92000 new jobs Oct.

[djv]

What happen to the 135000 promised.
Last month only 52000, It was to be 125000. They revised that today to 120000 4 days before election. I wonder why.

 

[The Sponge]

maybe Walmart, McDonald's, and the dollar store stopped hiring

 

[DOGS THAT BARK]

From Market watch today---if you read and have bitch after this report then

A: your hopelessly politically biased
B: Are an eternal pessimist and destined to life of bittereness.

CAPITOL REPORT
Strong jobs report bucks slowdown story
Analysis: Good news for bulls ... and elephants in Washington
PrintE-mailDisable live quotesRSSDigg itDel.icio.usBy Rex Nutting, MarketWatch
Last Update: 3:07 PM ET Nov 3, 2006


An earlier version of this story had an incorrect historical comparison. The unemployment rate is at its lowest since May 2001.
WASHINGTON (MarketWatch) -- The surprising drop in the U.S. unemployment rate to a 5-1/2 year low of 4.4% is a big boost for bulls on Wall Street and Republicans on Capitol Hill.
The employment report for October was much stronger than anyone expected. While payrolls growth itself was a relatively tepid 92,000, nearly all the other details in the report showed signs of a healthy economy. See full story.
The biggest shock was the drop in the unemployment rate to 4.4%, marking the lowest since May 2001.
Most economists had expected the jobless rate to remain even with September's 4.6%, but instead the government's survey of households showed 238,000 fewer unemployed people and 437,000 more people at work, bringing the jobless rate down.
The percentage of the population that was employed rose by 0.3 percentage point to reach 63.3%, the highest since September 2001.
The separate survey of business payrolls wasn't quite so exuberant, with just 92,000 jobs gained in October coming in below the expected gain of 123,000. But growth in the previous two months was revised higher by a total of 139,000 jobs.
Average hourly wages grew a robust 0.4% last month, while the number of hours worked in the economy grew by 0.3%, the equivalent of adding 405,000 workers.
Financial markets and the American electorate had been growing accustomed to weaker-than-expected economic data on top-line economic growth, housing and manufacturing.
The payrolls report does confirm the slowdown on the goods-producing side of the economy, with 60,000 fewer jobs in the sector, including about 45,000 fewer in housing-related jobs such as construction workers, real-estate agents, and factory employees producing building supplies and furniture.
The manufacturing sector lost 39,000 jobs, the most in over a year. The auto industry lost 15,000 jobs.
For embattled Republicans just days away from key elections, the report hands them fresh talking points over the weekend to assure voters that the economy's doing fine. Lower gasoline prices in the past few months have been calming consumers' spirits, but polls have not indicated any real boost for Republicans in opinion polls because of the economy.
"Under Republican House leadership, our economy has seen unprecedented growth and prosperity," said House Speaker Denny Hastert, R-Ill., in a statement.
"A massive Democrat tax increase would bring our robust economic growth to a halt, cut off the flow of business investment and curtail consumer spending, and ultimately cost Americans millions of jobs," said House Republican Leader John Boehner, R-Ohio, in his statement.
But Democrats say the recovery since the 2001 recession has been weaker than normal. "Americans are working harder than ever to keep up with rising living expenses," said Sen. Jack Reed, D-R.I., in a statement. "Staying the course on the President's policies has failed to deliver greater prosperity and economic security for most families, which is why America needs a new direction."
After years of no growth, inflation-adjusted wages are finally rising. Indeed, nominal wages are up 3.9% in the past year, well ahead of the 2.1% increase in the consumer price index through September. Real weekly wages were up 2.3% year-over-year through September.
That's great news for consumers, but it's not so great for investors, who have to fear that the Federal Reserve might keep interest rates higher to guard against an inflationary wave stemming from higher wages.
The federal funds futures market is now pricing in the first rate cut from the Fed in May, rather than in March, as expected before the jobs report.

 

[djv]

DTB not at all A or B. Just wondering where the jobs are. I guess I got used to 93 to 99 when their was around 200000 a month. And with out 50000 NG called up for active duty at that time. Somebody is back filling there you would think. And if you keep missing the number you need. And those that don't even go sign up any longer for unemployment with out jobs don't get counted. The number Bush is getting and same for Clinton both are off. A 4.8 to 5% was always consider bottom. At least that's what Reb's said about Clinton.

