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Subscribe to RSSThe job market appears to slowly be picking up steam, and that seems to gradually be helping even the most downtrodden workers: Those who are so discouraged that they’ve given up looking for work.
“We’re seeing all of the detailed measures of frustration disappearing, and that’s really key,” said Joel Naroff, an economist with Naroff Economic Advisors.
A broader measure of unemployment, which includes people who aren’t currently looking for work because they don’t think there’s a job out there for them, hit 14.6 percent in October, a slight improvement over September.
CNBC's Hampton Pearson breaks down the latest numbers on employment. And discussing what the report reveals about employment in the U.S. and its impact on the markets.
In general, the so-called “alternative measure of labor underutilization” has been hovering between 14 and 15 percent since last winter.
That’s still high by historical standards, and a sign that the job market remains much weaker than five years ago. But it’s a significant improvement over last year, when it was around 16 percent. And it’s much better than 2009, when it was as high as 17 percent.
The broader measure – which some politicians have called the “real” unemployment rate - includes people who are considered marginally attached to the labor force because they looked for work sometime in the last 12 months, but not in recent weeks.
It also includes people who are working part-time but would like to be working full time.
The most worrisome subset of people included in that measure are called discouraged workers. They’ve given up looking for work because they simply don’t think they can find a job.
About 813,000 people reported that that they were that discouraged in October. That’s actually up slightly from September, but it’s down by more than 100,000 as compared to this time last year. And it’s a significant improvement over 2010, when more than 1.2 million people considered themselves discouraged.
When looking at such a small subset of the employment picture, economists tend to give more weight to long-term trends than to month-to-month changes, which can jump around more.
In all, the Labor Department reported Friday that the economy created 171,000 jobs in October.
The unemployment rate, which is measured using a separate set of data, rose slightly to 7.9 percent.
A rising unemployment rate would seem to be a bad thing, but in this case economists say it actually may not be such a worrisome sign. That’s because the data showed that the rise came as more people jumped into the job market and started once again actively looking for a job.
A person is only counted as unemployed if they are out of work and actively looking for work.
“The reason the unemployment rate rose is that, while a lot of people did find jobs, an awful lot of people started looking once again for jobs,” Naroff said. “And that’s actually a good sign, because people don’t start looking for jobs and enter the labor force unless they have some sense that they have can actually find a job.”
Still, any improvement in the labor market has come slowly, and quite painfully for those who are out of work.
“Clearly, there (are) too many people who would like to find a job but can’t or are discouraged,” Naroff said. “But the economy is beginning to pick up steam. It’s not growing rapidly but it’s growing better.”
Related: Economy creates more jobs than expected
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The job market has been much better in my industry the last year. I got that new job after looking for a year and a half. It just takes time to dig out of the GOP failed policies implemented by George Bush. Let's hope the R&R nimrods don't get a chance to spoil the progress.
The unemployment rate went up, how is that a good thing?
I love the usual pro-Obama headline on the front page of nbcnews:
US economy adds more jobs than expected; jobless rate at 7.9%
They forgot to add the word "UP" before "at." This pro-Obama sleigh of hand didn't fool the markets, however -- stocks FELL just after the report. If Obama wins, get ready for 4 more years of economic stagnation -- if we're lucky!!!!
The Obamabots spin higher unemployment by saying more people have re-entered the workforce. Melarkey, pure melarkey. The fact is this is the weakest recovery in the history of recoveries. That is the fact.
This is your economy.
This is your economy on Obama.
Any questions?
IXLR8 -- I'm sure all the currently struggling unemployed are happy for you, but here's the real headline:
'VIRTUAL STANDSTILL':
171K New Jobs, 170K New Jobless
LAST LABOR DEPARTMENT JOBS REPORT before election confirms US economy stuck, with new jobless claims canceling out job growth, unemployment up to 7.9 percent — and 12.3 million still out of work.
NBC NOT REPORTING THIS SO I WILL
Mitt Romney has criticized President Obama for giving green energy subsidies to campaign donors, but a new report out ahead of the debate tonight shows that this White House’s crony capitalism has a foreign policy angle.
HillStone International won a coveted government contract in part because the company has “the little brother of the vice president as a partner,” as David Richter, president of HillStone’s parent company explained to investors in a recent meeting reported on by Fox Businesstoday.
“Since November 2010, James Biden has been the executive vice president of Hill International’s housing subsidiary despite little if any documented work history in residential construction,” Fox explains. “And if the company’s projections are accurate, both Hill and Biden are on the verge of a huge payday, beneficiaries, some analysts believe, of James Biden’s connections to the Obama Administration through his older brother.”
