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The government announced that February was 29th consecutive month in which seasonally adjusted job gains outpaced losses Friday, 236,000 of them. That was far above the 160,000-171,000 that the consensus of experts surveyed ahead of time had forecast. The official unemployment rate fell to 7.7%, the lowest since before President Obama took office more than four years ago.

For the month, the private sector expanded by 246,000 jobs. Governments at all levels lost 10,000 jobs. Last February, the BLS reported a 271,000 seasonally adjusted jobs gain, suggesting that economic growth had finally broken free of its sluggish performance. But then the numbers slipped for most of the rest of the year, just as they had in 2010.

Even at this improved level, however, the jobs created in February aren't enough to quickly restore the labor market to its pre-recession levels. And critics note that productivity gains are going almost exclusively to employers not workers. Moreover, median household income is 8.1 percent less than it was in 2000 and corporate profits have doubled. Put simply, on average, even those Americans with jobs are not faring as well as they were before the Great Recession.

The Bureau of Labor Statistics revised its previously reported growth in payroll employment for December from 196,000 to 219,000 and for January from 157,000 to 119,000. The BLS counted 12 million Americans as unemployed. The number of Americans unemployed for six months or more rose to 4.8 million. The civilian labor force participation ratio fell to 63.5 percent, its lowest level since September 1981; the employment-population ratio held steady at 58.6 percent, which is within the range it has been in for the past four years but had previously not clocked in at since 1983.

In addition to the official tally of jobs created and the unemployment rate, designated U3 in BLS jargon, the bureau also measures the situation with an alternative gauge called U6 that counts part-time workers who want full-time jobs and some but not all Americans who want jobs but have stopping looking for one. The U6 rate dropped to 14.3 percent. Add up the 12 million who are officially unemployed (U3), the 8 million underemployed (U6), and the 6.8 million who are not in the labor force but say they want a job, and you have 26.8. million unemployed and underemployed Americans.

The improvements, which have been beating forecasts for the past six months, are occurring against a background of huge and long-term unemployment. Moreover, a large percentage of the new jobs are not paying as much or providing as much in benefits as the jobs that were lost. Nonetheless, the report was far above what economists had expected, exactly equal to the average monthly gain in the Clinton administration, the best job growth era in the post-World War II era.

But there are fears that the federal budget sequester, which began March 1, could in the months ahead squelch the improvement in the job market. For the moment, however, a variety of mostly good economic news has raised optimism in some quarters:

Automakers and home-improvement retailers are among those announcing plans to take on more staff, which will lead to gains in incomes that may help the world’s biggest economy weather federal cutbacks and higher taxes. Today’s data may ratchet up debate among Federal Reserve policy makers, who are looking for “substantial” progress in the labor market to determine whether to maintain record stimulus.

“There’s a lot of dry tinder in the economy,” Robert Dye, chief economist at Comerica Inc. in Dallas, said before the report. “If companies are experiencing growth in orders, they’re going to be able to look past these broader fiscal concerns. We’re still going to need to see ongoing solid gains in employment and steady drops in unemployment before the Fed eases off the gas pedal.”

For more details about today's jobs report, please continue reading below the fold.

On Wednesday, TrimTabs Investment Research estimated that 100,000 new jobs had been created in February. The firm calculates payroll job growth based on daily deposits of income taxes being withheld from people's paychecks.

Automated Data Processing, one of the nation's largest payroll services companies, reported Wednesday that the economy generated 198,000 new private-sector jobs in February. As I have previously explained:

The government's BLS jobs report is the product of a pair of surveys, one of more than 410,000 business establishments called Current Employment Statistics, and one called the Current Population Survey, which questions 60,000 householders. The establishment survey determines how many new jobs were added, always calculated on a seasonally adjusted basis. The CPS provides data that determine the official "headline" unemployment rate, also known as "U3." That's the number which is now 7.7 percent.

The BLS report only provides a snapshot of what's happening at a single point in time. The jobs-created-last-month-numbers that it reports are not "real." Not because of a conspiracy, but because BLS statisticians apply seasonal adjustments to the raw data, estimate the number of jobs created by the "birth" and "death" of businesses, use other filters. In the fine print, they tell us that the actual number of newly created jobs reported is actually plus or minus 100,000.

Thus, because of this range of possibilities, the actual number of jobs gained in February could have been as low as 336,000 or as high as 136,000. For this reason, as better data are obtained, each month the BLS revises its count for the previous two months. Today's numbers will therefore be recalculated in the April and May reports.  

