parent ]

    •  Want to take a guess of how many people ... (2+ / 0-)
      Recommended by:
      AZDem, virginislandsguy

      were born in October 1946 and November of 1946?  Answer:  More than 330,000 in each of those months.  There might just be a connection.

      PROUD to be a Democrat!

      by leevank on Fri Dec 02, 2011 at 08:00:14 AM PST

      [ Parent ]

    •  NO, sir. (1+ / 0-)
      Recommended by:
      virginislandsguy

      That's inaccurate spin.

      10,000 baby boomers turn age 65 every day.  They don't all retire, but many of them do.

      People drop out of the labor market for many reasons, not just "giving up."  At this particular time in our history, boomers are aging out.  I know.  I'm one of them.  I turn 65 next month and won't be in the labor market.

  •  140,000 jobs created, according to Reuters (1+ / 0-)
    Recommended by:
    We Won

    those all in the private sector.

    20,000 lost in the gov sector

    so a NET of 120,000

    please use the 140,000 jobs created figure

    or emphasize the word NET

    thanks ;)

    Jobless rate drops to 8.6 percent, hiring picks up

    All the increase in nonfarm payrolls in November again came from the private sector, where employment rose 140,000 after increasing 117,000 in October.

    Government employment fell by 20,000. Public payrolls have dropped in 10 of the past 11 months as state and local governments have tightened their belts.

    Stonewall was a RIOT!

    by ExStr8 on Fri Dec 02, 2011 at 06:57:24 AM PST

  •  Half of these so-called jobs (4+ / 0-)

    Was hiring for the holiday season that will be terminated at the end of the month.

    Change you can make believe in. 0bama

    by willie2011 on Fri Dec 02, 2011 at 07:05:49 AM PST

  •  A better indicator might be tax revenues (0+ / 0-)

    Are these going up?

    A lot of this has to be stimulus-related because there has been so little gov't action since then (other than extensions of Bush tax cuts and payroll tax cuts).  

    Can one make the argument that since Republicans have blocked most everything since, that this is evidence that doing nothing is the right thing?

    Regardless, I'd like to see tax revenue data.

    West. No further west. All sea. -- Robert Grenier

    by Nicolas Fouquet on Fri Dec 02, 2011 at 07:25:40 AM PST

    •  Minnesota just announced a surplus, (2+ / 0-)
      Recommended by:
      virginislandsguy, WineRev

      expected for next year, instead of the deficit earlier projected.  You're going to start hearing those kinds of reports from states, because yes, withholding is increasing.

      The federal government withholding numbers went down, but the payroll tax holiday had something to do with that, as did the fact that no Quarterly Estimated Taxes are due after September.

      •  and AZ revenues are higher than expected (0+ / 0-)

        and have been for some months now.

        not that the hatchet-faced woman is going to put the money to any good use.

        maybe she can file a few more nuisance lawsuits...

        OK. And now we begin the part of the show where we pull out individual words and phrases of the commenter to try to determine the "real" meaning of the comment.... let the games begin.

        by hillbrook green on Fri Dec 02, 2011 at 10:41:56 AM PST

        [ Parent ]

      •  Even better! (0+ / 0-)

        The surprise announcement of a projected (subject to revision, TBA end of Feb. 2012) $870 million rebound into the black caught everybody off guard. (After this spring's knock-down fight over a $5 Billion deficit, complete with a 20-day government shutdown, EVERYBODY from Governor Dayton down to the meanest basement blogger on the GOP payroll, was braced for bad news, maybe another $1 billion shortfall.)

        But what absolutely frosts the MN GOP is that when you root through the details, the bulk of the $870mil. came from implementing 'HEALTH CARE REFORM' and Gov. Dayton's "embrace of the ACA."
        In other words, health care reform is working and is saving money.....and the GOP is livid at this brutal example of facts intruding on their fantasies.

        Tee-hee.

        Shalom.

        "God has given wine to gladden the hearts of people." Psalm 104:15

        by WineRev on Fri Dec 02, 2011 at 11:50:53 AM PST

        [ Parent ]

  •  This is good news? (1+ / 0-)
    Recommended by:
    Enzo Valenzetti

    300k people leave the job market because they have given up, the economy creates 120k net jobs, many of which are probably temporary, and the UE number falls to JUST 8.6%?

    If the economy doesn't start growing at a decent rate and we see a REAL increase in employment - not these bogus numbers that treat people giving up as a good thing then in  another eleven months of these numbers and we'll all be getting ready for President Gingrich's inauguration.

  •  The tide is slowly turnng nt (0+ / 0-)

    I love me peektures and that is that! Cheerleaders till 2016

    by matrix on Fri Dec 02, 2011 at 11:28:27 AM PST

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