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Ten Reasons Why November's Jobs Report Is Dismal
#1
http://www.breitbart.com/Big-Government/...ort-dismal

by John Nolte 7 Dec 2012 48 post a comment
Whether broadcast or online, all around the mainstream media today, there's a bacchanalia in progress over today's jobs numbers.

146,000 new jobs!

7.7% unemployment!

Recovery!

Success!

America was right to reelect Obama!

Whoo-hoo, v-i-n-d-i-c-a-t-i-o-n!

And yet, all it would take is a media with a shred of intellectual honesty and curiosity to report the truth about today's numbers. A deep dive combined with a little historical context is something you would expect our media to participate in. But because that kind of reporting would betray Obama's economic record as a failed one, it's never-ever done, and never will be.

Thankfully, though, we have New Media, and all around the inter-web-nets today, the truth about this month's report card on Obama's job creation record is being reported.

But first, a little background…

For my list to make contextual sense, it's important to understand exactly what the Labor Force Participation Rate (LFP) is. Essentially, this number measures the percentage of the civilian working-age population who are currently employed and those who are unemployed and actively seeking work. These are the people who are considered participants in our labor force.

Not included in the LFP are those of working age who retire, are in school or prison, have voluntarily stayed home to raise kids, or who have been discouraged and have given up the search for work after a long period of unemployment. The discouraged want and are willing to work but have lost hope, given up their job search, and subsequently dropped out of the labor force.

Quite remarkably, discouraged workers are not included among the unemployed. In other words, if everyone currently counted as unemployed suddenly became discouraged, the unemployment rate would drop to zero. Wouldn’t Obama and the media just love that.

Some leaving the LFP do so for legitimate reasons: a planned retirement, enlistment in the military, school, a new baby. But too many are no longer counted among the LFP because our current job situation is so dismal, they've simply given up. Some, like my wife, have been forced to retire early -- which means lesser benefits.

We know discouragement is a large part of the problem because pre-recession CBO predictions about what the LFP would look like today were much higher than what it is today. We also know this because some discouraged workers are included in what's known as the U-6 unemployment number; which takes into account the long-term unemployed who want full time work but have either given up looking or who have had to settle for part-time work. Today the U-6 unemployment rate is a whopping 14.4%.

Today's LFP rate of 63.6% is a thirty-year low.

With all of this in mind… Here's a round-up of the top ten reasons today's jobs report is awful news, not good news.

1. In October, the LFP was 63.8%. This month it dropped to 63.6%. This means a whopping 542,000 people dropped out of the workforce in just one month and explains almost entirely why the unemployment rate edged down to 7.7%.

2. According to AEI's Jim Pethokoukis, if the LFP was the same in November as it was in October (meaning those 542,000 had not dropped out), the unemployment rate today would be back over 8%. If the LFP was the same last month as it was exactly one year ago, today's unemployment rate would be 8.3%. If the LFP was the same last month as it was when Obama took office, the unemployment rate today would be 10.7%.

3. Last year the American economy averaged 153,000 jobs per month. This year we're averaging 151,000. We're going the wrong way. By comparison, during the best job creation year of the 1990s, the American economy averaged 321,000 jobs per month.

4. Anywhere from 125,000 to 135,000 new jobs are required simply to keep up with the number of people who enter the labor force due to population growth. Because of this…

5. At the present level of job growth, it will take another 13 years just to reach pre-recession employment levels.

6. 73% of the jobs created over the last five months have been government jobs.

7. Most of November's job gains (53,000) came from the service/retail sector. Construction lost 20,000 jobs, wiping out (and then some) a 15,000 gain in October. Manufacturing lost 7,000. 14,600 jobs came from the film business -- a onetime and temporary anomaly.

8. According to Gallup, November saw the biggest decline since 2010 in the percentage of those aged 18 and older and employed full time. A drop from 45.7% to 43.7%.

9. The Establishment Survey (of businesses) show the economy created 146,000 jobs in November. The Population Survey (of people) shows we lost 122,000. This discrepancy could come from the fact that it's not just businesses that create jobs. Many people are self-employed. Businesses might have created 146,000 jobs last month, but out among the people, 122,000 jobs were lost.