•••

Here's what the job growth numbers looked like in February over the previous 10 years. These data have been recalculated via the BLS's annual benchmark revisions:

February 2003: -  158,000
February 2004: +   43,000  
February 2005: + 240,000
February 2006: + 316,000
February 2007: +   90,000
February 2008: -    85,000
February 2009: -  695,000
February 2010: -    40,000
February 2011: + 196,000
February 2012: + 271,000
February 2013: + 236,000

Among other changes in today's job report:

Professional services: + 73,000
• Information industry: + 20,000
Health care: + 32,000
Retail trade: + 24,000
Construction: + 48,000
• The average workweek (for production and non-supervisory workers) rose to 34.5 hours.
• Average manufacturing hours rose to 40.9 hours.
• The average hourly earnings for all employees on private nonfarm payrolls rose 4 cents to $23.82.

Originally posted to Daily Kos Labor on Fri Mar 08, 2013 at 05:59 AM PST.

Also republished by Daily Kos and Daily Kos Economics.

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Comment Preferences

  •  my god (17+ / 0-)

    this could swing the election!!!

    "Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies." - Groucho Marx

    by Greg Dworkin on Fri Mar 08, 2013 at 06:01:26 AM PST

  •  No question...this is a hell of a jobs report... (4+ / 0-)
    Recommended by:
    nomandates, noway2, MPociask, JBraden

    ...particularly coming off what was a dismal GDP number.

    I won't lie to you all...the decrease in average work hours and continued static income worry me greatly. But getting more people working is a definite step in the right direction.

    Adequate health care should be a LEGAL RIGHT in the U.S without begging or bankruptcy. Until it is, we should not dare call our society civilized.

    by Love Me Slender on Fri Mar 08, 2013 at 06:06:48 AM PST

    •  Whoops...correction...average work week rose! (10+ / 0-)

      More to like about this jobs report :)

      But we still need to pay our workers more! We won't ever solve our demand problem if we don't get more money into the hands of those who drive the economy.

      Adequate health care should be a LEGAL RIGHT in the U.S without begging or bankruptcy. Until it is, we should not dare call our society civilized.

      by Love Me Slender on Fri Mar 08, 2013 at 06:09:29 AM PST

      [ Parent ]

      •  Up from terrible to mediocre. Recovery by 2019. (1+ / 0-)
        Recommended by:
        MPociask

        AS MB said in the diary:

        Even at this improved level, however, the jobs created in February aren't enough to quickly restore the labor market to its pre-recession levels.
        At 236,000 jobs per month, we'll return to 2007 levels of employment by 2019.

        Plug in your own number here: http://www.hamiltonproject.org/...

        Compare to best years and months in 1990s and 2000s here: http://www.hamiltonproject.org/...

        "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

        by HeyMikey on Fri Mar 08, 2013 at 06:58:49 AM PST

        [ Parent ]

        •  Plus, median income is DOWN 8.1% (1+ / 0-)
          Recommended by:
          HeyMikey

          I'm pretty sure we could have close to 100% employment all the time if we put everybody on a 4-day week and increased staff by 20% to fill the gaps. Wouldn't cost employers dime one, but it's a model that I think helps any workers who actually need the money.

          Between the really discouraging slope of that recovery line in the graph (intersection with 0% change in employment is off the right edge of the page) and the decrease in income, I find it hard to see where the "recovery" is in the current economy. About all we can say is that the disaster isn't as bad as it was 18 months ago.

          •  And the details get worse... (1+ / 0-)
            Recommended by:
            MPociask
            as Brad DeLong and many others have noted. The number of multiple jobholders rose by 340,000 this month, to 7.26 million — a rise larger than the headline rise in payrolls. Which means that one way of looking at this report is to say that all of the new jobs created were second or third jobs, going to people who were already employed elsewhere. Meanwhile, the number of people unemployed for six months or longer went up by 89,000 people this month, to 4.8 million, and the average duration of unemployment also rose, to 36.9 weeks from 35.3 weeks.
            http://dish.andrewsullivan.com/...

            "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

            by HeyMikey on Fri Mar 08, 2013 at 12:11:31 PM PST

            [ Parent ]

  •  "Job Creators" = Workers ! (11+ / 0-)

    fu*k you Luntz !
    consumers confidence and spending create more jobs, not rich selfish greedy CEOs who make 380 times the average worker's sallary.

    "teabaggers say: i want my country back. well, i say: i want my country forward! ... " (bill.maher)

    by CoEcoCe on Fri Mar 08, 2013 at 06:12:25 AM PST

    •  Especially when those CEOs don't invest (3+ / 0-)
      Recommended by:
      noway2, shaharazade, JBraden

      their gains back into the economy but instead use them to push up stock prices.  Watch for the stock market to give the country its next economic bubble.

      "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

      by SueDe on Fri Mar 08, 2013 at 06:30:00 AM PST

      [ Parent ]

  •  I guess Obama's Master Plan is working (3+ / 0-)
    Recommended by:
    Roadbed Guy, joe shikspack, MPociask

    That plan to wait, do nothing, and hope for the best...

