Unemployment Hits Seven Year Low

Via the New York Times:

The economy gained fresh momentum last month as the Labor Department reported on Friday that employers added 295,000 workers in February, far exceeding expectations, and the unemployment rate took another dip. But wage gains continued to lag, rising only 2 percent from a year earlier. The unemployment rate fell to 5.5 percent, its lowest since mid-2008, down from 5.7 percent in January. Last month, wages rose just 0.1 percent, according to the Labor Department, a disappointment coming off an increase of 0.5 percent in January.  Despite the disappointing wage numbers, the report prompted a new round of optimism about the economy’s recovery and spurred more talk on Wall Street that the Federal Reserve might raise interest rates at its June meeting rather than wait until September. The news prompted a rise Friday morning in the yield on 10-year bonds and a dip in the stock market, where investors fear that higher interest rates will take a bite out of corporate profits.

Unemployent Rate Hits Six-Year Low

The Labor Department today reported that 248,000 jobs were created last month, pushing the unemployment down to a six-year low of 5.9%. Via Politico:

The number of new jobs easily surpassed expectations — analysts had predicted 215,000 jobs created last month, according to a Bloomberg survey. Friday’s robust jobs report comes at an opportune time for the White House as it makes a final push ahead the midterm elections to highlight the economic recovery during the Obama administration. This is the last jobs report before voters go to the polls on Nov. 4. “The data underscore that six years after the Great Recession — thanks to the hard work of the American people and in part to the policies the President has pursued — our economy has bounced back more strongly than most others around the world,” Jason Furman, chairman of the White House Council of Economic Advisers, said in a statement.

The dip in unemployment can be attributed in part to an estimated 96,000 Americans leaving the work force. The labor force participation rate also dipped slightly to 62.7%.

Unemployment Hits Five-Year Low

Via the New York Times:

The jobs picture brightened in November as hiring in the United States was stronger than expected and the unemployment rate fell to a five-year low, data that increases the likelihood that the Federal Reserve will begin easing its stimulus efforts sooner, rather than later. In November, the jobless rate dropped to 7 percent. Economists surveyed by Bloomberg before the Labor Department announcement had expected an increase of 185,000 jobs, with the unemployment rate falling by 0.1 percentage point to 7.2 percent. Payrolls are tracked using data gathered from employers, while the unemployment rate is based on a separately survey of households.

Unemployment Rate Falls To Lowest Since December 2008

"The books are cooked! Fake!" said all of Teabagistan.

Unemployment Drops To 7.7%

The February jobs report has been released.

U.S. employers added 236,000 jobs to non-farm payrolls in February, the Bureau of Labor Statistics reported on Friday, up from 119,000 in January. That was the best payroll growth since 247,000 jobs last November and the second-best month for job growth of the past 12 months. The unemployment rate dropped to 7.7 percent from 7.9 percent in January, with 12 million people looking for work. That is the lowest unemployment rate since December 2008, when the rate was 7.3 percent.

There are numerous caveats at the link.

GOProud Capitalizes On Labor Woes By Raising Money On Twinkies Demise

GOProud today sent out a fundraising letter blaming those communist unions for the demise of Hostess Brands and offering to send donors a Twinkie in return for a $50 contribution. Chris Geidner has the text:

You know that our staff at GOProud works every day free market principles and freedom for everyone. You may not know about our special emergency response squad. This morning when the news broke, they sprung into action and secured a supply of the coveted snack cakes. We now have a stash of Twinkies in the GOProud vault. You have a chance to take advantage of our quick response to this crisis. We will share our limited supply of Hostess Twinkies with GOProud donors who contribute at least $50 between now and the end of November.

And for an EXTRA $50, Jimmy LaSalvia will personally train you on how to fake an anti-gay hate crime!

UPDATE: As for GOProud's tired and predictable claim about unions, the management of Hostess Brands sure isn't suffering.

BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.

October Jobs Report Released

Despite some claims that the storm-related closure of federal offices would cause its delay, the highly-anticipated final pre-election jobs report was issued on schedule today. One analyst calls the report "solid."

In the final monthly jobs report before Election Day, the government today said the U.S. unemployment rate for October ticked up to 7.9 percent. The Labor Department's Bureau of Labor Statistics reported that the U.S. economy added 171,000 jobs, stating that the number of unemployed Americans was essentially unchanged in October at 12.3 million. "We still have a long way to go but this is a step in the right direction," said Stephen Bronars, chief economist of Welch Consulting. Analysts had expected around 125,000 added jobs, according to Bloomberg News. Bronars said October's jobs report was positive despite the unemployment rate increase, because more people resumed looking for work. He called the 171,000 jobs added "solid" and noted there were upward revisions to the reports of the past two months.

