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Posts tagged "Jobs Report"

FNC’s hypocrisy on Jobs numbers.

thepoliticalfreakshow:

According to the latest data from the Bureau of Labor Statistics, the economy added 157,000 jobs in January, with the unemployment rate ticking up slightly to 7.9 percent. Economists expected an increase of 170,000 jobs. The private sector added 166,000 jobs, while the public sector lost another 9,000 jobs.

BLS revised the number of jobs created in November up by 86,000 to 247,000, and December was revised up by 41,000 to 196,000. Due to revisions done to the 2012 numbers, 181,000 jobs per month were created last year, higher than previously thought.

The wider U-6 measure of underemployment held steady at 14.4 percent. 38.1 percent of the unemployed have been out of work for six months or more, a slight drop from December.

The economy created 146,000 jobs in November, nearly doubling expectations, according to a Friday report by the Bureau of Labor Statistics.

The top-line employment figures exceeded analyst expectations, which factored in a significant drag caused by Hurricane Sandy, which made landfall on the east coast on October 29. But the unemployment rate actually dropped two points to 7.7 percent, and the Department of Labor explicitly cautioned that its “analysis suggests that Hurricane Sandy did not substantively impact the national employment and unemployment estimates for November.”

The promising headline numbers, however, were partially offset by weak internals in the survey, which included downward revisions to the previous two payroll reports. BLS now reports that the economy created 132,000 jobs in September, down from its initial estimate of 148,000; and 138,000 jobs in October, down from its initial estimate of 171,000.

BLS’ household survey — a separate survey the government uses to gauge the strength of the labor market — reports a slight drop in both employment and the size of the labor force.

The payroll report says retail trade employment grew by 53,000 jobs, professional and business services climbed 43,000, and health care employment increased by 20,000.

Because of the size of the labor market, the initial reports are marked by a degree of uncertainty nearly equal to the reported increase in employment.

The U.S. economy added an estimated 171,000 jobs in October, according to the Bureau of Labor Statistics monthly employment report released Friday — exceeding analysts expectations, and sparing President Obama from lackluster economic news days before the election

The figures suggest a strengthening labor market, and include significant upward revisions to previous months’ employment estimates. BLS now estimates that the economy added an impressive 192,000 jobs in August, up 50,000 from a primary September revision and up even more from the initial, weak August estimate of 96,000. Likewise, BLS estimates that the economy added 148,000 jobs in September, up 34,000 from its initial estimate of 114,000.

Those revisions reflect an accelerating recovery, but also illustrate the report’s significant uncertainty. That uncertainty hasn’t stopped members of both parties from spinning the initial figures for partisan advantage. The report comes just four days before polls open Tuesday, lending additional salience to the unemployment rate, which ticked upward from 7.8 to 7.9. for the promising reason that over 578,000 people entered the work force.

Growth was strongest in professional services, health care, and retail trade, which added 51,000, 31,000, and 36,000 jobs respectively.

h/t: Brian Beutler at TPM

Right-wing media, led by the Drudge Report, are pushing a conspiracy theory that the Labor Department will use Hurricane Sandy to delay releasing October jobs data until after the election. This scaremongering is a continuation of the right-wing conspiracy theory that the government is manipulating economic data to help re-elect President Obama.

The Bureau of Labor Statistics is scheduled to release October jobs data, including the official unemployment rate, on Friday — days before the presidential election. But Labor Department officials have reportedly said that it will be difficult for economists to access the employment data, which can only be accessed on site, as long as the federal government is shut down due to the storm. 

An October 29 Wall Street Journal blog post quoted a spokesman for the Bureau of Labor Statistics saying that the bureau would assess the situation after the storm passes and notify the public if it needed to change its release schedule.

In a subsequent statement released on Monday, the Labor Department said, “The employees at the Bureau of Labor Statistics are working hard to ensure the timely release of employment data on Friday, November 2. It is our intention that Friday will be business as usual regarding the October Employment Situation Report.”

Drudge called the possible delay a “mystery,” while Fox Nation deemed it “outrageous”.

And, as reported by The Hill, there is no mystery surrounding a possible delay: it’s a simple fact that BLS analysts cannot access the data as long as the federal government is shut down.

Contrary to the conspiracy theories surrounding a possible delay, there is nothing unprecedented about weather emergencies delaying the monthly jobs report. In January, 1996, The New York Times reported that “a paralyzing blizzard” caused the Labor Department to delay release of the monthly jobs report by a week.

Nor is the Labor Department alone in facing possible delays due to Hurricane Sandy. According to The Wall Street Journal, major companies have said the storm will force them to delay quarterly earnings reports.

h/t: Jeremy Holden at MMFA