    11th dimensional chess at its finest!

    "I feel a lot safer already."--Emil Sitka

    by DaddyO on Fri Mar 08, 2013 at 06:14:33 AM PST

  •  Hey, unemployment went down under Hitler! (4+ / 0-)
    Recommended by:
    fladem, HeyMikey, KJB Oregon, DaddyO

    The first Hitler, I mean.  Obama's coming for your gunz!  Ammo up now!  Guard your spam and beer hoard from the Kenyan!

    You have exactly 10 seconds to change that look of disgusting pity into one of enormous respect!

    by Cartoon Peril on Fri Mar 08, 2013 at 06:23:21 AM PST

  •  Nice. (7+ / 0-)

    These are Clinton-era worthy numbers.  These numbers should give Obama leverage in his negotiations with the GOP.  The increase in tax revenue alone will cause a drop in the deficit.  That means the targets for revenue increases and spending cuts could be lowered, because there will be a larger volume of tax revenue from income, excise and sales taxes.

    This will also help state governments a lot in their attempts to weather the storm from the GOP's obsession with Grover Norquist.

    Alternative rock with something to say: http://www.myspace.com/globalshakedown

    by khyber900 on Fri Mar 08, 2013 at 06:23:33 AM PST

  •   Wording your headline "unemployment slips" (1+ / 0-)
    Recommended by:
    TomP

    is going to give the right wing ammunition against Obama for not being able to maintain the numbers.  Since they don't know what the numbers mean in suffering they will see falling numbers as a failure.

    "To argue with a person who has renounced the use of reason is like administering medication to the dead." Thomas Paine

    by My two cents worth on Fri Mar 08, 2013 at 06:24:35 AM PST

  •  My question is, "How will be Republicans (3+ / 0-)
    Recommended by:
    KJB Oregon, MPociask, Eric Nelson

    take credit for the good numbers?"  I'm sure they're huddling now to craft a rationalization that the budget cuts they forced on Obama are the reason the BLS report is favorable - while continuing to insist that Obama hasn't cut any spending at all.

    "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

    by SueDe on Fri Mar 08, 2013 at 06:26:28 AM PST

    •  Austerity works! Austerity rules! (2+ / 0-)
      Recommended by:
      Eric Nelson, SueDe

      Proof that tax cuts work! Proof that business cycles are outside the purveyance of mere government! Proof that Rush and Hannity and O'Reilly and Dick Morris were right!

      They'll take credit the same way they always take it--

      --by TAKING it.

      "I feel a lot safer already."--Emil Sitka

      by DaddyO on Fri Mar 08, 2013 at 07:45:04 AM PST

      [ Parent ]

  •  The 1% is hiring us again! (0+ / 0-)

    We say a lot of bad things about them, but in February they done good.

  •  Rush? Sean? Michelle? Billo? (4+ / 0-)
    Recommended by:
    TomP, Losty, Eric Nelson, JBraden

    Recall your attacks in October and November, promising that these numbers were faux news, and that the real numbers were hidden by a desperate White House?

    You don't?

    We do.

    What we call god is merely a living creature with superior technology & understanding. If their fragile egos demand prayer, they lose that superiority.

    by agnostic on Fri Mar 08, 2013 at 06:26:52 AM PST

  •  Considering it's March (1+ / 0-)
    Recommended by:
    joe shikspack

    let us just imagine all the landscapers that are gearing up for spring, their suppliers of various material and nursery stock, chemicals, tools, machinery etc........236K doesn't seem like all that many people.

    How many high school/college students per month are there graduating?

    Also consider the spending/employment fallout from the hurricane damage as a factor. I had a minor claim that is inching toward 100K.

    •  Overly pessimistic (5+ / 0-)
      How many high school/college students per month are there graduating?
      How many seniors retire every month?  How many working age adults die of accidents or unexpected heart attacks?  My point is that yes, there are new workers coming into the work force all the time, but there are also workers LEAVING the work force all the time.

       236k doesn't seem like that many people?  Wha...? That's almost a quarter million people.

      •  mb mentioned the employment-population ratio... (4+ / 0-)
        Recommended by:
        bobswern, WheninRome, MPociask, BradyB

        it answers your questions above.  it is a monthly measure of the labor pool which counts new entries and people leaving the workforce.

        probably the reason you don't see it quoted much is that if you look at it, mr. obama's performance is pretty uninspiring:

        employment population ratio 0213

        you'll note that the "great recession" drove down employment well into his administration and nothing that mr. obama has done since then seems to have raised the levels of employment to anywhere near the rate that they were during the administration of his predecessor.

        i'm part of the 99% - america's largest minority

        by joe shikspack on Fri Mar 08, 2013 at 06:53:17 AM PST

        [ Parent ]

        •  Dumb and dumber. (2+ / 0-)
          Recommended by:
          joe shikspack, Losty

          I quite agree Obama's performance has been disappointing. But mainly in the sense that he didn't push back against the GOP and Blue Dog Dems hard enough or early enough.