In the Fox report, a former Hill executive who worked on getting the project had this to say about HillStone: “You have to realize that these guys are relentless businessmen and they have the right connections.”
Romney has already proven himself willing to go after Obama for crony capitalism, as he did during the first debate. “[T]he place you put your money makes a pretty clear indication of where your heart is,” Romney said. “Ninety billion dollars. And these businesses, many of them have gone out of business. I think about half of them — of the ones that have been invested in have gone out of business. A number of them happen to be owned by people who were contributors to your campaigns.” The housing contract in Iraq is expected to generate $1.5 billion for James Biden’s HillStone, according to Fox, so the report could pave the way for an awkward moment for the president in tonight’s debate on foreign policy.
http://washingtonexaminer.com/1.5b-contract-in-iraq-for-bidens-little-brother-exposes-obama-ahead-of-debate/article/2511404#.UJP5OG_A9MC
Typical democrat math...+171,000...-170,000 equals real progress. Business are not going to invest without knowing where their taxes and profitability is going. Watch what happens on the jobs front when Obama gets back in office...nothing.
Comte de Dirac:
Don't you ever sing a new song? "liberal media, liberal media, liberal media," so f**king boring. You blame Obama for blaming Bush for everything negative, while you blame the media for everything positive. I can't see much difference, however much you try to rationalize it.
You and your ilk have Fox News ("news," ha! I injure myself with laughter!). Just to balance the scales, we have MSNBC. It's not a revelation - you should change the channel once in awhile. It's just a level playing field.
allenjames:
Oh, please. The Washington Examiner is nothing more than a mouthpiece for extreme conservatism, and anyone with an IQ in three digits (which, unfortunately, lets you out) knows it. Next, you'll be quoting Hannity as "authorative" and Limbaugh as "unbiased."
Can you quote that same story in the Wall Street Journal, the NY Times or the Cleveland Plain Dealer? No, of course you can't.
Comte/Sandie,
There were actually about 342000 jobs added. The 171k lost pulls that back down to where it is at now. Labor participation is up and that is why UE ticked up by 0.1%.
Can you clearly define and identify exactly which Bush policies you are refering to in your post?
Do you understand that most fiscal policies are passed by Congress, which was controlled by the Democratic party during the last two years of Bush's second term?
allenjames
You said it not me. Now tell me which country mitt puts his money in?
Lockheed Martin is laying off 123,000 just weeks before Christmas.
Lockheed Martin is going to lay off 123,000 defense workers due to Obama's downsizing of the military.
The law requires Lockheed to give 60-day notice to all to-be-fired employees within 60 days. That drop dead date would be November 1st. Since this would be devastating for his reelection, Obama has promised that our government would cover all Lockheed severance packages to fired employees if Lockheed would not release the names and locations of those losing their jobs until after the election!! Do you have any idea how many millions that will cost the taxpayer? Thank you Obama!!
http://thehill.com/blogs/defcon-hill/industry/259517-graham-says-hell-block-reimbursements-in-layoff-notice-fight
guy
WOW! Nice spin. Using your own reference, which you don't seem to know how to read. It says "Lockheed Martin — which had previously threatened to send out notices of potential layoffs to all of its 123,000 employees"
It goes on to say" Graham has been one of the biggest advocates of companies issuing the layoff notices. He said in July that they should issue them immediately to raise public concern and force Congress to find a solution to avert the sequestration cuts."
The sequestration was the result of congress not doing their jobs. But you go right a head with your BS if it makes you happy.
So Allison, the unemployment number moving from 14.7 to 14.6 is better? And the rate from 7.8 to 7.9 is better? How long have you been a reporter-2 days, what stupid statement. Go do some research because this article is just stupid.
As for IXLR8, it took you a year and a half to find a job, 3 years into O'dummy tenure and you are still blaming Republicans? You and Allison should get together, you are both in a world of your own.
6 figure jobs don't grow on trees. I don't blame anyone Duane, relax it's Friday and you can get drunk with your barflies tonight and forget life for awhile. LOL
FOUR MORE DAYS!!
FOUR MORE DAYS!!
FOUR MORE DAYS!!
The Senate Republican Budget Press Office released the following data on food stamps, claiming its growth was 75 times faster than job creation. And unemployment for blacks showed the highest increase, surging to 14.3 percent from 13.4 percent.
Also, the average duration of unemployment climbed to a 2012 high of 40.2 weeks.
Only a corrupt media can spin a report like this, MSNBC headline:
Economy adds more jobs than expected; jobless rate at 7.9%
I love the usual pro-Obama headline on the front page of nbcnews:
US economy adds more jobs than expected; jobless rate at 7.9%
They forgot to add the word "UP" before "at." This pro-Obama sleigh of hand didn't fool the markets, however -- stocks FELL just after the report. If Obama wins, get ready for 4 more years of economic stagnation -- if we're lucky!!!!
