Good news: thanks in large part to Census hiring, April job creation almost made the minimum replacement rate.
The American economy added 290,000 jobs in April, which was much better than expected despite temporary hiring for the 2010 U.S. Census. Excluding Census workers, 224,000 nonfarm jobs were created, with the unemployment rate edging up to 9.9% from 9.7%, the Labor Department reported Friday.
Bad news: unemployment went up to 9.9%. I’ll leave it to my readers to decide which is more important.
Moe Lane
PS: The general mood? “That’s nice, but the stock market almost went for a dance off of the Grand Canyon yesterday.”
Crossposted to Moe Lane.
Aaron Gardner
Moe Lane
Steve Maley
KnightsofMalta
Dan Spencer
Dan McLaughlin
My prediction as to how the Dems spin it
bk (Diary) Friday, May 7th at 9:07AM EST (link)They will call it new job creation, ignoring that it’s the temp census jobs that are meaningless in the big picture.
Then when those go away and the rate rises, they’ll say, “Well it’s being skewed up by the temp census jobs we knew were going away, so it’s really not rising.” But of course that means the earlier numbers they called good were really bad, but they hope no one remembers that.
Heh.
DefendUSA (Diary) Friday, May 7th at 9:08AM EST (link)Have you seen Michele Malkin’s site and the census workers who keep reporting in to say what they really do? And, of course, hiring 600k more does make things “seem” better.
We know it is a sham and it was when i did it in 1990.
Hyperinflation is coming.
*starred thought*
To be a leader is to do the uncomfortable thing. Man up, Mr. President.
I Wonder How The Dems Are Gonna Explain 11% Unemployment in Oct... (nt)
IJB Friday, May 7th at 9:13AM EST (link)Bush's fault or GOP obstructionism?
bk (Diary) Friday, May 7th at 9:23AM EST (link)Those seem to be their only defenses to any issue. The Dems have come quite a way from Harry Truman to Barack “the buck stops elsewhere” Obama.
About that dance you mention.
txgho1911 Friday, May 7th at 9:18AM EST (link)Due to error or sabotage or the bank torches chasing the run out of the banks.
The market is due further corrections and the sec NYSE Nasdaq are going to cancel some of the trades at over 60% difference of the prices printed earlier in the day.
Fills you with confidence doesn't it?
texasgalt (Diary) Friday, May 7th at 9:49AM EST (link)Fat finger trades and trades actually being cancelled. 4 digit moves in the Dow in an hour. But don’t worry, everything is ok. It’s a buying opportunity.
There is no limit on the excuses that are made to cover up for the failures of Bambi and his policies. . . and no effort spared to defraud people of their money.
Right, local news had a broker on
hickorystick (Diary) Friday, May 7th at 10:42AM EST (link)That insinuated a keystroke typing in million instead of billion was responsible. The company he said was Proctor and Gamble. Yah, there’s a sudden fluctuation in toothpaste sales. What a bunch of crooks and dollar wrestlers.
rustlers not wrestlers
hickorystick (Diary) Friday, May 7th at 10:43AM EST (link)HS
not much difference :-) /nt
texasgalt (Diary) Friday, May 7th at 11:01AM EST (link)There's a huge difference!
The_Gadfly (Diary) Friday, May 7th at 12:08PM EST (link)Professional wrestlers make an honest living.
The 9.9% is misleading
Death_of_the_Donkey (Diary) Friday, May 7th at 9:56AM EST (link)It was almost entirely due to 805,000 new entrants to the labor force (the usually number is closer to between 150,000-200,000 based on population growth). This was actually a very good jobs report with only 66,000 coming from the census and 44,000 from manufacturing.
Also, the Household Survey showed a gain of 550,000 jobs in adjusted terms (1.3 million unadjusted) and the unadjusted unemployment rate was actually 9.5%.
Right?
johnnylobster Friday, May 7th at 10:46AM EST (link)Not the best possible results but certainly an improvement. There are a lot more census jobs still in the budget so the numbers for the summer may be misleading but the report this month is a good sign. More people are back looking for work and the private sector beat expectations and added over 200K jobs.
It is not misleading, not counting the 2 million who left the workforce
Old_Crow (Diary) Friday, May 7th at 11:34AM EST (link)under-reported the true unemployment numbers on the way down, likewise adding them in when they start seeking work will result in lagging during the recovery.