          Krugman warned from late 2008 and consistently through 2009 that the stimulus had to be big, needed to be bigger, was too small and too poorly targeted to improve employment enough. Other Nobel economics winners (Stiglitz, Solow) are now saying the same. Even Alan Blinder, whom Fox News reports as disagreeing with Krugman, counters that he fundamentally agrees with Krugman--they only have quibbles about the details: http://www.politico.com/...

          In other words, the problem with Obama is that he's not FDR.

          Was that your point?

          "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

          by HeyMikey on Fri Mar 08, 2013 at 07:08:07 AM PST

          [ Parent ]

          •  Yer goddamn right Obama's no FDR (3+ / 0-)
            Recommended by:
            joe shikspack, HeyMikey, MPociask

            And an FDR was just what we needed in 2009...instead we got someone adjusting economic policy in fear of a backlash from Bill O'Reilly's cable tee vee show.

            Obama has been a vast disappointment. But I voted for him twice! He's my man. An empty corporate suit is better than a Mitt-bot. As a liberal, I'm used to being disappointed...year after year.  

            "I feel a lot safer already."--Emil Sitka

            by DaddyO on Fri Mar 08, 2013 at 07:48:47 AM PST

            [ Parent ]

          •  barack "hamilton project" obama... (3+ / 0-)
            Recommended by:
            HeyMikey, MPociask, allenjo

            is no fdr and has no desire to be.  the man is bright enough and talented enough to lead america to a better place for the 99%. he hasn't been doing that, instead, he's been implementing a neoliberal approach to governance and the economy - an approach which serves the 1%.

            i'm part of the 99% - america's largest minority

            by joe shikspack on Fri Mar 08, 2013 at 08:23:42 AM PST

            [ Parent ]

            •  Yes. And... (3+ / 0-)
              Recommended by:
              Losty, joe shikspack, MPociask

              ...the really pitiful thing is that he's still better than the only realistic alternative.

              Whatever happened to the Democratic wing of the Democratic party?

              "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

              by HeyMikey on Fri Mar 08, 2013 at 09:00:27 AM PST

              [ Parent ]

      •  Attrition is accounted for (1+ / 0-)
        Recommended by:
        MPociask

        in the numbers. I live in MD which is a small state that has over 6M people. 236K isn't that big considering the size of my little state, much less the entire country. The country is vast and has 315M people conservatively estimated.

        1% of 315M is 9.45M.  I know kids and retired people are in there but still......it's a large number. 236K is roughly one fortieth of that.

        I look at it in the gross.

        Not looking to assign blame here.

        •  Slight math problem, apparently (1+ / 0-)
          Recommended by:
          MPociask

          1% of 315,000,000 is 3,150,000, not 9.45 million.

          If you look at the employment/population chart shown above it gives a roughly 60% employment rate compared to absolutely everybody, or about 190,000,000 people with employment.  236K is just over 0.1% of that value, or one part in a thousand.

          Essentially, while this increase is better than a sharp stick in the eye, it's also very close to 0 when you factor in the size of the pool being changed.

    •  When you say (9+ / 0-)
      landscapers that are gearing up for spring, their suppliers of various material and nursery stock, chemicals, tools, machinery etc........236K doesn't seem like all that many people.

      How many high school/college students per month are there graduating?

      these are ALL things that are covered by the famous term "seasonally adjusted."

      Every month Meteor Blades posts this unemployment diary, EVERY MONTH, there is ALWAYS someone who pooh-poohs the numbers this way:

      "Well its November and all those Xmas workers being hired are skewing the numbers.

      "Well its January and all those Xmas workers are being let go."

      "Well its May and all the lakes and pools are hiring life guards."

      "Well its September and all the NFL stadiums are hiring beer sellers for the stands."

      "Well its October and all the lawnmower manufacturers are laying off their two-stroke cycle builders."

      Could ALL PLEASE learn what "Seasonally adjusted" means? Sheesh.

      Shalom.

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

      by WineRev on Fri Mar 08, 2013 at 07:11:23 AM PST

      [ Parent ]

      •  It can be seasonally adjusted for (1+ / 0-)
        Recommended by:
        AmericanAnt

        temperate states, but then there are a lot of states that don't see cold seasons. Two strokes go into everything, not just landscape equipment, and one would hope they aren't seasonal jobs.

        I was more thinking of  an order of magnitude whereas a quarter of a million people is not that large considering the size of this country.

