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February 4, 2012 in Nation/World
U.S. jobless rate drops for fifth straight month
Wall Street advances on news; analysts cautious
President Barack Obama talks about the economy during an event in Arlington, Va., on Friday.
(Full-size photo)
WASHINGTON – An unexpected burst of job growth last month helped drive down the unemployment rate to its lowest point in three years, raising hopes that the long-sluggish labor market is gaining momentum despite significant challenges to the economy.
The government reported that the nation’s unemployment rate fell to 8.3 percent in January, the fifth consecutive monthly decline, and that employers added 243,000 net new jobs last month – about 100,000 more than what analysts had forecast and the most in nine months.
Some economists cheered Friday’s report, calling it a strong signal of better times ahead for American workers.
Other analysts were more cautious, noting that job growth was inflated by the unseasonably warm weather – construction reported sizable gains, for instance – and that the outlook remains constrained by government cuts, financially strapped consumers and a slowing global economy.
“This is a great surprise,” said Heidi Shierholz, an economist at the Economic Policy Institute. “It was out of context with other things we’ve been seeing” in the economy, “so we can’t be confident that this is the new state of things.”
Federal Reserve Chairman Ben Bernanke had described the recovery as “frustratingly slow” in congressional testimony Thursday.
President Barack Obama took a careful line in his comments Friday.
“These numbers will go up and down in the coming months, and there’s still far too many Americans who need a job, or need a job that pays better than the one they have now,” he said during a speech in Virginia a few hours after the economic numbers were released. “But the economy is growing stronger. The recovery is speeding up.”
Nevertheless, stocks surged on the news, with the Dow Jones industrial average rising 156 points to 12,862, its highest since spring 2008.
The broad-based gains in new jobs reflected robust increases in manufacturing as well as solid additions in professional and business services, such as accounting and engineering, and in the leisure and health care industries.
The unemployment rate was down from 8.5 percent in December and 9.1 percent in August.
The news was welcomed by the Obama administration.
Labor Secretary Hilda Solis insisted that the improvement wasn’t a one-month aberration but a trend that had been building for some time. Like others in the administration, Solis used the occasion to make a case for extending the payroll tax cuts and emergency jobless benefits beyond their scheduled expiration at the end of this month.
There were 12.8 million unemployed workers in January, with 43 percent of them jobless for more than six months. That’s an unusually high percentage that raises serious questions about their employability because skills tend to erode over time.
Analysts said the economy needs to create at least 100,000 net new jobs a month just to keep pace with the growth in the workforce population. The nation lost, on average, about 360,000 jobs a month in 2008 and 2009.
Officially, the recession ended and the economy began recovering in June 2009, but it wasn’t until March 2010 that the nation began adding jobs. With January’s increase, U.S. payrolls stand at about 5.6 million below what they were at the start of 2008.
But job growth has been picking up slowly since last summer. And Friday’s report showed that there was stronger hiring at the end of last year than previously thought.
Officials said employers added 157,000 jobs in November, compared to the 100,000 initially estimated. Job growth in December was revised slightly higher to 203,000 and was more broad-based than was previously indicated.
The breadth of job gains was also encouraging. Manufacturing, a generally high-paying industry, added a hefty 50,000 jobs in January after increasing payrolls by 32,000 in the previous month. Car factories and makers of machinery, fabricated metals and wood products all bulked up.
US sales of new homes rose 3.3 percent in April 
Shadedmuse on February 04 at 12:48 a.m.
The Bush Ression is OVER!!!!!!!!! Thankyou President Obama for ending the Bush Ression and Iraq war occupation mess.
4 more years 4 more years of the greatest president of all time.
Republican-teabagger party needs to be shown the door, and the scary thought is Cathy Mcmo-mo as the VP? comeone she is worse then the quitter twitter from Sandpoint Idaho. go ahead put mcmorris as the tea-agging VP nom, and watch Obama sweep a;; 39 counties including Idaho.
mcmo-mo is a career politican who just shows up to collect a pay cheque and faten her wallet with pac money, we call her Miss Pacman and slipper slade was pacman.
Dazzeetrader11 on February 04 at 2:30 a.m.