The real problem is that the economy is not recovering fast enough. It took three fiscal quarters of consistent 6-8% GDP growth to significantly turn the unemployment numbers (1-2%) after the 1980′s recession. This recession is worse. With all the additional regulations like Obama-care, it could easily take a year of 10% GDP growth to get us under 8% unemployment. We are no where near that type of job creation.
The BLS data shows that the number of people working two jobs has increased over 25% since last April. So some of these jobs have gone to folks working two jobs.
“Enlightened statesmen will not always be at the helm.” — James Madison
Wait until July
indyjohn Friday, May 7th at 12:12PM EST (link)Census workers will start losing their temporary jobs over the next couple of months and a couple of million college students will hit the job market. We will see a big jump in the unemployment rate. Does anyone else foresee a ‘jobless recovery’?
But what is liberty without wisdom, and without virtue? It is the greatest of all possible evils; for it is folly, vice, and madness, without tuition or restraint.
Edmund Burke
Just wait til healthcare deform kicks in, artificial employment boost
Common_Cents (Diary) Friday, May 7th at 1:52PM EST (link)Everyone talks about the lower penalties to businesses from healthcare deform to bring about single payer. What people aren’t talking about is the 30 hour work week threshold.
Nothing is coincidental. A businesses will also pare more workers back to a 30 hour work week. A great way to boost the hiring of additional workers! Ummm, just ask France how that is working out.
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
50% more govt temp workers than manufacturing jobs is good news?
The_Gadfly (Diary) Friday, May 7th at 12:15PM EST (link)How many moons are in the sky where you live?
As for the influx of new job seekers skewing the data, Crow pretty much nailed it.
Meanwhile The Big 0 pursues his policy of “the beatings shall continue until morale improves.”
Manufacturing jobs going up at all is in fact good news.
johnnylobster Friday, May 7th at 3:31PM EST (link)This is the 9th month in a row where the manufacturing sector has added jobs. The U6 rate still went up so indyjohn you may not have to wait til July. I wonder though, with summer employment along the coasts and census hiring through the summer there will likely be a lot of job loss in Sept/Oct. That would be some good data for Nov.
Read about the census worker scam
Common_Cents (Diary) Friday, May 7th at 10:11AM EST (link)Training more and more new ones, not calling back ones already trained to pump up jobs #s.
There is no end to the amateurism of this admin.
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
"The report was not all positive" - [choke - gag]
RedBeard Friday, May 7th at 10:19AM EST (link)This from the Barack Obama Press Office Annex, known as the WaPo.
Standard-bearer for grouchy curmudgeonry since, oh, 1975 or so.
Addendum
RedBeard Friday, May 7th at 10:26AM EST (link)For some reason,visions come to mind of WaPo staffers with rags and spray wax, frantically trying to polish a meadow muffin.
Standard-bearer for grouchy curmudgeonry since, oh, 1975 or so.
Rising Unemployment is Good News!
texasgalt (Diary) Friday, May 7th at 1:16PM EST (link)Or so says the U.S. News and World Report,
http://finance.yahoo.com/news/Why-a-Rising-Unemployment-usnews-341062548.html?x=0&sec=topStories&pos=1&asset=&ccode=
In time, U.S. unemployment may reach Spain’s +20% and then we can really celebrate.
In other news, the Dow is off another 130 today, just after lunch. That is GOOD news and we will not have to wait long too for Bambi’s lackey’s and sponsors to tell us why.
Call me when unemployment claims under 400k
Marcus_Traianus (Diary) Friday, May 7th at 10:39AM EST (link)…and dropping for about 4 months straight. But before you dial, make sure there are no “extenuating” circumstances.
“Both of our political parties, at least the honest portion of them, agree conscientiously in the same object—the public good; but they differ essentially in what they deem the means of promoting that good. One side believes it best done by one composition of the governing powers; the other, by a different one. One fears most the ignorance of the people; the other, the selfishness of rulers independent of them. Which is right, time and experience will prove.”.Thomas Jefferson
the MSM has received their talking points from great leader.
Common_Cents (Diary) Friday, May 7th at 1:43PM EST (link)Good news that the unemployment number went up because more people are getting off their duff looking for work? You got to be kidding me. All those green shoots! People can’t wait to make some money and put it into their 401k.
I wonder if it coincides with unemployment benefits running out for a large group.
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.