        •  Because... (1+ / 0-)
          Recommended by:
          JBraden

          ...you're now claiming that the statisticians at the BLS are incapable of recognizing that the climate actually varies in different parts of the country?

          While there have been good, valid questions raised about seasonal adjustments in labor statistics, your questions just seem like silly attempts to talk down good numbers.

          Political Compass: -6.75, -3.08

          by TexasTom on Fri Mar 08, 2013 at 10:56:15 AM PST

          [ Parent ]

    •  look at housing inventories (0+ / 0-)

      They are at lows not seen since the 90s.  With spring coming, builders are gonna see an opportunity and ramp up ASAP.  This is an promising scenario.  Supply and demand will dictate that house prices increase, yet it takes a while to ramp up new construction.  If prices creep up, some of the homeowners sitting on negative/low equity might consider jumping in and selling--if only to get newer, lower interest rates on their next purchase.  Once the coffee wears off, I may see a downside, but at the moment I'm not seeing it.

      All forms of fundamentalist thought breed magical thinking.

      by YankInUK on Fri Mar 08, 2013 at 07:44:47 AM PST

      [ Parent ]

    •  Wrong...I worked in landscaping for years... (1+ / 0-)
      Recommended by:
      shaharazade

      Hiring season for andscaping doesn't kick into gear until April. The ground hasn't even thawed yet.

      Adequate health care should be a LEGAL RIGHT in the U.S without begging or bankruptcy. Until it is, we should not dare call our society civilized.

      by Love Me Slender on Fri Mar 08, 2013 at 08:05:31 AM PST

      [ Parent ]

  •  The labor force participation rate (6+ / 0-)

    is being impacted greatly by retirees.  In the last year alone, just the 65+ not in the labor force increased by 1.2 million people.  And remember, that a fair number of people still do in fact retire (by choice) before 65 as well.  I do not believe we are going to see any sustained rise in LFPR considering our demographic mix.

    •  Just for the record, the ... (6+ / 0-)

      ...retirement-with-full-SS-benefits age is 66 even though I know that the data crunchers keep using 65.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Fri Mar 08, 2013 at 06:34:07 AM PST

      [ Parent ]

      •  It's 67. (2+ / 0-)
        Recommended by:
        MPociask, Bush Bites

        For those born 1960 or later. We can still start taking reduced benefits at 62, though.

        http://www.ssa.gov/...

        "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

        by HeyMikey on Fri Mar 08, 2013 at 07:02:02 AM PST

        [ Parent ]

      •  And, given enough time... (4+ / 0-)
        Recommended by:
        MPociask, shaharazade, HeyMikey, Supavash

        ...all of the long-term unemployed and underemployed will be dead. (Seeing more and more older, well-educated folks checking out my groceries and making my Venti Americanos at the local Starbuck's these days. Friends in their 60's--and I'm talking MANY of them, some with PhD's credits, too--working temp jobs for $10-$12/hr., if they're lucky enough to get them.) So, there's that...

        ...and, then there are the structural unemployment/skills mismatch "proponents"...and, given the state of long-term unemployment--and as a DIRECT result of exclusively that, and that extended travesty, alone--they'll be "proven right" soon enough, too!

        Wall Street/Chicago school pundits love their, oppresion-induced, self-fulfilling prophecies! And, then there are the neolibs, the "faux liberal" charlatans...hyping corporatocratic "growth"...and grasping at the crumbs of what passes for "good economic news" these days!

        "Not to worry," they say! As they return to their stock market charts...the stats that have virtually little or no pertinence, whatsoever, to 90% of U.S. society, since, for half of them, their life savings are in their still-underwater homes (while Wall St. stripmines that market while the getting's still good, falsely inflating expectations in that sector, too), while the remaining 45%+ of us either live paycheck-to-paycheck, or in abject poverty.

        This IS what passes for "good" economic news these days. And, it is HEARTBREAKING.
         

        "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

        by bobswern on Fri Mar 08, 2013 at 07:23:44 AM PST

        [ Parent ]

        •  Lots of typos in the above comment... (1+ / 0-)
          Recommended by:
          shaharazade

          ...but not enough to confuse its meaning. (My keyboard's acting up on me today..."the sun was in my eyes"...and "the dog ate my homework." :-)

          "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

          by bobswern on Fri Mar 08, 2013 at 07:38:53 AM PST

          [ Parent ]

        •  Its good to see that your record of being wrong (2+ / 0-)
          Recommended by:
          puakev, virginislandsguy

          hasn't dissuaded you from continuing to post here.  Keep at it and maybe sometime right before the next recession it will all bear fruit.

