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Friday, November 2, 2012

The Last Job Report Is Kind to Obama: 171,000 Jobs Added in October

Posted by on Fri, Nov 2, 2012 at 5:37 AM

This week has turned out to be Obama's week...

U.S. employers added 171,000 jobs in October, and the unemployment rate stayed below 8per cent, relatively strong numbers that bolster President Barack Obama’s chances of retaining the White House.

Few incumbents have won re-election without economic momentum pulling them along. The consensus among the punditry in Washington has been that an unemployment rate below eight per cent by Election Day would allow Mr. Obama to make that case, as joblessness peaked in the double digits during the recession.

There is good news all over this report...

Screen_shot_2012-11-02_at_5.41.07_AM.png

And...

Screen_shot_2012-11-02_at_5.39.35_AM.png

Wake up truthers. We are expecting you.

 

Comments (20) RSS

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Theodore Gorath 1
As usual, half the morons will claim that unemployment is only going down because people are quitting their job searches, and the other half will simply claim a conspiracy.
Posted by Theodore Gorath on November 2, 2012 at 5:53 AM · Report this
venomlash 2
Romney's carrying on with his whole "but it's not good enough! I'd have done it better, sooner!" shtick. Haters gonna hate, they can't even appreciate.
Posted by venomlash on November 2, 2012 at 6:44 AM · Report this
3
"...relatively strong numbers ..."

Only Democraps find 8% relatively strong.....
Posted by President Romney won't settle for 8%.... on November 2, 2012 at 6:56 AM · Report this
Cato the Younger Younger 4
How is the media in all serousness claiming this election is going to be close? Obama's locked in for a second term at this point.

The concern I have right now is the race between "Back Alley Aborition" McKenna and Right to Privacy Inslee
Posted by Cato the Younger Younger on November 2, 2012 at 7:05 AM · Report this
reverend dr dj riz 5
@ ' How is the media in all seriousness claiming this election is going to be close? '
perhaps because, and i fear it greatly, it will be close
Posted by reverend dr dj riz on November 2, 2012 at 7:22 AM · Report this
Theodore Gorath 6
@3:

Hmm, not a bad point. Let us see how the last republican president did in his last November on the job as far as job numbers go:

What? -.4%? That is not even growth! Hmm, maybe we should see how his numbers were at the start of his term...What? From 3.9% to 7.9% That is even worse! A loss of 4%!

And Romney wants to roll out the same policies that Bush did when unemployment jumped 4%? that sounds like a terrible idea. I think I will stick with the candidate who is growing our economy, not one who will tank it like the last republican did, thanks!

Posted by Theodore Gorath on November 2, 2012 at 7:39 AM · Report this
7
It's worthwhile to note that Obama supporters are in a similar situation Obama detractors were in last month: they have to invoke people returning to the workforce to explain unemployment numbers. Why don't we all discuss employment numbers instead of somewhat meaningless unemployment rate and we'd avoid looking like hypocrites. That said, at this rate, it'd take another decade to recover the employment rate of 2007.
Posted by anon1256 on November 2, 2012 at 7:52 AM · Report this
Cato the Younger Younger 8
@7, that's not far off from where most economists are thinking it will take for a full recovery. And though I think Obama is safe for a second term I'm really starting to shit myself about 2016. If there isn't a massive recovery in the next three years the GOP will get the White House back. And a President Ryan is enough to make me consider killing myself.
Posted by Cato the Younger Younger on November 2, 2012 at 7:55 AM · Report this
Catherwood 9
@8, you don't think that steady improvement will encourage people to "stay the course", and stick with Hillary?
Posted by Catherwood on November 2, 2012 at 8:08 AM · Report this
10
A lot depends on what the House and Senate do. The unemployment rate would probably be under 7% right now if the Republicans in the House passed the American Jobs Act. If you look closely at the numbers for the last couple years, you will see that most sectors of the economy have done well. But the public sector has lagged. This makes sense if you think about what is happening in the state and municipal governments. They have laid off workers because they had insufficient rainy day funds and usually can't run a deficit. This makes sense, but it is crazy. No economist in the world would recommend this. The public sector should be pulling the rest of the economy out of a recession, not dragging it down. But that has been happening for the last year or two, and it is largely because the House Republicans refuse to enact a bill that every expert says will reduce unemployment.
Posted by Ross on November 2, 2012 at 8:23 AM · Report this
Cato the Younger Younger 11
@9, No, Americans are geared to wanting everything right now and don't want to wait for anything, let alone economic recovery.
Posted by Cato the Younger Younger on November 2, 2012 at 8:25 AM · Report this
Cato the Younger Younger 12
@10, and that's the other problem. Obama is going to have the same congressional make up come January. The Dems will hold the Senate with a few pick ups but not enough to hit 60 and the gerrymadering of congressional districts after the 2010 census is in effect making it very unlikely the GOP will lose control there.