Highest unemployment among blacks yet the majority will vote for him -- now who's the racist?
Spinning like a Whirling Dervish......7.8 to 7.9.....But it's better???.......It's insulting to even think the American public would buy this.......NBC is desperate to make Obama look good.......What a bunch of Hacks....
This is indeed a major election - an election highlighting two choices for change. The choices – incrementally build on the work that's been done, or throw everything out and start over from scratch.
So, if you're not voting, you are leaving this critical decision to others. You're letting your neighbor vote for you. You're letting your grandpa vote for you. You're letting your ex-boyfriend vote for you. You're letting your crazy Uncle Charlie vote for you.
Even if you believe the candidates' differences are not overwhelming, there is always a choice. Even if "you'd rather there was someone else," there is always a choice.
And think about it - who benefits if they can keep you from voting?
I'm not letting that happen with my vote.
madison
HOW on earth can you claim that its getting better? Unless you are a union worker the president and democrats can care less about you. My business is down My wife now works out of state because that was the only job she could find in her field. And this trend of one spouse having to work out of state is only continuing
I agree Northern...I'm in Vancouver, WA and my neighbor across the street, her husband works in N. Dakota she cares for his twin daughters plus she's a flight attendant. I'd ask her if she thought these numbers were so great except she'd probably run me down with her car. LOL
LOOK BACK 4 Years ago. It was near a DEPRESSION. Caused by the very ones that CLAIM NOW "I PROMISE CHANGE"(ROMPPY). And it has stabalized since then, THANK GOD. But during the last 4 years the GOP and TEA have done NOTHING to improve this economy better than it is. AND THEY NEVER WILL. They can ream nonsense into each person that WANT to believe without questioning. So be it for those MORONS.
What we need is the 21st century not the DARK AGES with the GOP and TEA. Their focus is GREED !!!! One sided their side ONLY !!!
I for the life of me can not understand why someone would vote Republican today. We are only four years removed from the disaster their policies created. Correct me if I'm wrong but Bush was in office for 8 years yet we are supposed to give President Obama only 4 years to correct the mess it took 8 years to create. Haven't we proven that trickle down economics does not work?
From the onset the Republican's outright goal was to make President Obama a one term President before they even knew what the man would do as President. Is it about the people or is it about POWER? It was never about the national debt because I didn't hear one word from Republicans about the national debt when Bush was in office. This recession boarder line depression was a once in a life time event for most of us. It was not going to be fixed in a matter of a couple years especially when half of the Congress is working against the common good of the people. For those that say " Ohhh don't bring up Bush" that is ridiculous. If I got mugged 4 years ago I'd bet you anything that I'd remember that muggers face the rest of my life. History is History and if you don't change you are doomed to repeat it. I am not hearing anything new from today's GOP. Not only are they peddling the same policies, they have the same people advising Mitt Romney.
The only thing about Romney is he looks the part of what some Americans think is the golden age of America the 1950's. Things have changed and are changing, quickly, yet the GOP does not want to realize that they have to broaden their base so they are grasping, kicking, and clawing and everything and anything they can do to win. Who knows it may work this time, but if Obama wins I hope the Republicans get the message and go back to governing for the people.
Hey, Obama said if he couldn't do it in four years it would be a "one term" proposition. Looks like another promise he's not keeping (remember when he wasn't going to take any private campaign money?). This guy is a habitual liar and a socialist. The Left only justifies him by looking backwards- nobody talks about what Obama has done BECAUSE he hasn't done anything (except to try and nationalize 17% of our GDP against the wishes of 62% of the country). Good riddens. Come on Ohio, Iowa, and Virginia- don't let America down and let the socialist/free-stuff people weigh America down.
Really -- Greed???? let's see BILLIONAIRE Bloomberg endorses the prez, has turned NYC into a nanny state, and he's a liberal as they get. Pullleeze GOP and Tea have no corner on rich folks. Just look at all the Prez friends, fundraisers, and budlers -- ALL RICH. Explains why he gave OUR money to his "green energy" friends so we can watch 14 go bankrupt with taxpayer $$$ that could have been used to help middle class Americans. Doesn't seem to bother you though -- of course you're more interested in the "wealth redistribution" as long as you can feed at the trough and don't have to put any skin in the game. Lapdog.
Dotties,
all you have to look at is the fact that business would rather pay their workers less for the same amount of work and fire people to boost their profits. That sounds like no holds barred greed to me. If Companies were really serious about helping out they would be paying their workers higher wages not lower.