          •  You REALLY don't want to go there with that.... (3+ / 0-)
            Recommended by:
            HeyMikey, AmericanAnt, MPociask

            ...transparent bullshit. Upon a deeper dive into that shameful attempt (and we BOTH know what I'm referencing, don't we?) the REALITY is that I REPORT upon the commentary of RESPECTED economists and LEGITIMATE Wall Street folks.

            Unlike others in the blogosphere, the greater reality is I don't contort my own record and feebly attempt to "remind" people of how right I was, when in fact, I have been quite spot on about a lot of the political-socioeconomic trends that are playing out right now, as we blog.

            That reminds me....perhaps you'd like to "remind" folks that we're in a "recovery"...

            ...one where "ongoing/long-term, high unemployment is just a lagging indicator"...

            ...a "recovery" where roughly HALF of our society lives either paycheck-to-paycheck, or in abject poverty...

            ...a "recovery" where we're witnessing the greatest income inequality since reliable metrics were first created (back in 1917) to accurately measure those stats...

            ...a "recovery" where the corporatocracy and its beholden media focuses upon a stock market, further embraced by the status quo's self-fulfilling statistics, even though its only importance to the rest of society is the reality that it comprehensively reinforces the basic rightwing economic meme of TRICKLE-DOWN thought...

            ...a "recovery" where Wall Street folks hype TBTF bank  "profits," while the FAR greater truth is those banks WERE insolvent--despite MANY attempting to discredit my comments claiming I "didn't know what I was talking about," and those of many others regarding far greater truths--and if it wasn't for OBFUSCATED and STEALTHY, taxpayer-funded bailouts, which continue (along with the TBTFs continuing to suck the lifeblood out of Main St) to this day, they would and should be either out of business/liquidated, or broken up...

            But, I digress...and digressions with lots of revisionist/misdirected statistical info...is your gig, not mine.

            That's the thing about folks that support the status quo's reverse Robin Hood approach...eventually, if you suck enough out of the unwashed masses, things will return to an incredibly fucked-up new "normal." And, then one may pathetically gloat about how wrong their detractors were!

            That's why it's called "The New Normal!"

            Don't you have some stock/commodities market charts to chat up? (For the record: I won't be responding to any additional comments in this thread. Those days are long gone. When it comes to greater realities, the NEOLIBERALS/NEO-KEYNESIANS have the power, but the NEW KEYNESIANS' greater truths and spot-on commentary--despite massive efforts by the status quo to discredit it--CONTINUES to undermine the ever-increasing propaganda.)

            "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

            by bobswern on Fri Mar 08, 2013 at 08:24:46 AM PST

            [ Parent ]

      •  Eh....I'm out at 60. n/t (0+ / 0-)

        "Michael Moore, who was filming a movie about corporate welfare called 'Capitalism: A Love Story,' sought and received incentives."

        by Bush Bites on Fri Mar 08, 2013 at 10:06:20 AM PST

        [ Parent ]

    •  Calculated Risk (0+ / 0-)

      says its about half of the decline, though Delong, using numbers he does not cite, says its about 10% of the decline this morning.

      The bitter truth of deep inequality has been disguised by an era of cheap imported goods and the anyone-can-make-it celebrity myth - Polly Toynbee

      by fladem on Fri Mar 08, 2013 at 08:21:30 AM PST

      [ Parent ]

  •  hmmm..could be Hillary (0+ / 0-)

    working behind the scenes, in campaign mode, pulling the strings.  Yea, it all makes sense.  She's got time on her hands.  I don't think there is any evidence against this explanation....hmmm...or Joe Biden?  No, that would be crazy.

    All forms of fundamentalist thought breed magical thinking.

    by YankInUK on Fri Mar 08, 2013 at 06:27:59 AM PST

  •  Countdown to Boner taking credit (0+ / 0-)

  •  Jim Cramer is having an orgasm (4+ / 0-)

    It's rather unseemly, but I'll let it slide seeing as this is JOBS we're talking about.

  •  Great News (7+ / 0-)

    Over 200K 3-4 months with one at 119K due to fiscal cliff contraction.

    One of the things to keep an eye on is the left has consistently said we are engaged in austerity policies (tax hikes, 1.2T in cuts since BCA, sequester on horizon).  These type of numbers could be spun as austerity working.  Remember, there has been no stimulus.

    But neither is probably true.  Fed policy has been extremely proactive, and the saving grace in my opinion, as opposed to austerity working.

    Something to keep an eye out for, and progressives should be careful not to reinforce unintentionally.