Only fools would believe Obama in an election year….here’s the real story:
http://www.zerohedge.com/news/record-12-million-people-fall-out-labor-force-one-month-labor-force-participation-rate-tumbles-
Dazzeetrader11 on February 04 at 2:32 a.m.
Once you get by the Cuck Schwab ad..watch this miracle explained.
http://video.cnbc.com/gallery/?video=3000071275
DHF on February 04 at 5:55 a.m.
Austen Goolsbee a former economic advisor to Obama in a article that I read last night said . What the unemployment rate does not measure is those without jobs who have simply given up, people who have become discouraged and just not looking for a job at all. Another 8 million who have been forced to take only part time work even though they want a full time job. If those people were counted the latest rate of 8.3 would be much higher at 15.1%. I know that everyone would like to see something positive come out of this mess but it does not help when you put out data that fails to include all the factors.
misjustice on February 04 at 6:35 a.m.
I’m certain that if grouchy gramps McSame and his sidekick, what’s her name, would have won in 2008 that the recession would have ended on January 20, 2009. And that everyone would have gotten a new pony.
DickAdams on February 04 at 7:08 a.m.
I look at the source gathering the numbers and the minute I read the federal government provided the data, I thought to myself, it reminds me of digested food through the bull. I suppose if a person were born yesterday, the new born may believe what`s under the shell.
Diana on February 04 at 7:10 a.m.
@misjustice, everybody knows the economy started over on January 20, 2009.
President Obama came into office with a booming economy, peace at home and abroad, a filibuster proof senate and all he had to do was keep his foot on the gas pedal.
JBlim on February 04 at 7:24 a.m.
Dazze says: “here’s the real story: http://www.zerohedge . . .”
Zero Hedge and Rick Santelli just made fools of themselves with that proclamation, Dazee. Rick Santelli is an ignorant hack”
“…No Rick Santelli and Zero Hedge, One Million People Did Not Drop Out of the Labor Force Last Month
So today following an otherwise pretty darn good jobs report, we get the usual perma-pessimists at Zero Hedge and Rick Santelli over at CNBC proclaiming that the report showed a drop of over 1 million people from the labor force in one month. Of course, as ususal, both Santelli and Zero Hedge have a real reading comprehension problem and completely missed that this million+ people isn’t some new January phenomenon, but a result of the BLS using the 2010 census data to have more accurate data. In other words, the changes in the Household Survey to the various measures had taken place over the years prior to 2010, but for simplicity’s sake, the BLS incorporates these changes into one month (which they clearly point out). …”
http://www.ritholtz.com/blog/2012/02/no-rick-santelli-and-zero-hedge-one-million-people-did-not-drop-out-of-the-labor-force-last-month/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29
gotcha on February 04 at 7:27 a.m.
Shadedmuse: Have you ever gone back to work??? Are you stiill not working after three years on the tax payers dime???
I know why you suport Obama. You are his type of people.
rosehips on February 04 at 7:41 a.m.
It’s good news for Obama but I’m under no allusions that all this positive economic news isn’t just political. No one should start feeling the prosperity buzz, not just yet.
I wouldn’t be surprised if Facebook went public as a political gesture to help President Obama.
Don’t get me wrong, I’m not implying that things would be better under the Republicans. Quite the opposite. But we are just one natural disaster away from undoing all the gains we are seeing.
And the disasters will come.
Prosperity is a thing of the past, at least for over 99% of the world.
WillyPeter on February 04 at 7:58 a.m.
…..A Georgetown economics prof on C-Span this AM confirmed that if the folks who have given up looking for work were incorporated into this 8.3 number…the actual unemployment rate would be closer to 15%.
BlondeSquawker on February 04 at 8:20 a.m.
Summa you people would complain if you were gettin’ hung with a new rope.
-Just sayin’
-Where my tax cut?
-God save the queen
Bruce (aka thatoneguy) on February 04 at 8:49 a.m.
Check all that apply.
__1. It can’t be true because the government doesn’t tell the truth.
__2. It can’t be true because that would help Obama.
__3. It’s a lie — Obama’s making it up to get re-elected.
__3a. It’s not actually a lie — Obama’s just not competent enough to do the algebra. What can you expect from someone who’s never been anything but a community organizer before?
