Only 74,000 jobs added in December

[IGotWorms 4,060]

Defying hopes that the economy was finally gaining momentum, the government reported Friday that employers added jobs last month at the slowest pace in three years, although some experts cautioned that wintry weather in many parts of the country may have skewed the data.

 

The latest figures were a reversal from healthier monthly payroll gains in the fall that had convinced many economists as well as policy makers at the Federal Reserve that the labor market was on a more solid footing. In December, employers added just 74,000 jobs, the Labor Department said, well below the 200,000 gain many economists had been looking for.

 

The unemployment rate did fall to 6.7 percent from 7 percent in November, the lowest since Nov. 2008. But that was largely because of people dropping out of the work force rather than finding jobs.

 

Economists said that weather exaggerated the weakness in the report. But they also cautioned that other indicators, like average hourly earnings and the labor participation rate, were hardly encouraging.

 

Weather is clearly playing a role and you dont want to overreact to any one number, said Julia Coronado, chief United States economist at BNP Paribas.

 

She estimated that cold temperatures and snow subtracted about 75,000 jobs from the overall total for job creation in December.

 

What it does say is that were not in takeoff mode in the labor market, Ms. Coronado added. Its not so much weakness in hiring as lack of vitality. Were treading water.

Well, that's a bummer.

[Recliner Pilot 61]

How did that happen with so many people getting paid not to work?

[NewbieJr 541]

My question is, since this is bad news, why didn't a Republican rush to post this? This is what happens when phurfur isn't around because of his colonoscopy and RP is obsessed with checking the goings on at The Closet. Shape up, Fellas!

[IGotWorms 4,060]

Meanwhile, the unemployment rate fell to 6.7% in December, but the drop came mainly from workers leaving the labor force.

 

Job market dropouts could be doing other things, like retiring, enrolling in educational programs or taking care of relatives. But many have simply given up hope of finding work.

 

Only 62.8% of the adult population is participating in the labor market now -- meaning they either have a job or are looking for one. That matches the lowest level since 1978.

[IGotWorms 4,060]

My question is, since this is bad news, why didn't a Republican rush to post this? This is what happens when phurfur isn't around because of his colonoscopy and RP is obsessed with checking the goings on at The Closet. Shape up, Fellas!

They would've posted it eventually.

 

I beat 'em to it because this is actually important news, and I wanted it to be distinguishable from the normal hyperventilating.

[MTSkiBum 1,625]

It is going to be tough sledding until America has a major technology innovation, or unitl either Europe or China starts booming again. We need foreign demand to pick up.

[Phurfur 70]

The unemployment rate dropped .3% to 6.7%. Now that has to be great news for everyone.

 

Vote Libertarian!

[Phurfur 70]

My question is, since this is bad news, why didn't a Republican rush to post this? This is what happens when phurfur isn't around because of his colonoscopy and RP is obsessed with checking the goings on at The Closet. Shape up, Fellas!

 

Jump Monkey Jump!

[NewbieJr 541]

Jump Monkey Jump!

You're late, Gramps. Turn the Price Is Right off earlier so you can start your Obama sucks diatribes sooner. Thanks in advance.

[posty 2,762]

Something isn't right... ADP says that 238,000 jobs were added in December...

 

http://www.businessinsider.com/adp-employment-december-2014-1

 

ADP's December National Employment Report is out.

The payroll firm estimated that 238,000 workers were added to private-sector payrolls in December, well above expectations for 200,000.

 

The figure reflects an acceleration in hiring from November's 215,000 addition.

 

Below is a summary of the data from ADP:

 

Goods-producing employment rose by 69,000 jobs in December, up from an upwardly revised figure of 46,000 in November. Construction had its best month since 2006, adding 48,000 to payrolls. Manufacturing was strong as well, but growth slowed slightly to 19,000 in December. Over the course of 2013, goods-producers added 286,000 jobs. Nearly 75 percent of these gains came from construction as the housing recovery accelerated throughout 2013.

 

Service-providing industries added 170,000 jobs in December, down slightly from an upwardly revised November figure of 182,000. The ADP National Employment Report indicates that professional/business services contributed the most to growth in service-providing industries, adding 53,000 jobs. This was the largest gain in the industry in a year. Expansion in trade/transportation/utilities slowed slightly, adding 47,000 jobs in December. Private payrolls increased by nearly 1.9 million jobs in the service-providing industries in 2013. The bulk of this increase was split evenly between transportation/trade/utilities and professional/business services. Finance brought up the rear gaining just 59,000 in the last twelve months.

 

"The U.S. private sector added 238,000 jobs in December, surpassing November as the strongest month for job growth in 2013,” said Carlos Rodriguez, president and chief executive officer of ADP. “It’s encouraging news that hopefully bodes well for 2014."

