271,000 Jobs Added; Unemployment Down To 5%
Good news in October’s job numbers.
Click here for reuse options!At this level, the unemployment rate is close to what would normally be considered the threshold for full employment by the Fed and many private economists.
However, the so-called slack that built up in the labor market after the recession has altered traditional calculations of how far unemployment can fall before the job market tightens and the risk of inflation rises…
Before the report on Friday, economists had been anticipating a payroll increase of about 180,000 jobs, with the unemployment rate remaining unchanged from September’s level.
Copyright 2015 Liberaland
35 responses to 271,000 Jobs Added; Unemployment Down To 5%
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mea_mark November 6th, 2015 at 08:57
I guess that means it’s time to work on the labor force participation rate. Let’s get those numbers heading the right direction.
Larry Schmitt November 6th, 2015 at 08:57
Cue the claims that the DOL calculations are skewed and unrealistic, without mentioning that the Govt has been using the same metrics for decades, under both republican and democratic administrations.
mea_mark November 6th, 2015 at 09:03
The numbers look good on the surface but if you really want to poke holes all you really need to do is look at what the jobs are. There are jobs out there, they just aren’t the best jobs. Construction jobs are still down, for example. We need to make things in America again like we used to. Building factories and making things here is what really makes an economy strong.
Larry Schmitt November 6th, 2015 at 09:06
It’s been like that for a long time. Lots of entry level, low-paying, service jobs available. Nothing you can raise a family on or make a career of. Glad I’m not looking now.
mea_mark November 6th, 2015 at 09:09
Things are getting better, but quality jobs are lagging behind. Definitely some room for improvement.
whatthe46 November 6th, 2015 at 21:06
until then, it’s better than nothing for most.
rg9rts November 6th, 2015 at 09:22
McJobs
rg9rts November 6th, 2015 at 09:22
Maybe companies should pay a penalty for outsourcing jobs over seas
mea_mark November 6th, 2015 at 09:46
There is no maybe about it. They definitely should.
Dwendt44 November 6th, 2015 at 11:32
Republicans have and will continue to fight any such idea.
mea_mark November 6th, 2015 at 12:55
And that is why they need to be voted out of office. They are anti-American with some of their policies.
Chris November 6th, 2015 at 10:19
Tell that to the Republicans.
Especially hypocrites like Trump who preach what you’re saying. And then he turns around and has his clothing line made in Mexico and China.
Obewon November 6th, 2015 at 09:25
It’s really the Romney in 2012~ recovery!
rg9rts November 6th, 2015 at 09:21
But But But as heads explode again
William November 6th, 2015 at 09:28
Yeah but he once had a Marine hold an umbrella for him.
Larry Schmitt November 6th, 2015 at 10:03
And they went crazy over that. I found out from a co-worker who is a former Marine that they are not allowed to carry an umbrella while in uniform. I was Air Force, and I guess we were pussies, because we carried one all the time. When it rained anyway.
William November 6th, 2015 at 10:40
When the right goes nuts because someone holds an umbrella for the President of the United States, there is simply nothing else these idiots can think, do or say that has any validity.
whatthe46 November 6th, 2015 at 21:02
my son is going to talk to a recruter next week about joining the airforce. he’s so excited, he’s nearly packed lol. i wish him the best.
Tommie November 6th, 2015 at 09:42
And we all the normal talking points that will be coming from the republicans!
Chris November 6th, 2015 at 10:17
In the reality based community, this is good news.
In FoxWorld, the Usurper who ungraciously won two elections is leading us to perdition.
William November 6th, 2015 at 13:05
This administration bought the unemployment rate to 5 percent faster than Reagan.
Bunya November 6th, 2015 at 13:33
“…Unemployment down to 5%”
…and I blame this outrageousness on that black, Kenyan-born, commie, socialist, member of the Muslim Brotherhood who currently occupies the White House!
majii November 6th, 2015 at 17:19
This means nothing, at least, according to right-wingers because they’re convinced that PBO has “destroyed” the economy and the U.S. Poor deluded souls. They believe everything RW media tells them.
amongoose November 6th, 2015 at 19:24
And workforce participation is at an all time low.
But the books cooking shows 5%.
That’s full employment, and one of Janet’s biggest reasons for not raising it so far.
