FOUSESQUAWK: Unemployment Up to 7.9%. Obama: "We've Made Real Progress"

Friday, November 2, 2012

Unemployment Up to 7.9%. Obama: "We've Made Real Progress"

That's what President Obama is saying today in Ohio.

http://www.foxnews.com/politics/2012/11/02/unemployment-rate-rises-to-7-percent-economy-add-171000-jobs/

8 comments:

Siarlys Jenkins said...: Well, if the unemployment rate is rising, when the economy added jobs, that means more people are feeling confident enough to start looking for work again!

Seriously Gary, do you really think one tenth of a percent between one month and the next is evidence of who is better qualified to serve for four years?

It Mittens got a chance to run America like he ran Bain Capital, we'll all be getting layoff notices.; November 2, 2012 at 11:43 AM
Gary Fouse said...: Siarlys,

They don't even count those who have given up. If they did it would be over 10%. 171,000 jobs is barely enough to cover the increase in numbers of those entering the job market. What was the number when Obama passed his stimulus bill (5.6%) if I am not mistaken.; November 2, 2012 at 1:10 PM
Siarlys Jenkins said...: Duh-uh... Apparently some of those who HAD given up are now looking again, and being counted!

That's the only rational explanation for more jobs, slightly higher unemployment rate.

I believe you are mistaken. The regional and state unemployment report for February 2009 showed 8.1 percent nationally, with Michigan at 12.0. California, Florida, Texas and Pennsylvania alone lost 250,000 jobs in one month.

Obama definitely stopped the hemorhaging. Of course nobody gives any credit in politics for how much worse things could have been.; November 2, 2012 at 4:43 PM
elwood p suggins said...: I guess I am just being dense again, but I just don't get it. Among the the dumbest things I can think of (and yes, I understand that the Bush and other administrations also did it) is not to count unemployed people who are not looking for work as actually being employed. What are they, employed??

And I am certainly not an expert on Bain Capital, but I do not believe that every employee of each of the firms "taken over" or whatever by Bain, nor even a majority of them, for that matter, got fired.

I further believe there were numerous instances of saving companies where some/many of the employees kept jobs where they would have lost them if the company went under, save for Bain.; November 3, 2012 at 2:55 PM
elwood p suggins said...: OOOOps--make that be "actually being UNemployed".; November 4, 2012 at 6:20 AM
Siarlys Jenkins said...: elwood, with what you believe and $8 you can buy a cup of coffee at Starbucks.

Individuals who have stopped looking for work are not counted as employed. They are not counted at all. They are out of the statistical universe being used.

The unemployment rate is the number of people actively seeking work (numerator) divided by the total number of people working or looking for work.

If you're not working OR seeking work, you're not enumerated at all for this purpose. Otherwise, every retired person, long-term hospital inmate, etc. would be counted as "unemployed."; November 4, 2012 at 12:04 PM
Gary Fouse said...: Siarlys,

So what do you count people in their 20s-60s, who are not in prison or retired as

Stray dogs?

The real unemployment figure is somewhere well over 10%.; November 5, 2012 at 11:41 AM
Siarlys Jenkins said...: It depends on whether they are in the market for work, or not. If they have taken early retirement, are collecting social security, disability, or SSI, for example, then they are not in the workforce. If they have no other option, be sure that they ARE in the workforce.

Where did you get the 10 percent figure? Just made it up? Gut instincts? Took a poll on your block?

(You may be right, but if so, the same shift would apply to the past 10-20 years. How DO you know?)jo; November 5, 2012 at 12:39 PM