I am absolutely appalled at the Associated Press' blatant
spinning over today's new jobs number.
Unemployment rate falls, payrolls grow
By JEANNINE AVERSA, AP Economics Writer
36 minutes ago
WASHINGTON - The unemployment rate dropped to a five-year low of 4.4 percent in October as employers added 92,000 new jobs -- flashing a picture of a strong labor market as the midterm elections draw near
A strong labor market? What are you smoking Ms. Aversa?
This number came in over 30,000 lower than the meagre 125,000 that economists expected. Also buried in the BLS report is that we lost 39,000 manufacturing jobs. So, why all the glee at the AP? Don't you know we need about 150,000 new jobs a month just to keep up with population growth and new job seekers.
More below the fold:
92,000 new jobs is about
half the monthly average job creation over the past 10 years.
The St. Louis Fed gives us historical data on the size of the labor force (roughly, employed people plus unemployed people looking for work). On September 1, 2006, there were 151,799,000 people in the labor force. Ten years ago on September 1, 1996, there were 134,515,000. Over that the past 10 years, the average monthly change in the labor force is
roughly 172,840..
More spinning from the AP:
Nonetheless, job gains in both August and September turned out to be much stronger than previously estimated -- and that took a lot of the sting out of October's less-than-expected payroll performance.
Let's be specific, Ms. Aversa. The numbers of new job creation were 230,000 in August (a healthy number), 148,000 in September (below average and barely keeping up with population growth), and now a pathetic 92,000. Don't you see a trend there? How in frigging hell is that flashing a picture of a strong labor market?
Disgusting. Thoroughly disgusting.