Unemployment Drops 0.1% in October
- Posted on November 4, 2011 at 8:59am by
Jonathon M. Seidl
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WASHINGTON (The Blaze/AP) — The jobs numbers are in for October, and while unemployment numbers dipped, they weren’t strong.
Hiring slowed a bit in October. But the government said job growth was much stronger in August and September than first thought.
Average hourly earnings rose last month and the unemployment rate ticked down to 9 percent from 9.1 percent, because more people said they found work last month. It was the first drop in the rate since July.
Still, the report suggests that President Barack Obama will likely face voters with the highest unemployment rate of any post-war president.
The Labor Department said the economy added 80,000 jobs in October. It was the fewest in four months and below September’s revised total of 158,000. The government revised August and September’s data to show 102,000 more jobs added.
Even so, October’s modest job growth is barely enough to keep pace with population growth. About twice as many are needed to lower the unemployment rate. Many employers are hesitant to step up hiring until they see steady demand from consumers.
Healthier consumer spending was the key reason the economy expanded at an annual pace of 2.5 percent in the July-September quarter, the best quarterly growth in a year. Growth in consumer spending tripled from the spring, despite renewed recession fears and wide fluctuations in the stock market.
But economists worry that the summer spending gains can’t be sustained. For one thing, Americans spent more in the third quarter even though they earned less. And they used their savings to make up the difference.
Without more jobs and higher wages, consumers are likely to pare spending in the months ahead. Consumer spending is important because it accounts for 70 percent of economic activity.
The economy generated an average of 130,000 jobs per month in the third quarter, up from 97,000 in the preceding three months. Still, that’s down from 166,000 in the first three months of this year.
The biggest change was August. Initially, the government said employers added zero net jobs that month. It has since been revised twice to show 104,000 jobs added.
A raft of data Thursday offered a mixed picture for the economy and hiring.
The number of people applying for unemployment benefits dropped below 400,000 for only the third time this year, the government said. Still, applications would need to fall below 375,000 to signal sustained job gains. They haven’t been at that level since February.
Services companies, which employ about 90 percent of the work force, hired more in October after cutting jobs in the previous month, according to a survey by the Institute for Supply Management. Overall growth for the service sector was mostly unchanged from September’s slow pace.
Companies ordered more factory goods in September for a third straight month. The gain occurred largely because businesses spent more on industrial machinery, computers and software. It’s a sign that in the sluggish economy, many companies are investing in equipment but not in new hires.
Businesses are getting more out their existing work forces while paying less to employ them. Worker productivity rose in the July-September quarter by the most in a year and a half. At the same time, labor costs fell.
Higher productivity is generally a good thing. It can raise standards of living by enabling companies to pay workers more without raising their prices and increasing inflation. But without strong and sustained customer demand, companies are unlikely to hire.
Federal Reserve Chairman Ben Bernanke said Wednesday that growth is likely to be “frustratingly slow,” after the Fed sharply lowered its economic projections for the next two years.
The Fed now says the economy will likely expand no more than 1.7 percent for all of 2011. That’s down from its June forecast of 2.7 percent to 2.9 percent. And it predicted growth of only 2.5 percent to 2.9 percent next year, nearly a percentage point lower than its June estimate.
The Fed said it doesn’t expect the unemployment rate to be any lower this year. And it sees unemployment averaging 8.6 percent by the end of next year.
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Comments (107)
apu123
Posted on November 4, 2011 at 10:44amThat is Awesome news from the Obama Admin, I mean I am sure it will be revised upwards next time just like all their numbers. Wow that comes out to like 25 jobs per county! And unemployment coming down a tenth of a percent how would have thought! Its not like there are more and more people who have exhausted their unemployment benefits and just stopped being counted! If we wait long enough just through benefit attrition we can get the rate down to under 8% to cinch Obama’s reelection! Is the sarcasm coming through? Another interesting development, the IMF just bought some printing presses to produce more of their IMF bucks to bail-out the EU, awesome! Maybe we can use IMF bucks to fix our debt too!