__4. Even if it’s true, it’s not as good as they claim.
__5. Even if it’s as good as they claim, it would have been better if a Republican had been in charge of it.
rosehips on February 04 at 8:53 a.m.
lol bruce. I wouldn’t say “can’t” but as lefty as I am, I don’t believe everything the government says, and I suspect neither do you.
Take for instance what is coming out of the Pentagon about Iran. Have we forgotten what led us into the Iraq war?
I hope people aren’t fooled into believing everything the mainstream media is reporting or every report from the government.
Benaround on February 04 at 9:25 a.m.
The Obama Economic Boom ? Who are you gonna believe…?
The Major Media………
Or your Lying-Wallet ?
hunternomore on February 04 at 9:55 a.m.
Diana—surely you jest!
nottored on February 04 at 10:18 a.m.
what kind of pony do you want from obama?
liberal_in_right_wing_land on February 04 at 10:22 a.m.
If McPain and Paylin won the election, all the people saying these numbers are total BS, would be on here signing the praises of McPain and Paylin and saying they will be the next Reagan/Bush administration.
nottored on February 04 at 10:29 a.m.
yes and it would just as much bs if they were saying it
liberal_in_right_wing_land on February 04 at 10:43 a.m.
Liar and everyone on here knows you’re lying because they know how people like you on the right work.
Like I said, you would be signing their praises of all the good work they have done to turn around the economy and you conservatives would be trying to get airports and federal buildings named after them and you republicans would want to put their heads on money so we remembered their greatness forever.
Note_to_Self on February 04 at 10:56 a.m.
Get Obama the House and a filibuster proof Senate then demand some real reform:
Get money out of politics by public funding of elections and a legislative fix to the Citizens United case.
DickAdams on February 04 at 11:02 a.m.
Their are lots of guys just like Bruce, who maintain anybody who disagrees with their comments are wrong. It sounds to me with Bruce, no one is entitled to their own opinion. Bruce has made the same comment many times. He reminds me of a parrot. I would not be surprised if Bruce is a liberal gumint employee with a one track mind. Put that in your cracked pipe and smoke it, Bruce.
Dazzeetrader11 on February 04 at 11:06 a.m.
And it’s funny but the figures are spot on. All the liberals on this blog can do is point to Bush, Palin, etc. Nothing of substance in response to my most accurate posts refuting (quite easily) Obbowow’s figures. He’s flat lying…..to get elected.
As I’ve said before…look around you. Beleive your own eyes! Does this look like the economy’s recovering to you?? I spend time all over the country and it’s the same everywhere except 2 places…South Dakota ( thans oilmen) and Nebraska.
It just seems odd that obama’s regime puts these figures out and they are just soaked up by the public…despite evidence (very GOOD evidence) that their figures simply don’t square with reality.
“Obama saved us from George Bush” is the common cry of the faithful…but it just isn’t reality.. It’s false as OBama saying GM is a shining example. GM sold 650 VOlts all year. It’s disaster. To even get to those fingures, Obama had his own government buy them to pump up the numbers. Jeeeeeeez guys…wake up .
meadman on February 04 at 11:13 a.m.
Republicans simply can’t abide ANY good news about Obama. Who,btw will win on Nov thanks to the GOP clowns
nottored on February 04 at 11:31 a.m.
Actually you don’t know much about me. I used to listen to hanneday, etc. and pretty well agree with them (even though they beat a dead horse on things) I never could stomach Rush because of his self agrandizing. Lately I realize that I still don’t like the left (because they just buy votes) with there programs.
But I don’t like the right either because most of them are greedy sobs that want to keep all the money for themselves or candidates that say they are for conservative causes but are not really, just to get votes.
We need asafety net (but not kill the profit motive that gets people to work)
There is no more compromise in government for the common good, but only trying to stay in power and pay off their own voters.
liberal_in_right_wing_land on February 04 at 11:37 a.m.
Nottored says,
Ummm….that pretty much describes the republicans, have you not seen who is buying votes for Romney? Maybe you didn’t see how much people like the Koch Brothers and the Walton’s paid in 2010 to buy votes.
nottored on February 04 at 11:38 a.m.
and that is the problem. you just half of what I had to say
JBlim on February 04 at 11:43 a.m.
