It's the first Friday of the month = U/E is released at 8:30am sharp!

[웃 910]

Unemployment falls to 9% but job growth remains sluggish

Only 36,000 jobs were added to the U.S. economy in January, the federal unemployment report says, apparently reflecting a reluctance to hire. Unemployment fell to 9%, in part because more people have given up on the job market.

Reporting from Washington — The U.S. economy added a paltry 36,000 jobs in January, the government said Friday. Bad weather likely contributed to the weaker-than-expected hiring, but the report also suggests that many employers remain reluctant to hire despite a strengthening economic recovery.

Even so, the nation's unemployment rate fell dramatically for the second month in a row. It dropped to 9% in January, from 9.4% in December and 9.8% in November.

But as in December, the official unemployment rate dropped in part because many more workers left the labor market -- an indication that many people aren't finding opportunities or don't believe there's a job for them in the current economy.

"A chilling start to 2011," declared the Conference Board's chief economist, Bart van Ark. "The U.S. labor market remains unable to catch the recovery momentum of the broader economy."

There were some positive signs in Friday's report from the Bureau of Labor Statistics. Manufacturing payrolls were up 49,000 over the month, and retail employers added 27,500 jobs. Construction, government, financial services, transportation and the temporary-help sector shed jobs in January.

Government officials also revised higher the job growth at the end of last year. And that shows an improving trend in hiring, although still not at a very rapid pace. In the fourth quarter, the private sector added an average of 153,000 jobs a month, up from 124,000 in the third quarter.

http://www.latimes.com/business/la-fi-jobs-report-20110205,0,2873149.story

[JohnSmith2007 353]

Only 36,000 jobs were added to the U.S. economy in January, the federal unemployment report says, apparently reflecting a reluctance to hire. Unemployment fell to 9%, in part because more people have given up on the job market.

So the unemployment rate of 9% is just made up? I guess that people that have just given up don't count. It makes for a good Obama talking point to say the unemployment rate dropped. Watch for someone to use it to point out how well Obama is doing.

[The_Dude 1,142]

So the unemployment rate of 9% is just made up? I guess that people that have just given up don't count. It makes for a good Obama talking point to say the unemployment rate dropped. Watch for someone to use it to point out how well Obama is doing.

That has been the metric for quite a while, so you stop the feigned outrage. It's not like Obama is manipulating the data to serve his point of view. I don't think it is a good way to quantify statistics, but that is what he have currently. There should be some way to measure unemployment figures that take into account those who are no longer looking for jobs as well as those who are underemployed.

[JohnSmith2007 353]

That has been the metric for quite a while, so you stop the feigned outrage. It's not like Obama is manipulating the data to serve his point of view. I don't think it is a good way to quantify statistics, but that is what he have currently. There should be some way to measure unemployment figures that take into account those who are no longer looking for jobs as well as those who are underemployed.

I have hated the "official" unemployment statistic and the way the come up with it for a long time. Coming up with a true unemployment figure shouldn't be that hard. This one is just a political tool to sway opinion.

[^_^ 5,021]

I have hated the "official" unemployment statistic and the way the come up with it for a long time. Coming up with a true unemployment figure shouldn't be that hard. This one is just a political tool to sway opinion.

It is a political tool in addition to being a useful metric to those who understand what it does and doesn't include. There is widespread consensus that people who drop out of the labor force shouldn't be included in the unemployed count. During 'normal' times the drop-outs are people like new mothers who have decided to stay home for a while, people who have decided to go back to college, the unemployable (due to degradation of skillset or disability or any other reason), etc. During times like this, drop-outs include people who are perfectly employable and willing to work but can not find work. That doesn't negate the usefulness of the metric, it does however skew it during periods of high unemployment.

BTW if you're interested in a metric that includes drop-outs... the metric exists. Check the BLS site, it's there.

Edited February 4, 2011 by \

[luckytxn 2,263]

Way to go Obama the Socialist. A few trillion bucks later and we essentially have......high unemployment.