Report Post »Centralsville
Posted on November 4, 2011 at 11:17amThe government keeps printing more and more money to cover our debts but none of it ever finds it’s way to my pocket.
Report Post »Unix
Posted on November 4, 2011 at 11:39amEvery dollar in every wallet IS A DEBT! Money is created out of DEBT, from the Treasury to the Fed, or the Chinese, whoever buys our Treasuries. All Treasuries are DEBT, so, we pay DEBT with DEBT. It is a never ending cycle, when you couple it with CREDIT, out of thin air, all of it. No backing by gold, nothing. Oh, wait a second, we do have LAND, base our currency on LAND, no way you say – check out what the Wiemar Republic did – we are heading for that scenario HERE.
Viva TEA
Report Post »encinom
Posted on November 4, 2011 at 11:59amOf course whats more important than jobs is making sure that the a meaningless vote to cast on a non-issue like the nationa motto.
Report Post »Jaycen
Posted on November 4, 2011 at 12:13pmEncinom,
You brought up the national motto, no one else did. Why can’t Progressives just stick to the topic at hand? Oh, because their ideology is a failure. Argue something unrelated so you can ignore the fact that your original argument failed.
Report Post »kmichaels
Posted on November 4, 2011 at 12:26pm[encinom
Posted on November 4, 2011 at 11:59am
Of course whats more important than jobs is making sure that the a meaningless vote to cast on a non-issue like the nationa motto.]
A couple of problems with your post. One, you’re a moron liberal troll. Two, adults know how to multitask. Three, where is your list of job creation ideas? Oh yeah, you have none, Obama has none, and democrats in general have none.
Now toddle off, idiot troll.
Report Post »cemerius
Posted on November 4, 2011 at 1:00pm@encinom
Rather than talk about the “In God We Trust” vote, why can your uniter-in-chief praise the fact he FINALLY got a bi-partisan vote from the house??? I mean there were only 11 dissenters and 2 abstainers after all!! I really hate responding to your crap ybecause it must give you a thrill up your leg EVERY time someone acknowledges you are worthy of comment!
Report Post »Ruler4You
Posted on November 4, 2011 at 1:07pm0.1%? Are you kidding me? Better check the degree of your mathematician.
Report Post »maross600
Posted on November 4, 2011 at 2:48pm@Encinom are you that naive? why are liberals so ignorant? http://online.wsj.com/article/SB121910897089651793.html read that if you want to know about wasted time, dems passed bils celebrating watermelon month, and the orgins of the word baseball, etc. then on your ridiculous 1% mantra, of which is very ignorant, if you taxed the successful as much as you want, why would they stay here? why not go to emerging markets to do business and build a house int he caribean with little or no taxes? we need investment in this country with those who have money to invest, the government does not create wealth or money, and does a terrible job with spending, especially under obama who spent $4 trillion in 3 years. you should be upset that your hero is taking everything upon himself and ruling like a dictator by passing far more executive orders in 3 years than bush did in 8. while were at it, quit with the republicans causing the economic problems. the houseing bubble started under clinton when houses more than doubled before bush took office, and who warned about the collapse 17 times? who investigated fannie and freddie in 2005? who was running congress with the collapse occurred? quit with your ignorance, yes i simplified it, but at least i base things on fact, not listening to obama tell his lies from his beloved tele prompter.
Report Post »Centralsville
Posted on November 4, 2011 at 10:41amBoom times are here again, thank you Obama.
Report Post »ozchambers
Posted on November 4, 2011 at 11:10amyes, thank heavens the recession is over (for the 40th time).
Report Post »yougottabekidding
Posted on November 4, 2011 at 11:25amYea! 1 person for every 1000
Report Post »What is the government going to do with all that tax revenue? Forgot it probably was a stimulus job that cost $200,000 for $10,000 job.
encinom
Posted on November 4, 2011 at 12:01pmWe should be thanking hte GOP and their meaningless votes on the National Motto, instead of taking up the issue of Jobs. Or is it the GOP’s protect of the riched 1%’s tax cuts, while the middle and working class get to shar ein additional burdens.