    "Small Businesses Don't Build Levees" - Melissa Harris Perry

    by justmy2 on Fri Mar 08, 2013 at 06:45:23 AM PST

  •  NDD's take this morning (6+ / 0-)

    which I thought was very good:

    As usual for me, let's emphasize the forward-looking indicators:

    •the manufacturing workweek increased .2 hours to 40.9.  This is a component of the LEI.
    •temporary jobs increased 16,000.  These turn before the overall report.
    •manufacturing jobs increased 14,000.  These also usually lead.
    •the number of those unemployed between 0 and 5 weeks decreased by -99,000. This metric tends to turn before weekly initial jobless claims.
    •the household survey showed 170,000 jobs added.  This survey, while more volatile, tends to turn before the establishment survey which gives us the "headline" number.
    Among coincident data,

    •aggregate hours increased by .5, with the index increasing to 97.8, its highest reading since before the 2008-09 recession.
    •the U6 unemployment rate declined 0.1% to 14.3%, a new post-recession low.
    •construction jobs added 58,000. The new health in this sector continues to appear.
    •average hourly earnings increased $.04 to $23.82.  

    Average hourly earnings are up 2.1% YoY, which, since inflation is only up 1.6% YoY means that Joe/Jane Sixpack's paycheck has started to grow in real terms.

    This is an unambiguously good report.  The only caveats are that there may be some remaining seasonality in the numbers, because February has been a good month repeatedly for the last several years.  The second caveat, of course, is that the report is not good enough.  The employment to population ratio is stubbornly low at 58.6%, meaning it will take more or less forever at this rate to make up for all of the jobs lost during the Great Recession on a population-adjusted basis

    The only thing I would add is that in Florida at least I expect Local Government will grow.  The layoffs are past, and in desperation Rick Scott proposes to spend significantly more on teacher salaries and road construction.  Whether the total effect of this is enough nationally to offset the Federal cuts I don't know, but Florida is not the only state seeing real increases in government spending.

    The bitter truth of deep inequality has been disguised by an era of cheap imported goods and the anyone-can-make-it celebrity myth - Polly Toynbee

    by fladem on Fri Mar 08, 2013 at 06:55:34 AM PST

    •  Krugman sometimes posts... (3+ / 0-)
      Recommended by:
      fladem, shaharazade, Losty

      A graph of what the recovery would look like if the government was hiring at the same rate as during the George W. Bush administration - we'd have a much stronger economy, with many, many more people working, is the long and short version of it.  And imagine if we'd just had a second FDR, instead of a second Clinton!  Alas.  And alas again, because there is already a groundswell for a third Clinton presidency.  

    •  I wouldn't go so far as to say ... (3+ / 0-)
      Recommended by:
      Eric Nelson, MPociask, JBraden

      ..."unambiguously." 10,000 lost government jobs, and a downward revision for January job creation estimates are in there, after all. But, in terms of what the BLS report shows, a lot more positive than we have seen. Faster would be better. Then maybe we can see some attention directed away from our acute job problems to the chronic ones.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Fri Mar 08, 2013 at 08:04:13 AM PST

      [ Parent ]

  •  Having been unemployed for almost a year (4+ / 0-)
    Recommended by:
    fladem, shaharazade, herooftime, FistJab

    With no unemployment, saving nearly dry, my MBA being used for nothing, I am about to get a job at mcDonalds, just to have a job and to stop being a statistic.  This has become a jobless recovery, the stock market is running aY and real jobs are not to be found.  So flipping burgers and frying potatoes will be my new career.  Sad.  

    •  MBA's too? (1+ / 0-)
      Recommended by:
      JBraden

      Uhg.  I had heard they may be a bright spot.  I can tell you, having a JD as a recent grad hasn't been worth much in the Great Recession (although right now, the legal market in my area seems really hot for paralegals and legal assistants).  

      I have a friend who graduated with a BA, couldn't get a job, got an MPA, couldn't get a job, and finally after getting a nursing degree has now gotten a job.  It shouldn't take three degrees to find a job!  (and of course, not many people can keep getting new degrees until they find one that works).  

      On the subject of nurses, though, that seems to still be a very good market for employment.  A hospital I was recently at apparently has 160 openings that they can't fill for want of qualified applicants.  

    •  I had a similar problem back in early 2000s (0+ / 0-)

      and I ended up taking my MBA off my resume as I was getting rejected for being "over educated" or "over qualified". It made a big difference in getting callbacks for interviews.

      Good luck. It is so frustrating to be out of work for that long.

      President Obama at Madison Rally 9/28/2010 - "Change is not a spectator sport."

      by askew on Fri Mar 08, 2013 at 08:23:16 AM PST

      [ Parent ]

      •  Good point (0+ / 0-)

        However I can't erase the 20+ years of experience on my résumé. So I am in a hole until we have a jobs boom, being I don't collect UI, I am not even counted as unemployed, but I am sure that I am a rare case on that topic.

