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Current Events & Hot Topics Current Events & Hot Topics

Much-Anticipated Jobs Report Is Out (Who will be smiling (big) today)

Posted by on Oct. 5, 2012 at 9:17 AM
  • 164 Replies
2 moms liked this

Unemployment Rate Drops To 7.8 Percent, Nearly 4-Year Low


unemployment stats jobs report

By Lucia Mutikani


WASHINGTON, Oct 5 (Reuters) - The U.S. unemployment rate dropped to a near four-year low of 7.8 percent in September, a potential boost to President Barack Obama's re-election bid.

The Labor Department said on Friday the unemployment rate, a key focus in the race for the White House, dropped by 0.3 percentage point to its lowest point since January 2009.

A survey of households from which the jobless rate is derived showed 873,000 job gains last month, the most since June 1983. The drop in unemployment came even as Americans come back into the labor force to resume the hunt for work. The workforce had shrank in the prior two months.

The household survey is volatile. A survey of business establishments showed employers added 114,000 jobs to their payrolls last month, a touch above economists' expectations for 113,000 jobs. Employment for July and August was revised to show 86,000 more jobs created than previous reported.

It was the second last report before the Nov. 6 election that pits Obama against Republican Mitt Romney.

A Reuters/Ipsos poll released on Thursday after Wednesday's first presidential debate showed Romney gained ground and is now viewed positively by 51 percent of voters. Obama's favorability rating remained unchanged at 56 percent.

Economists blame the so-called fiscal cliff for the slowdown in business hiring, which has left millions of Americans working either part-time or unemployed and too discouraged to look for jobs.

The Congressional Budget Office has warned that a failure by Congress to avoid the automatic tax hikes and government spending cuts that will suck about $600 billion out of the economy next year would knock the economy back into recession.

"Businesses are not hiring people, they want to wait and see how the election evolves and how the political landscape shapes up," said Sung Won Sohn, an economics professor at California State University Channel Islands in Camarillo, California.


by on Oct. 5, 2012 at 9:17 AM
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Replies (1-10):
Ann7227
by Bronze Member on Oct. 5, 2012 at 9:19 AM
10 moms liked this

Hello it's because of seasonal workers. And people who have given up on looking. I wouldn't celebrate just yet.


annabl1970
by Platinum Member on Oct. 5, 2012 at 9:19 AM
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The U.S. unemployment rate dropped to a near four-year low of 7.8 percent in September, a potential boost to President Barack Obama's re-election bid.
 

annabl1970
by Platinum Member on Oct. 5, 2012 at 9:21 AM
2 moms liked this

good

Quoting annabl1970:

The U.S. unemployment rate dropped to a near four-year low of 7.8 percent in September, a potential boost to President Barack Obama's re-election bid.
 


Ann7227
by Bronze Member on Oct. 5, 2012 at 9:22 AM
2 moms liked this

Doubt it. Just watch and wait it will go back up. It's Holiday hiring season.  Don't get to happy.

Quoting annabl1970:

The U.S. unemployment rate dropped to a near four-year low of 7.8 percent in September, a potential boost to President Barack Obama's re-election bid.
 



mustbeGRACE
by on Oct. 5, 2012 at 9:25 AM
3 moms liked this

...even MORE people have stopped looking for work...............

TheStepMonster
by on Oct. 5, 2012 at 9:28 AM
1 mom liked this
Took the words right outta my mouth.

Quoting Ann7227:

Hello it's because of seasonal workers. And people who have given up on looking. I would celebrate just yet.

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candlegal
by Judy on Oct. 5, 2012 at 9:32 AM
1 mom liked this

too little too late

ambertreas76
by on Oct. 5, 2012 at 9:34 AM
1 mom liked this
Me too!


Quoting TheStepMonster:

Took the words right outta my mouth.



Quoting Ann7227:

Hello it's because of seasonal workers. And people who have given up on looking. I would celebrate just yet.


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radioheid
by Libertarian on Oct. 5, 2012 at 9:35 AM
10 moms liked this

I knew the Romney folks would start reaching. Poor straw man is being torn apart.


"Roger that. Over."

R   A   D    I    O    H    E    I    D

stacymomof2
by Ruby Member on Oct. 5, 2012 at 9:38 AM
2 moms liked this

That report is all over the place.  I will say we are hiring like crazy at my job.

Just as a gut I think it's getting better, at least in my area.  for the past couple of years we would get unsolicited apps from college grads trying for nightclub security and bartending jobs.  Those people are no longer in the pool, now we are getting students and people who are not in school.  

We also opened a restaurant and are actively recruiting cooks and servers, which we usually do not have to recruit at all.  And we are looking for a marketing person and a sales person in the office, and a manager.  Big difference from 2 years ago when we were cutting people because we just didn't have the revenue to support the positions.  We just all handled two or three different positions.  It has nothing to do with the election or Obama...when our customers spend more money, we spend that money on expanding the business, instead of like the last few years where we just battened down the hatches and had a skeleton crew.  It is a service business, so no income= no hours, even for the marketing office.

Even though I know there are still plenty of people under-employed and grads struggling to find something decent, it must be getting a little better if they are not trying for a security position at a nightclub!  (Which doesn't pay much and not very many hours, and kind of crappy hours, too...late nights, weekend and holidays.)

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