Good 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 1, 2013
http://twitter.com/ellencarmichael/statuses/297337035679739905
http://twitter.com/CuffyMeh/statuses/297336452356915200
https://twitter.com/seankilroy/status/297136405824565248
The latest jobs report indicates that the president’s jobs council will have company down at the unemployment office. We suppose this is … unexpected.
http://twitter.com/TheHenry/statuses/297339137420324864
You can read the latest jobs/unemployment report at http://t.co/gN2J4LZt
— Mark Knoller (@markknoller) February 1, 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 1, 2013
The broader U-6 unemployment rate was unchanged at 14.4%
— James Pethokoukis (@JimPethokoukis) February 1, 2013
Both the labor force participation rate and employment-population ratios were unchanged
— James Pethokoukis (@JimPethokoukis) February 1, 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 1, 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 1, 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 1, 2013
At 157,000 jobs a month, US economy would not return to pre-Great Recession employment levels until after 2025 http://t.co/9HqOyOKI
— James Pethokoukis (@JimPethokoukis) February 1, 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 1, 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 1, 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 1, 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 1, 2013
U.S. employment report points to steady economic growth http://t.co/883mga6P
— Reuters (@Reuters) February 1, 2013
http://twitter.com/ezraklein/statuses/297336212287545345
http://twitter.com/ezraklein/statuses/297338020569415681
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?
— Burn, Democrat-Run Cities, Burn! (@NolteNC) February 1, 2013
Shorter @EzraKlein: Now matter which way the unemployment rate goes, it means Obama is the Sun King.
— Burn, Democrat-Run Cities, Burn! (@NolteNC) February 1, 2013
Shorter @EzraKlein: GDP contracts, unemployment rate increases = Obama is the Sun King.
— Burn, Democrat-Run Cities, Burn! (@NolteNC) February 1, 2013
Forward!
Progress! | RT @rorycooper: January 2009 unemployment rate: 7.8%. January 2013 unemployment rate: 7.9%.
— Sean Hackbarth (@seanhackbarth) February 1, 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 (@petermaer) February 1, 2013
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