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November 4, 2005

Job Growth???

-- by Dave Johnson

Economic Report: U.S. nonfarm payrolls rise 56,000 in Oct.,

U.S. nonfarm payrolls rose by 56,000 in October after a revised 8,000 loss in September, the agency said. The unemployment rate fell to 5% in October from 5.1% in September.
But just a few days ago, Hurricane Job Losses Top 500,000,
The number of people who lost their jobs because of hurricanes Katrina and Rita has now climbed above the half-million mark with further increases expected in coming weeks from Hurricane Wilma.

. . . In a separate report, the Labor Department said that orders to U.S. factories for big-ticket durable goods fell by 2.1 percent in September, a bigger drop than the 1.5 percent decline economists had been expecting.

OK, I'm just a stupid blogger. I don't understand. Someone explain to me.

Posted by Dave Johnson at November 4, 2005 8:57 AM

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Comments

If the unemployment offices have not processed them - then they are not offically out of work - and are then not counted. It's a bureaucracy with a set of rules that is not concerned with counting how many people that are not working but rather with counting how many people that are not working who have made themselves available for work - through the unemployment system. By the way - it is this factor that makes our unemployment rate so hard to compare with that of other industrialized countries.

Posted by: Greg Koos at November 4, 2005 10:17 AM

Bottom line: Figures don't lie, but liars figure.

Here's the figures I'd like to see: along with the "net jobs growth" (jobs lost vs new jobs created) how about, What is the net in pay: ie gross wages (lost) vs new wages created?

50,000 good-paying jobs lost vs 75,000 new jobs at the minimum wage...there's the real story, the truth of the matter.
;

Posted by: djGreen at November 5, 2005 4:26 AM

Dave it is a big country and a big chunk of those net 56,000 new jobs may be Katrina displacees taking new jobs elsewhere. New Orleans may be the Big Easy but a lot of people have been jolted out of the only place they have ever known and are waking up to the reality that poverty in the Ninth Ward is not the end-all and be-all of existence.

Oakland California and the entire East Bay was pretty white until they found they needed blacks from the South to build Kaiser's Liberty Boats in World War II. And though Oakland has its problems if you want to find a vibrant black middle and upper class you could do worse than just crossing the Bay Bridge. Only three in ten residents of Oaktown are white, if you walk into a courtroom, or a police station, or a store, or a restaurant in Oakland the chances are the person in charge is a "minority".

I strayed from the topic a little. But the fact is that permanent displacement from the poorest neighborhoods of New Orleans is not necessarily a negative development for a lot of people.

Posted by: Bruce Webb at November 5, 2005 7:20 AM

The point of the post is that these figures do not add up. I believe I read that 80,000 businesses had been lost. I believe I heard that 500,000 jobs were lost so how did we only lose 8000 in sept? with 500,000 new unemployment claims which is a number that was quoted, How can unemployment go down unless over 500,000 new jobs were created? the numbers are meaningless just like there is no inflation since energy and food( things that are just luxuries)are not counted. Since the govt no longer wants to count alot of things like how many women are at what level of employment, then no one can argue facts and figures can they. You want to shut down discussion then don't get real figures of anything.

Posted by: Anonymous at November 5, 2005 9:51 AM

Nevermind the figures. Every statistic is picked for its propaganda value.

Within an interest-based financial system, you can only have one outcome--consolidation of money in the hands of the rich, who constitute very small sliver of society.

You can't get around it in a credit economy where the Federal government itself pays over $335 billion annually in interest alone(so far, this year).

Where do you think that money is coming from? It's being collected in taxes from the working class.

And, it's being paid over to the idle rich. No matter how much they pay in taxes it cannot exceed what they collect in interest.

The rich are net winners; working Americans are net losers. The interest-based system is a zero sum game, but not all monetary systems are so dysfunctional.

There are alternative monetary systems available that do not rob from the working to give to the rich. All you need is an open mind and a little research. You'd be surprised at the possibilities.

Posted by: qrswave at November 6, 2005 4:35 PM

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