Payroll Growth Stalls as Jobless Rate Hits 5.0%

[maseman]

Source: CNBC/Reuters

U.S. employers added a scant 18,000 jobs in December and the national unemployment rate kicked up to five percent, its highest in more than two years, according to a government report on Friday that underlined the economy's rapidly slowing momentum.



The Labor Department said December's pace of job creation was the weakest since August 2003 when 42,000 jobs were cut. It was far below the median estimate of analysts surveyed by Reuters who had forecast that 70,000 non-farm jobs would be added last month.


Read more: http://www.cnbc.com/id/22502658

---

Uh Oh. How will Shrubby and his boys spin this? This is awful. Recession here we are.

[ixion]

1. hey the economy is 'strong'... why do you hate 'Murika?

:sarcasm:

[papau]

2. Just wait for the January jobs adjustment for Bush lies through 3/07 -

"Q: Does BLS ever revise birth/death factors once a new quarter of QCEW universe employment data becomes available?

A: There is no formal refitting of the birth/death factors with each new quarter of QCEW data. However, the monthly estimates are tracked against universe employment counts. If there were indications that the model was misspecified, then the model would be reviewed and potentially changed for the relevant industries. Since the introduction of the birth/death model in June 2000, there have not been any mid-year interventions."

:-) - almost all of the 7 years of Bush jobs growth has been "birth/death" (of areas of employment) jobs growth.


Last year the January number released in Feb was after a birth-death "adjustment" of a loss of 175,000 jobs.

[Thor_MN]

3. CNN has been carrying * water for him so far.

They were citing potential for 70K in December following 98K in November and said that weaker numbers could lead to a net job loss. It takes around 150K a month to keep up with growth in the labor pool so November and December WERE net losses. At 18K, look for stocks to tumble today. Its going to be a bumpy ride. I have to stop typing to go jump in the shower to see if I can move myself from the jobless category to the other side. I have an interview this morning, two solid people backing me who work under the hiring manager and I am really hopefull. Wish me luck, I need this job.

[Roland99]

4. DJIA futures down 123 a few min. before the open.

[maseman]

5. Yes it will be bumpy

Housing market in the toilet, oil/gas way up, jobless rates skyrocketing, and the December manufactoring report was dismal. Time for some conservative investments in my 401K.

[midnight]

6. Ok do you want a President who will seat down with the fat

cats and make comprimises or someone who will stand up and fight for your jobs???????

[RUMMYisFROSTED]

7. Erase the fudge factor and unemployment is nearer 11-12%. nt

[Doctor_J]

8. Time to change the way the unemployment is computed

again.

Nice newsspeak too - "the economy's rapidly slowing momentum". It's called a crash, you right-wing whores.

[Demeter]

10. The Momentum ISN'T Slowing--It's Growing in the Opposite Direction

A death-spiral, some call it. If they want to be truthful.

[Javaman]

9. Notice how all this is coming out AFTER the holidays.

nothing here to see folks, just an empire in decline. Move along.