10. With a much smaller population to work with, the average monthly number of new jobs created by the Reagan Recovery as compared to what we saw today and all throughout the so-called Obama Recovery, tells the entire story.
--

What's happening to our economy is no laughing matter. But what's happening to our culture at the hands of the media is even worse. The media's desperate desire to protect Obama is creating a New and Accepted Normal. Worse still, meager job growth, a sinking LFP (which means fewer taxpayers), and an explosion is government jobs is the new standard of success.

We've been through Great Recessions before. Our "recovery" didn’t have to be like this, and anyone old enough to remember the economy Ronald Reagan inherited and the one he left us with, will tell you that.

To protect a failed president, we're being lied to and swindled by a media that's certainly old enough to know better.

Note: Jim Pethokoukis' indispensible reporting made this article possible. His work is not only linked here, but it's where I found most of the links, as well. You can bookmark his site here.

#11 -- Most jobs created were in the hospitality, restaurant, waste management, and are low wage jobs.
#12 -- September and October jobs were also revised SHARPLY lower.
This is particularly significant because employment is what is known as a LAGGING indicator. It lags behind the economic trend. However, there is embedded within it one LEADING indicator, which points toward the future of the economy. That LEADING indicator is revisions of previous months' jobs reports. When previous months' reports are revised downward (worse), it is one of the indicators that the economy is worsening! Dr. John Hussman has written about this phenomenon in his weekly economic commentary.
In other econ new yesterday:
*** Consumer sentiment suffered the WORST decline in recorded history last month.
*** Gallup survey of small businesses released yesterday showed the worst hiring intentions since 2008.
*** It was also reported yesterday that Europe's economic powerhouse, Germany, has now slipped into recession. Their capacity to bail out the remainder of the continent grows weaker by the day.

It only gets worse from here. Calamity is certainty! Plan and prepare accordingly!
"In 4 more OMao years you won't like how America looks....I guarantee it."
“When injustice becomes law, resistance becomes duty.” -- Thomas Jefferson
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#2
The death of main stream media cannot come fast enough. I just hope I live long enough to see the ringleaders and their agents dragged out into the light for the whole world to see how twisted and deceitful they are.
[Image: 23lmtsn.jpg]
LifeInPa, proud to be a member of pa2a.org since Sep 2012.
Sanity, yours if you can keep it. Confused
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#3
LifeInPa;50426 Wrote:The death of main stream media cannot come fast enough. I just hope I live long enough to see the ringleaders and their agents dragged out into the light for the whole world to see how twisted and deceitful they are.

I've done my part to stop supporting them. We turned in our cable box and we've stopped watching the networks we do get without cable. Screw reality TV, screw the network talking -- er -- lying heads. Piss on them all.

We don't miss it.
I don't suffer from insanity.
I enjoy every minute of it.
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#4
halftrack;50502 Wrote:
LifeInPa;50426 Wrote:The death of main stream media cannot come fast enough. I just hope I live long enough to see the ringleaders and their agents dragged out into the light for the whole world to see how twisted and deceitful they are.

I've done my part to stop supporting them. We turned in our cable box and we've stopped watching the networks we do get without cable. Screw reality TV, screw the network talking -- er -- lying heads. Piss on them all.

We don't miss it.

i haven't had a tv in over 5 years welcome
It's the "BILL OF RIGHTS" not the bill of "needs"
Reply
#5
halftrack;50502 Wrote:
LifeInPa;50426 Wrote:The death of main stream media cannot come fast enough. I just hope I live long enough to see the ringleaders and their agents dragged out into the light for the whole world to see how twisted and deceitful they are.

I've done my part to stop supporting them. We turned in our cable box and we've stopped watching the networks we do get without cable. Screw reality TV, screw the network talking -- er -- lying heads. Piss on them all.

We don't miss it.

middlefinger;50511 Wrote:
halftrack;50502 Wrote:I've done my part to stop supporting them. We turned in our cable box and we've stopped watching the networks we do get without cable. Screw reality TV, screw the network talking -- er -- lying heads. Piss on them all.

