Unemployment Rate Drops to 9.7% for January....

[onthebottom]

But the good headline is driven by bad news:

Jobless Rate Falls to 9.7 Percent, 20,000 Jobs Cut

WASHINGTON (Reuters) - Employers unexpectedly cut 20,000 jobs in January, but the unemployment rate surprisingly fell to a five-month low of 9.7 percent, according to a government report on Friday that hinted at some labor market improvement starting to take root.

The Labor Department said the economy shed 150,000 jobs in December, compared to 85,000 previously reported, but November was revised to a gain of 64,000, up from 4,000. Annual benchmark revisions to payrolls data showed the economy has purged 8.4 million jobs since the start of the recession in December 2007.

Analysts polled by Reuters had forecast payrolls gaining 5,000 and the unemployment rate to edge up to 10.1 percent in January from 10 percent. Median estimates from the top 20 forecasters expected payrolls to be unchanged last month.

A sharp increase in the number of people giving up looking for work helped to depress the jobless rate. The number of 'discouraged job seekers' rose to 1.1 million in January from 734,000 a year ago.

http://abcnews.go.com/Business/wireStory?id=9753837

OTB

 

[papasmerf]

if near ten percent unemployment is good, I can hardly wait for the next report.

BTW this number reflects only those on the books.

 

[Scarey]

If we were ever going to invade the U.S..now would be the time,,From all indications they're about to go tits up and day now.Dib's on vegas.

 

[onthebottom]

If we were ever going to invade the U.S..now would be the time,,From all indications they're about to go tits up and day now.Dib's on vegas.

LMAO

I wish you would, we'd end up with Alberta in the process.

OTB

 

[Scarey]

I live in Alberta(for now)........be careful what you wish for

 

[onthebottom]

I live in Alberta(for now)........be careful what you wish for

Perhaps we could trade it for Michigan.

OTB

 

[fuji]

It took the US some 30 years to get into this mess, anyone who thinks it can be solved in a couple of months or years is smoking crack. The US economy is *still* geared up to a ridiculous level, and before real growth will return that debt has to be paid down.

 

[onthebottom]

It took the US some 30 years to get into this mess, anyone who thinks it can be solved in a couple of months or years is smoking crack. The US economy is *still* geared up to a ridiculous level, and before real growth will return that debt has to be paid down.

As we're discussing in another thread - I think "real growth" will return in 2010, I just don't think jobs will accompany it for a while.... what the media called a jobless recovery during the Bush presidency.

OTB

 

[WoodPeckr]

As we're discussing in another thread - I think "real growth" will return in 2010, I just don't think jobs will accompany it for a while.... what the media called a jobless recovery during the Bush presidency.

OTB

This is ALL WHAT that Great Patriot Ross Perot warned us about!
EVERYTHING Ross warned us about has come to pass by those weasels you pander for bottie, in all your smug slavish obsequiousness....

 

[lookingforitallthetime]

Perhaps we could trade it for Michigan.

OTB

I say we throw in Quebec to "sweeten" the deal.

 

[onthebottom]

I say we throw in Quebec to "sweeten" the deal.

No NO NO>>>>> we already have Lousiana... that's enough French for us.....

OTB

 

[WoodPeckr]

I'm shocked, shocked bottie.....
Thought you were really into 'French culture' bottie....

 

[onthebottom]

I'm shocked, shocked bottie.....
Thought you were really into 'French culture' bottie....

I like the food, art, architecture.... it's a shame about the people....

LOL

OTB

 

[WoodPeckr]

I know people matter little in the smug view of the cons....

 

[bambam123]

somebody shut these fuckin agencies who report these phoney numbers NOW !!!....the real unemployment in the US is over 20% now

 

[WoodPeckr]

The agencies prefer to use the 'fuzzy numbers' to paint things better than they really are.