BREAKING NEWS -- 8:30 AM ET: U.S. ECONOMY ADDS 171,000 JOBS IN OCTOBER; UNEMPLOYMENT AT 7.9 PERCENT

[flpoljunkie]

Source: Talkingpointsmemo

BREAKING NEWS -- 8:30 AM ET: U.S. ECONOMY ADDS 171,000 JOBS IN OCTOBER; UNEMPLOYMENT AT 7.9 PERCENT

U.S. Economy Adds 171K Jobs; Unemployment At 7.9 Percent

DAVID TAINTOR 8:32 AM EDT, FRIDAY NOVEMBER 2, 2012

The U.S. economy added 171,000 jobs in October, according to the Labor Department's monthly jobs report. The unemployment rate is 7.9 percent.

http://bls.gov/news.release/empsit.nr0.htm

According to the report, employment rose in professional and business services, health care and retail trade. Hurricane Sandy had "no discernible effect" on the employment data for October, the report added. The revisions for August and September are:

The change in total nonfarm payroll employment for August was revised from +142,000 to +192,000, and the change for September was revised from +114,000 to +148,000.

Read more: http://livewire.talkingpointsmemo.com/entry/us-economy-adds-171k-jobs-unemployment-at-79

[highplainsdem]

1. Beat me to it. MSNBC reporting this is better than expected.

[Berlum]

3. "No, no, no, no. This totally sucks. We want America to FAIL." - Republican candidates

[OverDone]

7. Like said earlier

You want a birds eye view of the daily layoffs/closing

http://www.dailyjobcuts.com

[dmallind]

9. And a bird's eye view of the hiring too?

Or do people only ever lose jobs with no hiring at all? Wouldn't any pertinent analysis consider the net result? Like ....well.... the BLS does?

[OverDone]

11. Saying we

have a long way to go.
We all want the economy to kick ass, but at this time most places are not seeing it.

[AAO]

16. Someone must be seeing something encouraging as consumer confidence is at a 4 year high!

[emulatorloo]

27. Of course we have a ways to go. But no need to spin good news as bad.

[FarPoint]

2. Excellent

Another punch in the gut for eMoney and company.

[durablend]

4. Paging Jack Welch!

"Clearly a last gasp attempt for the left to retain power, but the American people see right through it!!!!!"

[Kingofalldems]

5. K and R for all the freepers to see

Great news eh?

[highplainsdem]

6. LOL. With other cable news covering this instantly, it's taken Fox nearly 20 minutes to do

a story on this as "breaking" news, and they waited to bring in Scott Walker to talk about how this shows the unemployment rate is headed back up to 8% or higher.

[alp227]

19. LMFAO, Mr. union busting, job cutting governor complaining about unemployment?

[DemKittyNC]

8. The freepers are already freaking out big time.

saying Rmoney can now say the unemployment rate went up. He better have the commercials ready to go... lol

[Puzzledtraveller]

10. This is good? n/t

[flpoljunkie]

18. Actually, it was described as great by Mark Zandi and others this morning on MSNBC.

[sharkman25]

12. How did the unemployment rate INCREASE from 7.8 to 7.9 if jobs grew?

I'm not sure how that works. I guess while hiring increased above the previous period, more people also claimed unemployment insurance?

[BlueCaliDem]

14. More people have been looking for a job than expected.

At least, that's what I heard on MSNBC, but overall, this is incredibly good news.

Btw, my daughter just found a new full-time job and started yesterday! Now we don't have to pay her car payment anymore.

[pinqy]

21. The UE rate is not based on unemployment insurance

Total Employment went up 410,000 (the offical employment number is only non-farm payroll jobs and went up 170k but that is not used to calculate the UE rate...Total Employment is). Unemployed went up 170,000 that raised the rate. Both going up like that means more people started looking for work.

[progree]

31. 1. Two separate surveys. 2. Need about 125,000 job growth the keep UE rate constant

The main thing is that the payroll jobs numbers -- the 171,000 jobs gain, is a survey of businesses. This is a different survey than the household survey that produces the unemployment rate and labor force participation rate, and a measure of number of unemployed that is different than the payroll jobs number.

The household survey is very volatile. Often its results go in opposite directions from the payroll job numbers for a particular month.

I've seen different numbers, but the most common estimate is that, over the long run (thus allowing the month-to-month noise volatility to smooth out), around 125,000 additional payroll jobs per month on average is needed to keep the unemployment rate about the same -- that's because of the natural population growth of the working age population.