Dazee slimes “GM sold 650 VOlts all year.”
She means in January, 2012.
Bruce (aka thatoneguy) on February 04 at 11:52 a.m.
Dick - I’m not a gubmint (or even government) employee. I’m just a liberal homosexual socialist. *mwah*
nottored on February 04 at 12:03 p.m.
do you live in spokane?
peacemonger on February 04 at 12:15 p.m.
I wonder if people are paid by wealthy Tea Party individuals to write some of these negative posts, in spite of all the GOOD NEWS? Perhaps they just want our country to fail under President Obama because he’s a blackman?
Either that or they just get out of bed every morning with a pessimistic outlook on life in general, which would sure a depressing way to go through life. I almost feel sorry for them.
nottored on February 04 at 12:20 p.m.
that it yea I just want to persecute Obama because he is black.
What a joke, do you always have this persecution complex?
nottored on February 04 at 12:22 p.m.
and why if someone is half white and half black, they are considered black?
liberal_in_right_wing_land on February 04 at 12:31 p.m.
Peacemonger, yes, they are. There were many articles, especially during the 2010 election, about people who were being paid by the Tea Party and other right leaning groups to post conservative talking points on newspapers and other public political forums.
D Statler on February 04 at 12:40 p.m.
The only thing that will effect my voting out Obama will be the idiot running against him. I am afraid Romney is out of touch with real Americans. Donald Trump finds him attractive tho. They could move to Washington State and get married now :^( I am so disappointed with the direction we as a country are headed right now. I want to sign off and go pewk in the corner. I am tired of voting for the lesser of two evils. This current two party system will never work as our founding fathers invisioned. There hasn’t been real accountability coming out of Washington DC in decades.Our empty dreams of change seemed to slip right thru Mr. Obama’s grasp. The republicans don’t even offer a dream :^( Their star candidate looks more like a nightmare.
nottored on February 04 at 12:44 p.m.
why is someone who is half black considered black?
liberal_in_right_wing_land on February 04 at 12:56 p.m.
nottred, I have actually kind of enjoyed debating you today in many articles…..but that above statement is kinda of out of line. I am not going to answer that question, since I am not black or “half” black at all, but I surely hope someone who is black comes on here to please answer that question and tell you why that is not very appropriate to ask here.
DHF on February 04 at 1:01 p.m.
(Nottored) He is not black. By his own definition he is a mutt.
greenlibertarian on February 04 at 1:07 p.m.
Why does everything remind Dick of excrement? Obsess much?
Stop forgetting the Metamucil.
nottored on February 04 at 1:10 p.m.
When people are biracial (I think that is politically correct),
do those people get to decide which race they are, or do government, schools, society, etc. get to decide.
Both socially and for government quotoes, preferences, etc.
This is a serious question
JBlim on February 04 at 1:10 p.m.
Republicans are in denial. If the recovery continues or speeds up, they’ll need a new strategy.
Bruce (aka thatoneguy) on February 04 at 1:17 p.m.
nottored, the government has standards they apply for deciding what a person’s race is. I don’t know what they are exactly, and I have to leave for work. You might try asking the internet.
liberal_in_right_wing_land on February 04 at 1:18 p.m.
Jblim, their strategy will not change much from what it is now….that is by saying as many lies as possible to see what sticks and then promote the hell out of that lie on Fox News and talk radio to make people believe its the truth.
Benaround on February 04 at 1:44 p.m.
Is a Huffington-Post someone with gold spray paint and a paper
bag ? Where do you lefties get these people ?
Wonder how economy doing ?….Drive down Sprague Avenue
and look at the abandoned buildings. Look at the City and
County tax receipts. Obama’s cluelessness has consequences.
Having 90% of Mortgage market run by Fannie-May/Freddy
Mac and the Government sure turned out great. Barny Frank
and Cris Dodd should go to prison with Corzine and Edwards.
I don’t want any more Government “Help”. I’ll keep paying my
taxes for electric sports-cars for Hollywood…but don’t push
your luck punishing people who work for a living.
greenlibertarian on February 04 at 1:45 p.m.
Why were the half-white children of Thomas Jefferson considered black, not white?
Obama isn’t a high-yeller, he could not “pass” if he wanted to.
greenlibertarian on February 04 at 2:09 p.m.