 

[Chadman]

Congratulations. Bush has finally got the unemployment rate down to where, um, Bush had it to begin with. It's amazing how if you actually read something, it can tell you all you need to know. And you only have to read the first line of the story...

:mj07:

That's a new high for accepting credit for something, Wayne. Bush is almost back to his own level...

:mj07:

 

[Chadman]

4.4%? That sounds a little high to me. Let me think back...has any recent President done a better job? Hmm...let's see...

THE CLINTON-GORE ECONOMIC RECORD:
THE LOWEST UNEMPLOYMENT RATE IN 30 YEARS

THE LOWEST UNEMPLOYMENT RATE SINCE 1969 AND MORE THAN 20 MILLION NEW JOBS. In 1992, when Bill Clinton was elected President, the American economy was barely creating jobs, wages were stagnant, and the unemployment rate was 7.5 percent. His bold, three-part economic strategy focused on three objectives: fiscal discipline, investing in education, health care, science and technology, and opening foreign markets. Today?s jobs release provides more evidence that this strategy is working:

The Unemployment Rate Was 4.2 Percent in 1999 -- the Lowest Since 1969. The unemployment rate was 4.1 percent in December bringing the average unemployment rate for 1999 to 4.2 percent -- the lowest since 1969. The unemployment rate has fallen for seven years in a row. It has remained below 5 percent for 30 months in a row. For women the unemployment rate was 4.1 percent -- the lowest since 1953.

African American and Hispanic Unemployment Rates Were the Lowest on Record in 1999. The unemployment rate for African Americans has fallen from 14.2 percent in 1992 to 8.0 percent in 1999 ? the lowest rate on record. The unemployment rate for Hispanics has fallen from 11.6 percent in 1992 to 6.4 percent in 1999 -- the lowest rate on record.

20.4 Million New Jobs Created Under the Clinton-Gore Administration. Since 1993, the economy has added 20.4 million new jobs. That?s the most jobs ever created under a single Administration ? and more new jobs than Presidents Reagan and Bush created during their three terms. Under President Clinton, the economy has added an average of 245,000 jobs per month, the highest of any President on record. This compares to 52,000 per month under President Bush and 167,000 per month under President Reagan.

92 Percent -- 18.8 Million -- of the New Jobs Have Been Created in the Private Sector. Since President Clinton and Vice President Gore took office, the private sector of the economy has added 18.5 million new jobs. That is 92 percent of the 20.4 million new jobs ? the highest percentage since Harry S. Truman was President and presiding over the post-World War II demobilization.

Most Rapid Growth in Construction Jobs In 50 Years. After losing 662,000 jobs in construction during the previous four years, 1.9 million new construction jobs have been added during the Clinton-Gore years -- that?s a faster annual rate (5.1 percent) than any other Administration since Harry S. Truman was President.

Fastest and Longest Real Wage Growth in Two Decades. In the last 12 months, average hourly earnings have increased 3.7 percent -- faster than the rate of inflation. This marks the fourth consecutive year of real wage growth -- the longest consecutive increase since the early 1970s. Under President Clinton, real wages are up 6.5 percent, after declining 4.3 percent during the Reagan and Bush years. Real wage growth in 1998 reached 2.6 percent -- the largest increase since 1972.

Inflation-- Lowest Since the 1960s. Inflation remains virtually non-existent, with the underlying core rate of inflation at 2.0 percent this year -- the lowest rate since 1965. In the last four quarters the GDP price index has risen 1.3 percent -- the lowest rate of increase since 1963.

 

[The Sponge]

Hey Chad correct me if im wrong because this is one of those democratic things that drives me crazy. When ever a democrat brings up Clintons economic mastery you always find a Republican spouting off "this is because the Republicans had control of the congress". My question is didn't every single Republican vote against his budget? I swore this was the case but i never ever hear a democrat say this. Am i wrong?

 

[djv]

Big Al Gore passed the tie breaking vote in the senate. A Dem I Guess. Clinton worked hard with the Reb's. His reward they only tried to throw dirt on him from first day in office. So Bush deserves same chit. In fact he's got off easy.