January jobs report: unemployment risesto 7.9%on job creation of 157K non-farm. The more things change ...
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David M. Drucker (@DavidMDrucker) February 01, 2013Good thing President Obama put his jobs council out of work yesterday!
So economy contracted, unemployment rate increased to 7.9% and the Jobs Council just got laid off.—
Joe Pounder (@PounderFile) February 01, 2013
Wonder what Obama's job council thinks about this. Oh. Wait.—
Ellen Carmichael (@ellencarmichael) February 01, 2013
Obama: "Unemployment went UP?? Quick, call my Jobs Council!" *dialtone*—
Cuffé (@CuffyMeh) February 01, 2013
I wonder if the members of the now disbanded Jobs Council will be filing for unemployment. #tcot #TGDN—
Sean Kilroy (@seankilroy) February 01, 2013
The latest jobs report indicates that the president’s jobs council will have company down at the unemployment office. We suppose this is … unexpected.
I'm sure this rise in unemployment is 'completely unexpected' to the Democrats who claimed the economy was "roaring back". #FORWARD—
Henry D'Andrea (@TheHenry) February 01, 2013
You can read the latest jobs/unemployment report at bls.gov/news.release/e…—
Mark Knoller (@markknoller) February 01, 2013
As always, the invaluable Jim Pethokoukis reviews the numbers.
BREAKING: January Jobs Report: 7.9% unemployment rate | 157,000 net new payrolls—
James Pethokoukis (@JimPethokoukis) February 01, 2013
The broader U-6 unemployment rate was unchanged at 14.4%—
James Pethokoukis (@JimPethokoukis) February 01, 2013
Both the labor force participation rate and employment-population ratios were unchanged—
James Pethokoukis (@JimPethokoukis) February 01, 2013
While the % unemployed 27 weeks or longer fell to 38.1% from 39.1%, sharp increase in those unemployed 5-14 weeks, to 24.5% from 23.3%—
James Pethokoukis (@JimPethokoukis) February 01, 2013
10.8%: That's what the unemployment rate would be if the labor force participation rate was the same as in Jan. 2009—
James Pethokoukis (@JimPethokoukis) February 01, 2013
Change in total nonfarm payroll employment for Nov. was revised from +161,000 to +247,000. Dec. was revised from +155,000 to +196,000—
James Pethokoukis (@JimPethokoukis) February 01, 2013
At 157,000 jobs a month, US economy would not return to pre-Great Recession employment levels until after 2025 hamiltonproject.org/jobs_gap/—
James Pethokoukis (@JimPethokoukis) February 01, 2013
Recall that according to Team Obama's 2009 stimulus projection, we should be closing in on 5% unemployment right now—
James Pethokoukis (@JimPethokoukis) February 01, 2013
And, no, demographics probably don't entirely explain the huge and sustained drop in the labor force participation rate over past 4 years—
James Pethokoukis (@JimPethokoukis) February 01, 2013
Can anyone spare some hope … or change?
Last 6 months unemployment rates: Aug 8.1; Sep 7.8; Oct 7.9; Nov 7.8; Dec 7.8 and Jan 7.9%.—
Mark Knoller (@markknoller) February 01, 2013
Obama still isn’t working. And you know what that means? Spin, lapdogs, spin!
Remember the unemployment rate is "essentially unchanged." Couple of tenths up/down is just noise.—
Ben White (@morningmoneyben) February 01, 2013
U.S. employment report points to steady economic growth reut.rs/XrZurq—
Reuters Top News (@Reuters) February 01, 2013
Right on the money RT @Neil_Irwin: +157k. consensus nails it.”—
Ezra Klein (@ezraklein) February 01, 2013
Revisions are a huge win in this report. December up 40k, November up 86k!—
Ezra Klein (@ezraklein) February 01, 2013
Breitbart’s John Nolte translates Ezra Klein’s analysis.
What would I do without @EzraKlein telling me unemployment increase is a good thing and more deficit spending will grow the economy?—
John Nolte (@NolteNC) February 01, 2013
Shorter @EzraKlein: Now matter which way the unemployment rate goes, it means Obama is the Sun King.—
John Nolte (@NolteNC) February 01, 2013
Shorter @EzraKlein: GDP contracts, unemployment rate increases = Obama is the Sun King.—
John Nolte (@NolteNC) February 01, 2013
Forward!
Progress! | RT @rorycooper: January 2009 unemployment rate: 7.8%. January 2013 unemployment rate: 7.9%.—
Sean Hackbarth (@seanhackbarth) February 01, 2013
Update:
Surprise! The White House says this is evidence of a healing economy!
White House says today's jobless report shows "much work remains to be done but "further evidence" economy is healing from downturn wounds.—
PETER MAER (@petermaercbs) February 01, 2013