Once again, for the slow learners:
http://economix.blogs.nytimes.com/2012/02/03/wow-but-is-the-number-real/?ref=economy
:
That last sentence is what sticks in the craw of all the Obama-bashers. They KNOW they have a lousy GOP candidate. They KNOW their only hope is to justify an anybody but Obama by claiming Obama is the worst ever, Muslim terrorist, job killer, Kenyan “usurper”, basically the anti-Christ.
Except it’s not working. The economy is getting slowly better. The misery index is getting much better. Polls are trending more positive for President Barry Sutero HUSSEIN Obama.
Now there is something you can do about this, righties. I don’t care if you have to liquidate your 401k and pay the penalty, YOU MUST GIVE EVERY LAST RED CENT YOU CAN SPARE TO THE GOP.
If you don’t pony up with your MONEY, the terrorists will have won.
GIVE until it HURTS! The very future of the nation is at stake, as is your children’s and grandchildren’s LIVES! Give especially generously to the WA State GOP, because with YOUR money, Romney CAN WIN in WA State!
nottored on February 04 at 2:16 p.m.
what is a high-yeller
nottored on February 04 at 2:17 p.m.
is obama black because he wants to be?
SMARTGUY on February 04 at 2:26 p.m.
Good news for the country, bad news for the republicans, Wouldn’t it be nice if they were on our side, every now and then.
DickAdams on February 04 at 3:14 p.m.
Hey greenie, I`ll wager you need 3 kleenex to wipe your long nose.
BTW, you say,
“But there are plenty of signs that gains are real. Consider the annual change in nonfarm payrolls. Seasonal factors should have no effect there”.
Really?
Orphan on February 04 at 4:06 p.m.
Of course obama will fudge the numbers as much as he can during an election year.
Of course the republicans would do the same thing.
Anyone that would think otherwise needs to get off of what ever flavor kool-aid they are drinking.
Wake everyone up there are no good guys/gals in politics.
greenlibertarian on February 04 at 5:11 p.m.
Orphan on February 04 at 4:06 p.m.
Of course obama will fudge the numbers as much as he can during an election year.
Of course the republicans would do the same thing.
Really?
So in mid-2008 right through the election season, when the BLS was reporting 200,000, 300,000, 400,000 job loses a month, how bad was it really with the Republicans not fudging the numbers?
detroitdude on February 04 at 5:22 p.m.
All this debating is useless if the GOP can’t get together an even halfway decent candidate to challenge Obama. Seriously, I’d vote against Obama if someone better was running. Mittens lost all credibility by accepting an endorsement from Trump.
nslopeofw on February 04 at 6:25 p.m.
WOOOOOOOOHOOOOOOOOOOOO, Go barry go!
Damn, I’m so glad barry has saved our economy, ended war on the earth, cured AID’s. The man is a god!
Orphan on February 04 at 6:36 p.m.
Green Of course, LOL If you think the Dems are your friend you should rethink things. The Dems are just as bad as the Reps or if you like the Reps are just as bad as the Dems.
Detoit We will once again vote for the lesser of 2 evils, its been that way for some time now.
greenlibertarian on February 04 at 8:20 p.m.
Orphan on February 04 at 4:06 p.m.
Of course obama will fudge the numbers as much as he can during an election year.
Of course the republicans would do the same thing.
Again, your assertion is baseless of course, but I’ll humor you.
2008 was an election year.
Month after month, the BLS was reporting mounting job losses.
A Republican controlled BLS.
Orphan says whatever party that’s in charge WILL FUDGE the BLS numbers to their advantage.
Why didn’t the 2008 Republican administration FORCE the BLS to report better numbers to make the Republican party look better, and the voters more likely to vote Republican?
Why do 1000s of the smartest people in the world, ones making enormous profits, RELY on the general accuracy of the reported BLS numbers, no matter who controls the administration?
If you can’t answer that, you’re just bloviating as usual.
nottored on February 04 at 8:31 p.m.
moo
PlanB on February 04 at 8:41 p.m.