So this month is an anomaly -- a 171,000 payroll jobs gain would normally be enough to bring the unemployment rate down a notch or two, rather than increasing a notch. But well, this was a weird weird month according to the household survey -- the workforce (those employed or saying they looked for a job in the last 4 weeks) increased by 578,000. While the number who said they were employed increased by a smaller amount: +410,000. Thus the unemployment rate increased.

The number receiving unemployment insurance benefits (and likewise the number submitting claims for unemployment insurance) is not at all factored into the unemployement statistics. The count of the unemployed and the unemployment rate is not a count of those receiving unemployment benefits, nor is unemployment benefit receiver status factored at all into any of the official unemployment rate statistics (U3, U4, U5, U6, etc.). Rather, the unemployment rate is based on a survey of 60,000 households chosen at random. See: http://www.bls.gov/cps/cps_htgm.htm or Google: "Labor Force Statistics from the Current Population Survey"

[Bonduel]

13. Some good some not so good

Like the increase in jobs no doubt. Gop will focus on the 7.9%. Really doesn't mean much though. 171,000 jobs added isn't that great but it is an improvement and the movement upward will excite people. However, the large increase in unemployment for African Americans is not good. That number really disappoints me and is a criticism I have of our President. There must be a greater focus by the administration on the African American community in his 2nd term.

[BlueCaliDem]

15. I particularly like the number revisions for August and September

and no doubt, that of October will be revised, too.

Currently, according to the CBO, America needs to create 90,000 jobs a month in order to keep up with population growth, not 150,000, so these are really, really good numbers.

[Xyzse]

17. It is still below 8%

Which is what they have been griping about...

[ProudProgressiveNow]

20. That's the golden number!

A big talking point has vanished.

[Xyzse]

25. Yeah, but now they are going off on 6%, when the agreed number was 8.

Those a-holes.

He met a goal... Granted, the goal is lowering that even more, but give credit where credit is due.

[ProudProgressiveNow]

33. +1 nt

[hedgehog]

22. kick

[Permanut]

23. This just proves that the Labor Department..

has been infiltrated by Communists, Marxists, Socialists, Kenyans, Muslims, Traitors, God-haters, pro-abortion pinko hippies and Jihadists. Did I leave anybody out?

[durablend]

24. You forgot leftist terrorists who hate our way of life

YOU YOU YOU LIBRUL!!!!!!!!!!!

[Permanut]

29. ...

[LaPera]

26. So Romney decided to run for president on what, Bain?

33 straight months of job growth - Over 5 million jobs added - Unemployment under 8%

While Romney and the republicans want to take us backwards to the exact same old policies and agenda that of republican president George Bush left us with just four years ago....as Bush left office losing over 850 thousand people losing their jobs a month, millions losing their homes, Bush signed the Banksters bailout bill Oct. 2008

Huge increases to the Pentagon/military budget – left us with TWO WARS draining our economy while giving huge tax cuts for the rich eating up our tax dollars Bush left us with over six trillion dollars more in deficit and Romney as all republicans will do the same ....It's no secret Romney wants to increase the Pentagon budget by trillions of dollars and to have a war with oil rich Iran, Libya wants to go back into Iraq – Americans don't want more wars.....

Then the republicans scream as Bush did that there's no money left for a social safety net where WE want our tax dollars to go....republicans always leaving deficit is purposely done to say we can't afford Social Security or medicare – Yet the rich are richer & the military has more for corporate imperialism.

Romney is even worst, as a ' businessman' (Bain) he out sourced jobs to China. Romney says, "I like to fire people' - "corporations are people" Romney believes......Romney's vulture capitalism raided workers pension funds, while putting tens of millions into off-shore accounts in the Cayman Islands & Swiss Bank accounts Romney has NEVER created jobs except in China - Romney still has investments in China as well - Look it up!

As Governor of Massachusetts for one term - Romney didn't create any jobs but lost jobs...The MA deficit went much much higher - Romney knew he couldn't get reelected – So he decided to run for president on what, Bain? Get Real....Bain never created jobs in the US only in China - We ALL know republicans can not deal with the facts....They point to something that has nothing to do with Romney and his constant flip-flopping and outright lies!

[muriel_volestrangler]

28. K&R (nt)

[suston96]

30. Gallup has more good news.......

http://www.gallup.com/poll/158495/payroll-population-rate-october.aspx

Payroll to population rate is way up.

[jpak]

32. The Crack of DOOOOOoooooooMMMmmm!!!111

For the haters

yup