These unemployment numbers don't show the true picture... Many of these "new" jobs are low-end positions in retail, etc., which are only paying minimum wage or slightly above minimum wage.
Seasoned professionals (who have exhausted their unemployment benefits) are applying for and accepting (if offered, big IF!) these low-end jobs out of total desperation! Often taking a HUGE (75% or more) pay cut!!!
Does this sound BETTER???
"Many of these "new" jobs are low-end positions in retail, etc., which are only paying minimum wage or slightly above minimum wage."
Ah, the rewards of giving up on investment in R/D, technical training and education decades ago. OK, let's double down on that and slash these by 40%! That should work. If you agree - vote Romney!
With so many out of work and getting laid off I would think the jobless rate is around 10 or 11 % by now...if its not we know it worse than before its going up not down. Vote Republican if you want to really see a change and help your self.
Joe66 - are you Joe the Plumber? You make about as much sense.
Unemployment went UP! and the Jobs outlook is "improving"? OMG- what a crock of s**t!. Joseph Goebbels would be so proud of the propaganda machine that NBC News has become.
What universe are we living in? Unemployment goes up, the economy creates about half the jobs needed to keep up with population growth and this makes the discouraged feel better? Shows the IQ of the discouraged!
A message to the "DISCOURAGED".......You gonna be REAL DISCOURAGED if Barry is re-elected..........cause the free money is gonna run out!
I saw the SAME person posting several times that there are layoffs at her "science" company. OK, sorry, that's one person. Or is she trolling discontent?
The CDC has posted a warning about a new strain of an old disease. The disease is called Gonorrhea Lectim. Pronounced "Gonna re-elect'em", the disease is an obamanation.
The disease is contracted through dangerous and high risk behavior involving inserting your cranium into your rectum. Stop the insanity by pulling your head out of your a...........................
Its not where we want it but it's headed in the right direction. I've had $22,000 dollars worth of work done on my house in the past 11 months. The contractors in the area have told me that they can't keep-up with the demand right now. One contractor told me that he was booked solid for the next six (6) months and he couldn't take the job that I needed done. Several months ago, the President of a Metal Coil Coating Company in the area said he was having a hard time keeping up with demand as well. His only problem was getting responsible and qualified personnel to work more shifts. We're getting there.
Sorry that all of you are confused by the factoids. But then, maybe you should've stayed in school.
I seriously doubt it's getting better for mid- to late-career people like me. My latest rejection stated that in spite of my "considerable" experience, I didn't have exactly what they needed. I haven't had an interview in three years, perhaps because of my age and the fact that I'm over-qualified or not exactly qualified, since the job applications have about three persons' worth of requirements that no one could possibly fill. I've been working as an independent consultant out of necessity and getting help from family. I just hope that younger people who graduated into this mess will get their careers on track.
With respect to fault, the political shenanigans that have occurred over the last 4 years from Congress have been extremely painful to watch, knowing that these people who get paid high salaries and great benefits are permanently screwing workers like me.
The deficit of 1.5 trillion is funding 50 to 60 million jobs in America. We are borrowing to spend on consumer economy. These are all service sector jobs. Google for "CONQUER THE CRASH KONDRATIEFF WAVE" to understand why these jobs cannot be sustained. We need manufacturing jobs, science, engineering and technology jobs. Service sector jobs are not able to help curb trade deficit. It is a dead end. Keynesians are dead wrong about it. At the end of the day, they won't be able to spend to stimulate the economy. Once their hand is forced, the crash will be unlike anything we have ever witnessed. We need to let the free markets run so that private sector can align itself with what works and what does not. FED is giving the wrong signals to the economy and it is creating wrong kind of jobs. These jobs won't survive the next leg down.
No longer discouraged here- employed & happy for it!
Does Middle America honestly believe that Barack
Obama is going to take Oprah Winfrey's money away
from her, and give it to Middle Class America?
Do you think Michael Jordan would support a president
who was going to take away his money and give to You?
Would P Diddy, George Clooney, Barbara Streisand or
Brad Pitt honestly support a president who took their
money and gave it to Middle Class America? You may
like to Imagine they would, but would they?
Quite the opposite, Barack Obama has taken your
Middle Class America's tax dollars and given them
to, count 'em, Wall Street Bankers, Wall Street
Credit Card Hounds, and Wall Street Mortgage
Brokers. How much bailout money did Barack Obama
give Y O U ? If you got Barack Obama's bailout,
then vote for him, if not...
When I vote, I won't be voting for the man who gave
away MY MONEY, I don't care how many Wall Street
lawyers cried for it. Barack Obama may cut Middle
Class America's fiscal throat, again, but I am NOT
going to help him.