It's going to be two years of deadlock and then two years of what amounts to Obama being a essentially a lame duck. (no one pays attention to an outgoing President the last two years of their term when they aren't going to be on the ballot again)
Posted by Cato the Younger Younger on November 2, 2012 at 8:28 AM · Report this
13
YAY!!

Go Obama. May have to call in sick on Wednesday if I stay up too late celebrating President Obama's win.
Posted by Patricia Kayden on November 2, 2012 at 9:01 AM · Report this
14
You people baffle me. Once again it's the mainstream arguing with the "truthers" about the proper shade of lipstick to put on the pig but nobody's talking about the pig itself anymore. The  offical unemployment number, statically speaking, is fundamentally fucked - does not include the U6/underemployed or the painfully relevant number of folks no longer seeking employment (apparently those people either vaporize or transform into plants). We changed this calculation in 1993 beacuse the end figure was becoming increasingly uncomfortable. This explanation of the statistic's basic composition is not a conspiracy theory - it doesn't matter if the BLS/Obama/shadow government/Jay-z's Illuminati task force etc. are manipulating this number or not - the number itself is horse shit. 12+12 is undoubtedly 24 but it's a not sufficient indicator of my body weight - but you folks will keep bickering about whether or not the first 12 was manipulated - as you've been conditioned to do. It's maddening.

46 million people on food stamps and a mind blowingly magical CPI index that suggests there is no inflation occurring (the product packaging at the super market is getting lighter because your arms are getting stronger - "studies show") but those supporting the incumbent (either party) will continue to spout the "recovery is around the corner" insanity citing statistics they don't understand framed within a myopic context designed (conspiracy?) to keep you arguing about the 
Simply. Fucking. Irrelevant. 

Meanwhile - back in the world of reality the real unemployment rate is in the high teens and inflation is accelerating while we hiss and spit at the proverbial bat shit right/left wing "conspiracy nuts" who dare question the figures copiuosly flowing from the Ministry of Truth. We are so frustrated with these filthy paranoid chat room simpletons who constantly propagate ever increasing absurdities - like, say, a rate rigging conspiracy tied to $800 trillion dollars in loans over the last three decades which the US and UK governments were fully aware of - stunning tin foil hat bullshit like this is why we hate all truthers - they even make up fictious bullshit names for these things, like "LIBOR" - whatever the fuck that is - why are they so paranoid anyway?

I've been working in data analysis for almost two decades now and I'm horrified at how easily/willingly/systemically people are manipulated by "the numbers" - I'm horrified by how low the "conspiracy theory" bar has been lowered in regards to alternative analysis - and how this tragicaaly ironic mainstream  "show me the numbers" basis for easy dismissal has become far too comforting for an increasingly desperate, distracted and confused public. Data is the most abused substance on planet earth and just like a crack whore (of which roughy 74% are the ex-wives of filthy truthers) you ultimately don't care about the quality or lineage of the source product as long as it gets you high - hence "recovery is just around the corner"