We don't miss it.

i haven't had a tv in over 5 years welcome

Shit, you guys are hardcore. I still like to watch the local news, the educational channels, some network TV and the movie channels. Damn I am such a scab... Confused
[Image: 23lmtsn.jpg]
LifeInPa, proud to be a member of pa2a.org since Sep 2012.
Sanity, yours if you can keep it. Confused
Reply
#6
LifeInPa;50514 Wrote:
halftrack;50502 Wrote:I've done my part to stop supporting them. We turned in our cable box and we've stopped watching the networks we do get without cable. Screw reality TV, screw the network talking -- er -- lying heads. Piss on them all.

We don't miss it.

middlefinger;50511 Wrote:i haven't had a tv in over 5 years welcome

Shit, you guys are hardcore. I still like to watch the local news, the educational channels, some network TV and the movie channels. Damn I am such a scab... Confused


i watch channel 16 news on the computer ....some tv shows on hulu
It's the "BILL OF RIGHTS" not the bill of "needs"
Reply
#7
middlefinger;50519 Wrote:
LifeInPa;50514 Wrote:Shit, you guys are hardcore. I still like to watch the local news, the educational channels, some network TV and the movie channels. Damn I am such a scab... Confused


i watch channel 16 news on the computer ....some tv shows on hulu

I do that also but Hulu is very limited unless you pay for premium service. I watch the animated stuff on Fox Sunday night and when I miss it thanks to sports I use Hulu.
[Image: 23lmtsn.jpg]
LifeInPa, proud to be a member of pa2a.org since Sep 2012.
Sanity, yours if you can keep it. Confused
Reply
#8
LifeInPa;50514 Wrote:
halftrack;50502 Wrote:I've done my part to stop supporting them. We turned in our cable box and we've stopped watching the networks we do get without cable. Screw reality TV, screw the network talking -- er -- lying heads. Piss on them all.

We don't miss it.

middlefinger;50511 Wrote:i haven't had a tv in over 5 years welcome

Shit, you guys are hardcore. I still like to watch the local news, the educational channels, some network TV and the movie channels. Damn I am such a scab... Confused


Don't have to be hardcore about it. I have a tv, but no service. We use Hulu and Netflix for some things. I don't even currently have a working computer.

It takes some getting used to. But it's not bad.
This will be the best security for maintaining our liberties. A nation of well-informed men who have been taught to know and prize the rights which God has given them cannot be enslaved. It is in the religion of ignorance that tyranny begins. -Ben Franklin
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#9
Pocketprotector;50350 Wrote:http://www.breitbart.com/Big-Government/...ort-dismal

6. 73% of the jobs created over the last five months have been government jobs.

I had seen that in other articles, looked at the actual numbers, and this stat seemed way off. I don't doubt that there is growth happening in the .gov sector, just saying the numbers need a bit more looking at.

Pocketprotector;50350 Wrote:i haven't had a tv in over 5 years welcome

I once went 3 years without having a TV, then when HBO came out with Hard Knocks, I decided I wanted to watch it, bought a new TV, plugged it in, watched 30 minutes in to the series premier, then lightning hit outside the house and fried the damned new TV. Angry
ABuck, proud to be a member of pa2a.org since Sep 2012.
Reply
#10
Connal;50525 Wrote:
LifeInPa;50514 Wrote:Shit, you guys are hardcore. I still like to watch the local news, the educational channels, some network TV and the movie channels. Damn I am such a scab... Confused


Don't have to be hardcore about it. I have a tv, but no service. We use Hulu and Netflix for some things. I don't even currently have a working computer.

It takes some getting used to. But it's not bad.

Based on my experience it's less convenient than Digital Cable, I know some people who have done this but it's something I am not ready for. I just try buying firearms/ammo when possible to off set any money accidentally given to MSM.
[Image: 23lmtsn.jpg]
LifeInPa, proud to be a member of pa2a.org since Sep 2012.
Sanity, yours if you can keep it. Confused
Reply






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