 

Mark Zandi, chief economist of Moody’s Analytics, said, "The job market ended 2013 on a high note. Job growth meaningfully accelerated and is now over 200,000 per month. Job gains are broad-based across industries, most notably in construction and manufacturing. It appears that businesses are growing more confident and increasing their hiring."

 

The report foreshadows the official jobs report that will be released by the U.S. Bureau of Labor Statistics on Friday. Before the release of the ADP report, economists predicted the BLS report would reveal a net change of 197,000 private-sector payrolls, while total nonfarm payrolls were expected to rise by 195,000.

[TimmySmith 2,783]

Isn't December usually inflated by seasonal jobs. If so, this report is actually much worse.

 

Of interest. Yesterday Obama conceded that he would accept budget cuts to offset unemployment extensions. My gut is to applaud the President, my brain however tells me that this is a sign of a bleak economic forecast.

[Reality 3,121]

Tough news, was really hoping we were starting to turn the corner. I have a feeling the stock market will be in for a correction sometime soon.

[IGotWorms 4,060]

Isn't December usually inflated by seasonal jobs. If so, this report is actually much worse.

 

Of interest. Yesterday Obama conceded that he would accept budget cuts to offset unemployment extensions. My gut is to applaud the President, my brain however tells me that this is a sign of a bleak economic forecast.

I'm not really seeing the connection there. Usually budget cuts are a bad idea if the economy isn't doing well. That just means even less money is kicking around out there.

[TimmySmith 2,783]

I'm not really seeing the connection there. Usually budget cuts are a bad idea if the economy isn't doing well. That just means even less money is kicking around out there.

It tells me he needs these extensions so badly, that he is willing to go against 6 years of policy to get them.

[Phurfur 70]

You're late, Gramps. Turn the Price Is Right off earlier so you can start your Obama sucks diatribes sooner. Thanks in advance.

The monkey is rattling his cage.

[drobeski 3,061]

can we get an undo on the clinton wto deal with China ?

that would get our mfg jobs back.

[jerryskids 6,925]

So which report is correct? Worms' is scary bad so I hope his is wrong.

[Phurfur 70]

Tough news, was really hoping we were starting to turn the corner. I have a feeling the stock market will be in for a correction sometime soon.

Within 18 months it will bottom out between 8,000 and 10,000.

[MTSkiBum 1,625]

The monkey is rattling his cage.

 

So you are saying that you are posting only to get other posters riled up? That is how I interpret this post.

 

 

If I go and look up the definition of internet troll what would I find?

[NewbieJr 541]

So which report is correct? Worms' is scary bad so I hope his is wrong.

I'm wondering the same thing. Could it be that posty's link represents the seasonal hirings while Worms are the full time hires only? Not sure why the numbers are so off.

[Phurfur 70]

So you are saying that you are posting only to get other posters riled up? That is how I interpret this post.

If I go and look up the definition of internet troll what would I find?

No, only one poster is riled up. That is his problem not mine. For some reason he is envious of me.

[IGotWorms 4,060]

I didn't post the links earlier, my bad.

 

http://www.nytimes.com/2014/01/11/business/economy/us-economy-added-only-74000-jobs-in-december.html?hp&referrer=

 

http://money.cnn.com/2014/01/10/news/economy/december-jobs-report/index.html

 

I think the issue here is we're looking at two different studies. My sources are citing the official one. However it is possible the official one could be revised upward at some point if the numbers are skewed downward somehow.

[posty 2,762]

I didn't post the links earlier, my bad.

 

http://www.nytimes.com/2014/01/11/business/economy/us-economy-added-only-74000-jobs-in-december.html?hp&referrer=

 

http://money.cnn.com/2014/01/10/news/economy/december-jobs-report/index.html

 

I think the issue here is we're looking at two different studies. My sources are citing the official one. However it is possible the official one could be revised upward at some point if the numbers are skewed downward somehow.

I know that yours was the official one, but I was just wondering how a payroll company like ADP can come up with a number like that only two days earlier...

[IGotWorms 4,060]

I know that yours was the official one, but I was just wondering how a payroll company like ADP can come up with a number like that only two days earlier...

That's a good question. Obviously somebody's methodology is flawed, the question is which one?

 

I would not be at all surprised to see the official number revised upward at some point. But from 70,000 to 200,000?

[drobeski 3,061]

I didn't post the links earlier, my bad.

 

http://www.nytimes.com/2014/01/11/business/economy/us-economy-added-only-74000-jobs-in-december.html?hp&referrer=

 

http://money.cnn.com/2014/01/10/news/economy/december-jobs-report/index.html

 

I think the issue here is we're looking at two different studies. My sources are citing the official one. However it is possible the official one could be revised upward at some point if the numbers are skewed downward somehow.

the trend for a coupe of years is to revise them down, it is usually announced on the last Friday of the month, late afternoon.