Obviously this is an Obama conspiracy. He manipulated the unemployment numbers up since he took office, just so he could manipulate them down before the election. That’s the power he has - the ability to influence and micromanage ever single bureaucrat in the US. And that’s just part of it - he and his socialist comrades manipulated the job loss/gain numbers in the Bush years even before he was a candidate, and started a war in Iraq all while making it appear to be Bush’s idea just so he could take credit for ending it. People underestimate his computer hacking skills which enable him to do that. And his numchuck and bow staff skills, which chicks dig.
nottored on February 04 at 8:49 p.m.
obama isn’t that smart
nottored on February 04 at 8:50 p.m.
i still want to see his birth certifficate
nottored on February 04 at 8:51 p.m.
i like his stickout ears
nottored on February 04 at 8:53 p.m.
i know your diatribe was saterical, but i still dont think he is that smart
greenlibertarian on February 04 at 8:53 p.m.
Exactly, thank you PlanB. :)
greenlibertarian on February 04 at 8:56 p.m.
Troll alert, birtherism is an incurable mental disease.
nottored on February 04 at 9:05 p.m.
you even have a name to call it - good for you, then you can dismiss anything if you give it a good name
why in the heck did he drag it out so long - just stubburness?
Traveler on February 04 at 9:19 p.m.
nottored on February 04 at 8:49 p.m.: “obama isn’t that smart”
Well, I imagine someone with a bachelor’s degree in political science from Columbia University and a law degree from Harvard University — who was also president of the Harvard Law Review — could at least spell “saterical” “dont” and “stubburness” correctly (and that’s just from three of your posts).
I want to see your grade-school degree.
Traveler on February 04 at 9:26 p.m.
nottored on February 04 at 9:05 p.m.: “why in the heck did he drag it out so long - just stubburness?”
No, because 1) it was insulting for the president of the United States of America to have to literally have to produce a piece of paper after so many others (the governor of the state he was born in, the hospital he was born at, the newspaper that printed the notice of his birth) had already repudiated a stupid, baseless, pointless claim; and 2) it was fun watching stupid people clamor (i.e., you, Donald Trump, everyone at Faux News, nearly every Republican).
Bruce (aka thatoneguy) on February 04 at 10:32 p.m.
Time for a new can of Troll-B-Gone…
Traveler on February 04 at 11:08 p.m.
Yeah, sorry ‘bout feeding it. It was just acting so stupid, with its mouth flapping like that.
PROFINTOX on February 04 at 11:38 p.m.
Well, I have no great love of politicians, left or right, but in some ways they are just like most of us, as seen by all of the left and right bloggers on here. The left and right non-politicians (i.e., the people) all complain about how in DC nothing gets done because (1) the other side won’t compromise on anything at all and (2) the other side is always wrong about everything. Then you read what everyone blogs and you see the same behavior exhibited that exists in DC. Really, you expect DC to get things done when most of the people exhibit the same type of behavior? It would be laughable were it not so sad…
nslopeofw on February 05 at 9:51 a.m.
THANKS BARRY!! WoooooooHoooooooooooooo!
Traveler on February 05 at 4:26 p.m.
Now THAT’S more like it! ;-0
Benaround on February 05 at 4:27 p.m.
56 traveler: Attacking Notored on grades ?…wow…nice personal attack… (how typical of you.)
Let’s see President Obama’s grades…you got a spare copy?
Traveler on February 05 at 4:55 p.m.
I attack hypocrisy. Like people who say they believe in a God who commands them to love one another mocking other people’s religious faith, and knowing God will be okay with that. Or, like someone who makes spelling errors in nearly every post saying someone else “isn’t that smart.”
As for Obama’s grades, you don’t think the Columbia and Harvard degrees speak for themselves? And if being a member of the Harvard Law Review — something five current and two former members of the current Supreme Court have also done — isn’t enough for you, I suppose being elected president of it wouldn’t sway you one bit. You’d probably say his transcripts were fake anyway.
nslopeofw on February 06 at 12:34 p.m.
Barry!, Barry!, Barry!, Barry!, Barry!, Barry!,
Traveler on February 06 at 7:59 p.m.
:-)
Wow, nslopeofw! What’s the left-wing equivalent of tea? Whatever it is, I think you better tone down your intake. (Didja know this website thinks the smiley face is all-caps, and won’t let you post it without something lower-case?)