You ready for interest rate hikes in December?
mea_mark November 6th, 2015 at 19:55
1954 was the most recent recorded low(58.10%) for the labor force participation, since the depression. Today it is 62.40% http://www.tradingeconomics.com/united-states/labor-force-participation-rate
amongoose November 6th, 2015 at 20:50
There are things impacting it now that didn’t then.
Women were not as large part of the workforce as they are now.
Skews the stats a bit.
http://www.bls.gov/opub/mlr/2002/05/art2full.pdf
But if the unemployment rate is 5%, how can there be 30+% not working?
In 1954 both parents didn’t have to work, today they do.
Fifty one percent of American workers make 30K or less a year, hard to raise a family on that unless both of you are working.
http://www.businessinsider.com/labor-force-participation-rate-september-2014-2014-10
We have some serious economic problems and this massaged unemployment rate is a bit more than disingenuous.
Just like the inflation rate, energy was put back in once the price dropped to lower inflation. Add in the things that aren’t included, like food, and it’s a different story.
mea_mark November 6th, 2015 at 21:04
Unemployment counts people looking for work. If you are not looking because you have given up, you’re not counted.
Most of that 51% making under 30K are minorities and that is a big problem that needs to be addressed.
There is lot’s of room for improvment. Like I said earlier, it is easy to poke holes in the current situation. We need good jobs, not just jobs.
amongoose November 7th, 2015 at 07:40
Doesn’t matter majority or minority, it’s a problem.
Those who have exhausted their benefits are not counted either.
.
You can thank your congressional critters for a lot of that. NAFTA, GATT, and now the new TPP.
Those who own your government make the rules, and it ain’t us.
Free trade lowers everyones wages.
Fair trade makes wages rise.
Obewon November 6th, 2015 at 22:43
Wrong again as always: (R) Nixon & (R) Ford’s LPR is 61% http://www.businessinsider.com/labor-force-participation-rate-october-2015-2015-11
Kevin777 November 7th, 2015 at 09:56
The U-6 is a better indicator that gives a more accurate measure of the labor market, it includes those working part time for economic reasons plus all marginally attached workers. The U-6 stands at 9.8% for October down from over 11% a year ago.
amongoose November 7th, 2015 at 10:00
And we bring in millions of foreign workers every year when we have graduates flipping burgers.
Disney and a Cal. power company force workers to train their low cost H1b replacements.
.
Americans first.
Kevin777 November 7th, 2015 at 14:30
The government should be investing more funds into vocational training programs at American High School’s, and focusing much more toward retraining the long term unemployed. If I was president I’d make into law that first dibs go to Native born American workers for any government funded training and jobs.
amongoose November 7th, 2015 at 16:36
I don’t think you should stop at government funded training and jobs.
Not so sure more money is the answer. The educational system needs a reformation. College is not for everyone. Vocational training could provide a decent job, if so many jobs hadn’t been outsourced.
A strong manufacturing sector once provided good jobs for those who didn’t want to, or were unable to attend college.
Kind of hard today when corporations like GM were bailed out and opened eight new China plants and cut back operations here.
Did you know that by the Mexican Constitution if the choice of hiring for a position is between a native Mexican and a naturalized citizen the native must be given preference.
I see nothing wrong with taking care of your own first.
william matthews November 6th, 2015 at 22:19
Never did have much faith in the government unemployment rate because it relies on what is essentially a very large public survey and NOT on real numbers, as most people think. However, there are definitely more jobs available now and fewer serious job seekers that can’t find jobs. The bigger issue for the future is the types of jobs and the pay rates rather than fluctuating numbers. Employment/ unemployment has always been an easy issue for politicians to demagogue. Neither party nor any current major presidential candidate seems to offer any real solutions; if indeed there are any, period.
Obewon November 6th, 2015 at 22:57
Ever hear of sampling to derive “Statistical Averages”?
Here’s Bush Jr’s 12/07-6/09 Great Recession record low everything since (R) Hoover’s Great Depression. https://www.flickr.com/photos/speakerpelosi/13630053153/in/photostream/ <-BLS March 2014. As of 3/2015, 12 M+ Private Obama Jobs created. Vs Q4-08 $12.7 T GDP shrinking -9% APR vs 2014 U.S. record $17.5 T GDP growing +3% APR = +$5 T GDP!