No October surprise here, at least.

Fox News: Jobless Numbers Are Faked

Romney Slams Jobless Figures

Headline Of The Day

The September jobless rate is out and the news is good for the president.

The nation's unemployment rate dropped to the lowest it has been since early in 2009 in September, providing a potential upbeat talking point for President Barack Obama in the days left before the presidential election. The Labor Department reported Friday that the unemployment rate fell to 7.8 percent in September, a decline of 0.3 percentage point and the lowest since January 2009. It was the first time the jobless rate has fallen below 8 percent in almost four years. The government said the economy created 114,000 jobs, about as expected, and generated 86,000 more jobs in July and August than first estimated.

Some right-wing sites are already screaming that the numbers have been faked. Others point out correctly that the increase in jobs does not match the rise in population.

Unemployment Figures For August

Gallup reports:

U.S. unemployment, as measured by Gallup without seasonal adjustment, is 8.1% for the month of August, down slightly from 8.3% measured in mid-August and 8.2% for the month of July. Gallup's seasonally adjusted unemployment rate for August is also 8.1%, a slight uptick from 8.0% at the end of July.

The number of jobs increased for the 30th month in a row.

Billboards Of The Day

Fox News claims to have no idea who's behind these Las Vegas billboards, but we can guess.

Romney: Obama Loves Freeloaders

Minnesota's Cheerios Arsonist Is Fired

One day after the Smoking Gun outed real estate agent and Christian radio preacher Michael Leisner as the anti-gay activist who had set fire to the front lawn of General Mills, Greater Midwest Properties began emailing the below response to complaints left on their contact page.

Thank you for your comment. Greater Midwest Properties does not condone or support the actions of our independent contractors. Also, Greater Midwest Properties does not support the alleged destruction of property. Therefore, the agent’s license will be returned to the Minnesota Department of Commerce. Greater Midwest Properties has no involvement in this incident and it is unrelated to us serving our clients in a professional manner. Thank you for bringing this to our attention. - Greater Midwest Properties.

(Tipped by JMG reader Fozzie)

Sen. Lindsey Graham Calls For Contractors To Make Layoffs Before November Election

This weekend GOP Sen. Lindsey Graham told a home state audience in South Carolina that government contractors should make layoffs before the November elections in order to "pressure Congress" into making spending cuts. Pressure Congress, not make unemployment worse for Obama. Yeah.

“I’m urging every defense industry that could be affected by sequestration to put your employees on notice before November,” he continued. “The more it becomes real to us as to what comes the nation’s way, the more likely we are to solve the problem.” Graham delivered the remarks inside a University of South Florida auditorium here in Tampa this morning to an audience of military veterans, academics, and defense contractors.

Sen. John McCain preceded Graham by saying, "It’s hard these days, trying to do the Lord’s work in the city of Satan."

Obama Nears Break-Even On Jobs

As the GOP continues to scream about unemployment, today's mildly positive jobs report shows that the economy has gained back almost all of the jobs lost since Obama took office. It's possible we'll see a small net gain by election day.

The president only needs job growth of just over 105,000 jobs created in each of the next three months to be able to say — undisputedly — that he created more jobs than were lost since the start of his administration. Hitting 316,001 jobs would be an important rhetorical victory for Obama — and missing the mark would provide Romney and Republicans with another attack to use against the president in the final days before the election.

Unemployment Graph

(Source)

Jobs Occupy Wall Street

Three months ago the leading topic was "debt." (Source)

Rep. Steve King: No Work, No Eat

Wingnut GOP Rep. Steve King says if you don't work, you shouldn't eat. Unemployment benefits and food stamps only encourage laziness. So starve, you good for nothing slackers!

Michigan GOP Gov. Rick Snyder Caps Welfare Eligibility At 48 Months

Beginning October 1st, many Michigan residents who have been on welfare for more than 48 months will face homelessness and starvation. Because GOP Gov. Rick Snyder has signed a bill to that effect.

Gov. Rick Snyder on Tuesday signed into law a stricter, four-year lifetime limit on cash welfare benefits, prompting advocates for the poor to warn that tens of thousands of residents will find themselves without cash assistance on Oct. 1. Michigan's first-year Republican chief executive said the state will offer exemptions to the limit for those with a disability who can't work, those who care for a disabled spouse or child and those who are 65 or older and don't qualify for Social Security benefits or receive very low benefits. Some recipients who are the victims of domestic violence also may be temporarily exempted. "We are returning cash assistance to its original intent as a transitional program to help families while they work toward self-sufficiency," Snyder said in a statement. He noted that the state still will help the poor by offering food stamps, health care coverage through Medicaid, child care and emergency services.

Michigan is currently ranked 48th in employment rates. What, exactly, are people supposed to do?