and it feels so good.
"Forward" indeed - by all means
More...
Posted by Sebastian M. on November 2, 2012 at 9:08 AM · Report this
15
I love all of you but you people baffle me. Once again we have the mainstream arguing with the "truthers" about the proper shade of lipstick to put on the pig but nobody's talking about the pig itself anymore. The  offical unemployment number, statically speaking, is fundamentally fucked - does not include the U6/underemployed or the painfully relevant number of folks no longer seeking employment (apparently those people either vaporize or transform into plants). We changed this calculation back in 93 because the end figure was becoming increasingly uncomfortable. This explanation of the statistic's basic composition is not a conspiracy theory - it doesn't matter if the BLS/Obama/shadow government/Jay-z's Illuminati task force etc. are manipulating this number or not - the number itself is horse shit. 12+12 is undoubtedly 24 but it's a not sufficient indicator of my body weight - but you folks will keep bickering about whether or not the first 12 was manipulated - as you've been conditioned to do. It's maddening.

46 million people on food stamps and a mind blowingly magical CPI index that suggests there is no inflation occurring (the product packaging at the super market is getting lighter because your arms are getting stronger - "studies show") but those supporting the incumbent (either party) will continue to spout the "recovery is around the corner" insanity citing statistics they don't understand framed within a myopic context designed (conspiracy?) to keep you arguing about the
Simply. Fucking. Irrelevant.

Meanwhile - back in the world of reality the real unemployment rate is in the high teens and inflation is accelerating while we hiss and spit at the proverbial bat shit right/left wing "conspiracy nuts" who dare question the figures copiuosly flowing from the Ministry of Truth. We are so frustrated with these filthy paranoid chat room simpletons who constantly propagate ever increasing absurdities - like, say, a rate rigging conspiracy tied to $800 trillion dollars in loans over the last three decades which the US and UK governments were fully aware of - stunning tin foil hat bullshit like this is why we hate all truthers - they even make up fictitious  names for these things, like "LIBOR" - whatever the fuck that is - why are they so paranoid anyway?

I've been working in data analysis for almost two decades now and I'm horrified at how easily/willingly/systemically people are manipulated by "the numbers" - I'm horrified by how low the "conspiracy theory" bar has been lowered in regards to alternative analysis or anything that challenges the accepted narrative - and how this tragically ironic mainstream  "show me the numbers" basis for easy dismissal has become far too comforting for an increasingly desperate, distracted and confused public. I'm convinced, data is the most abused substance on planet earth - and just like a crack whore (of which roughy 74% are the ex-wives of filthy truthers) you ultimately don't care about the quality or lineage of the source product as long as it gets you high - hence "recovery is just around the corner"

and it feels so good.
"Forward" indeed - by all means.
More...
Posted by Sebastian ML on November 2, 2012 at 9:54 AM · Report this
16
@8, There won't be a recovery in the next 4 years. Another bubble may fuel a temporary increase in low paying service jobs but since, short of a collapse, we won't significantly address the structural crisis (one of dwindling cheap fossil fuels and increasing demand), poverty and inequality will most probably go up.
Posted by anon1256 on November 2, 2012 at 10:10 AM · Report this
17
@4: My theory is because if it's not a close race, the pundits have essentially nothing exciting to talk about.
Posted by Orv on November 2, 2012 at 10:16 AM · Report this
You_Gotta_Be_Kidding_Me 18
Reality check... Unemployment is up this month and higher than when Obama took office.

Not a good thing.
Posted by You_Gotta_Be_Kidding_Me on November 2, 2012 at 11:24 AM · Report this
keshmeshi 19
@8,

Paul Ryan's going to have to tone down the douchebaggery to have a chance in hell at the White House. That said, it would be very fitting for this country to have a president who reeks of Axe body spray.
Posted by keshmeshi on November 2, 2012 at 12:54 PM · Report this
20
But Mr. Romney says this report is a "sad reminder" of ... something or other.

Maybe a sad reminder of how Ohio got away from him.
Posted by RonK, Seattle on November 2, 2012 at 1:18 PM · Report this

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