[IGotWorms 4,060]

the trend for a coupe of years is to revise them down, it is usually announced on the last Friday of the month, late afternoon.

That's not really true. Sometimes they are revised upward, sometimes down. But you only remember when they're revised down because it fits your paranoid conspiracy theories.

[Phurfur 70]

That's not really true. Sometimes they are revised upward, sometimes down. But you only remember when they're revised down because it fits your paranoid conspiracy theories.

When was the last time they were revised up?

[drobeski 3,061]

That's not really true. Sometimes they are revised upward, sometimes down. But you only remember when they're revised down because it fits your paranoid conspiracy theories.

I believe it was something like 11 out if 12 months at one point.

does not believing facts make you a conspiracy theorist ?

[Phurfur 70]

People Not In Labor Force Soar To Record 91.8 Million; Participation Rate Plunges To 1978 Levels - 62.8%

a 35 year low back to when 2 income families were not the norm.

 

http://www.zerohedge.com/news/2014-01-10/people-not-labor-force-soar-record-918-million-participation-rate-plunges-1978-level

[IGotWorms 4,060]

When was the last time they were revised up?

It happened just recently, dummy. http://www.businessinsider.com/the-october-jobs-report-2013-11

[NewbieJr 541]

It happened just recently, dummy. http://www.businessinsider.com/the-october-jobs-report-2013-11

 

Why does Phurfur bother to wake up in the morning. Is he ever right?

[MTSkiBum 1,625]

 

Nobody wants to talk to the jobs report that was released yesterday, so it's going to spend the entire weekend sitting alone in the cafeteria, glancing around nervously at the small groups of popular economists whispering behind its back about how crappy it is. Poor jobs report! It's not like it contained news of Skynet going online and the impending robot takeover, and it's certainly not the jobs report's fault that the U.S. economy is performing with all the efficiency and rigor of a three-legged, syphilitic horse with asthma. Besides, the jobs report offered some insight on who's really driving the economy in our post-recession landscape: working women.

 

According to the New York Times, all — and the paper does mean all — of the 74,000 new jobs added in December were filled by women. The Times even includes a helpful chart to illustrate this remarkable discrepancy. From the report:

 

Women also lost fewer jobs during the recession, a fact that probably, as the Times notes, has more to do with the different industries men and women traditionally work in: men more often work in recession-vulnerable industries like construction and manufacturing, while women more often work in recession-"proof" industries like healthcare and government.

 

Women gained, on net, 75,000 jobs in December; men lost, on net, 1,000 jobs. This was the first time since December 2007 that a month's job gains were captured entirely by women. Women represented more than half (56 percent) of the net gain in the 12 months.

 

As with virtually all the economic news, though, there's a pretty big caveat to this female-dominated jobs market, which is that most of women's current job gains came in the low-wage sector. Women gained 39,000 retail jobs in December, as well as 18,000 jobs in the leisure and hospitality industries.

 

http://jezebel.com/women-filled-all-of-the-mostly-low-wage-december-job-1499247601?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+jezebel%2Ffull+%28Jezebel%29

 

 

 

Not a good december for the job market.

[Recliner Pilot 61]

Worst recovery in the history of the country.

[MDC 7,590]

Well, that's a bummer.

Obummer.

[Recliner Pilot 61]

Half of the 74,000 were part time jobs.

 

Thank You Obamacare.

[IGotWorms 4,060]

Half of the 74,000 were part time jobs.

 

Thank You Obamacare.

What is the normal/historical ratio of full to part time jobs added?

[gutterslut 1]

Worst recovery in the history of the country.

Recovery? From what?

 

 

Oh yeah, that's right. Bush!

[Recliner Pilot 61]

What is the normal/historical ratio of full to part time jobs added?

Under Obama's worst recovery in the history of the country, or under normal recoveries?

 

Google should help you out.

[IGotWorms 4,060]

Another lackluster jobs report:

 

NEW YORK (CNNMoney)

After a chilly month for job growth in December, hiring warmed up a bit in January. But not by much.

 

The U.S. economy added 113,000 jobs last month, according to the government. That's an improvement from December, but was far weaker than hoped. Economists had been expecting an addition of 178,000 jobs.

 

 

Many economists had also been hoping that December's weak job gains would be revised much higher, as many experts were quick to write off the December report as a fluke. The number was revised higher, but only by 1,000 jobs to 75,000.

[DankNuggs 305]

CNN was encouraging everyone to just 'shrug off' the report, because....you know... things are tough, thats nothing new, and the job market is Slooooooooowwwwwwwwly recovering... So just shrug it off.... Ignore it.