  •  Freepers reaction so far... (4+ / 0-)
    Recommended by:
    Egalitare, Eric Nelson, Supavash, JBraden
    Fantasy.
    Retailers and fast-food joints engaged in mass hiring since they had to cut their existing workers to under 30 hours due to Obamacare.
    Hilarious! Liberal tv news (local 7) in Miami Florida JUST DID A “NEWS ALERT” on these biased numbers.....

    They NEVER REPORTED as “breaking news” the steady INCREASED UNEMPLOYMENT over the past 5 years.

    Participation rate dropped to 63.5% and birth/deaths added 104,000 to the raw number.

    This is just like the CPI, adjusted by hedonics, substitution, etc. so much you can’t tell anything from the published numbers.

    Fantasy and BS? You know it, I know it and everyone here on FR knows it. However, the low-information voter only knows and believes what the MSM and the administration feeds them. And they now outnumber us...
    yep, crazies, all.
    •  Yep. Librul outlets like Bloomberg News. I'm sure (2+ / 0-)
      Recommended by:
      Eric Nelson, JBraden

      Rush will explain matters to them.

      "They will not collect a ransom in exchange for not crashing the American economy. The full faith and credit of the United States of America is not a bargaining chip."

      by TofG on Fri Mar 08, 2013 at 07:39:51 AM PST

      [ Parent ]

    •  They're being foolish. (0+ / 0-)

      I don't think people look at the numbers that much.

      They just think "Am I doing OK? Am I worried?"

      And they go with that.

      "Michael Moore, who was filming a movie about corporate welfare called 'Capitalism: A Love Story,' sought and received incentives."

      by Bush Bites on Fri Mar 08, 2013 at 10:09:55 AM PST

      [ Parent ]

  •  lets see (0+ / 0-)

    talking point number 459, the books are cooked by the chicago mafia again, just like during the election, on to the next gop bs talking point.

  •  did everyone hear Boners take? It was typically (0+ / 0-)

    negative. Blame Obama more making a debt that is larger than the US economy. These guys know NOTHING positive to say, EVER!!!!!!!!

  •  OUR PRESIDENT IS KILLING THE ECONOMY (0+ / 0-)

    He isn't creating jobs!
    Stockmarket is suffering!
    Housing market is crashing!

    Why are the headlines about what the GOP SAY not what our President has DONE?

    We need to talk about the housing market!
    I had my eye on this little house on the large plot of land behind me - had day dreams of expanding our little yard and renting out the house. The little house sold in less than 48 hours.  
    Another house around the corner had been rented out to a destructive group of young people who were eventually evicted. The house was a mess. The elderly owner died, the bank took it and it was sold as a bank-owned foreclosure. No one expected it to go for the asking price.
    Honestly, it was BID UP.
    This are looking up .... thanks President Obama - really.

    Women are 51% of the population yet are represented in congress by barely 17%! Until our representation reflects the population, we risk sliding backwards .....

    by 51percent on Fri Mar 08, 2013 at 07:49:48 AM PST

  •  This despite all (0+ / 0-)

    attempts from the GOP to destroy jobs.

    Of course, when we factor in public sector jobs, they've done a great job destroying those.

    Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek. Barack Obama

    by delphine on Fri Mar 08, 2013 at 08:04:16 AM PST

  •  “far over estimates” (1+ / 0-)
    Recommended by:
    shaharazade

    Yes, the title is perfectly correct, but I was briefly confused because of the similarity of “far over estimates” to “far overestimates” (or, as it was once spelled, “far over-estimates”). Alternative choices that probably wouldn't have confused me (as much) would have been “far higher than estimates” or “far above estimates”.

  •  S/B 5.9% by Nov 2014 mid-term elections (0+ / 0-)

    80 % of Success is Just Showing Up! CLIMATE CHANGE: The era of procrastination, half-measures & delays is coming to an end; In its place we are entering a period of consequences!

    by Churchill on Fri Mar 08, 2013 at 09:06:30 AM PST

  •  We still have 9.2% unemployemnt in NC..... And (3+ / 0-)
    Recommended by:
    AmericanAnt, Supavash, MPociask

    over 11% in my county.

    But fear not, we do have around 7.5% in the county near us...And all paying sub wages, and Part Time.

    We need real jobs with real wages, and not smoke and mirrors.  

    Enough.

    "The sun is shining........"

    by LamontCranston on Fri Mar 08, 2013 at 09:37:17 AM PST

    •  And much of our economy is gone with the wind (0+ / 0-)

      Furniture making - gone.
      Tobacco farming - nearly gone.
      Textiles - gone.
      [Pork farming is still going strong - sooey!!]

      Plus, most of the people who had those jobs are in little or no danger of being rejected for being over-qualified. At this point we have a few tech/banking sectors in the Charlotte and Raleigh areas, some tourism in the mountains and at the beach, and a whole lot of nuttin' elsewhere.

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