Report Post »saranda
Posted on November 4, 2011 at 12:07pmMission accomplished. Oh wait….nevermind.
Report Post »Jaycen
Posted on November 4, 2011 at 12:17pm“Hi, I’m a Progressive. As Conservatives (people who’s philosophy clashes with my own), you are fools. I offer no evidence to support my claim, but I don’t need to. I’ll mention some famous names who are often associated with your philosophy, miss-quote them, twist the situation out of context, and then link it to what you said about this particular topic.
You’ll get defensive and feel like you need to argue my point instead of sticking to your own. That’s my education in Saul Alinsky tactics working. Thus, I’ll have completely derailed the conversation and suckered you into arguing with me about something completely irrelevant. I win. As I said, you’re all fools.”
Report Post »encinom
Posted on November 4, 2011 at 12:24pm@Jaycen
Report Post »While Conservatives are focused on non-sense the real Americans are occuping the streets demanding jobs and fairness. Cantor and the GOP are in the pockets of the 1%.
kmichaels
Posted on November 4, 2011 at 12:31pm[encinom
Posted on November 4, 2011 at 12:01pm
We should be thanking hte GOP and their meaningless votes on the National Motto, instead of taking up the issue of Jobs.]
Being a dimwitted liberal, encinom is incapable of understanding the idea of multi-tasking, not to mention the fact that the liberals in charge have created zero real jobs.
Report Post »db321
Posted on November 4, 2011 at 2:00pmEncinom – What are you smoking? – Conservatives did not bring up the Vote on in God we Trust – look to your Liberal Buddies in the Senate asking for the vote – Conservatives just shot it down like we are going to do to the Job killer Muslim n Chief come 2012.
I got one more piece of bad news – you know how Obama said he was going to give everyone free heath care – I know you a tight wade, but Obama lied to you and America – ITS NOT FREE – YOU IDIOT. Stop supporting this lair.
Report Post »MONICNE
Posted on November 4, 2011 at 3:34pmin God we Trust (In God We Trust)
Report Post »Muslim n Chief (Muslim In Chief)
you a tight wade (You’re a tightwad)
ITS NOT FREE (it’s not free)
Stop supporting this lair. (this liar)
oneshiner
Posted on November 5, 2011 at 1:28pmWhoopie! We’re in the money! One 10th of one percent and they’re excited? Outside of making the numbers say what the WH wants, we are still in serious problems with the real unemployment numbers that show more like 16-18 percent. Save the thrill up the leg for something with meaning. That’s getting rid of the Country-Breaking regime and get someone who cares about growth in America and has sane idea how to do it. These stimulus schemes have broken the backs of real growth. Will never work, real jobs will. (ha, shovel ready is bull-hocky and we know it.)
Report Post »your sensei
Posted on November 4, 2011 at 10:33amWHATEVER you do, don’t root for good things to happen. The more people out of work the better. More layoffs, more foreclosures, more broken families. That’s the ticket. That’s the price we have to pay to vote in Herman Cain. And then when nothing changes we can blame Obama. Oh, it’s so good to be a real American patriot. Hey, have you seen my three-cornered hat? Here, check it out. Sure, put it on. Feels good, doesn’t it? OK, give it back. I have to go cash my SSI check.
Report Post »Gonzo
Posted on November 4, 2011 at 10:54amI’m sure high U.S. body counts in Iraq and Afghanistan made you giddy in 2004.
Report Post »Jaycen
Posted on November 4, 2011 at 11:42amCriticizing Obama for his lies about “creating jobs” isn’t the same thing as rooting for unemployment and you fully know it. You just don’t like that you were wrong.
See, Senseless, most Conservatives understand that the Government doesn’t create jobs. The Government can only keep jobs from being created. That’s why people are sarcastic toward the Administration.
If you really believe we’re rooting for unemployment, then you don’t have much in the way of common sense. And we don’t blame the last guy for our problems, we blame who ever is currently part of the problem. It’s Progressives who dredge up the past so they can shift blame around. You should know that, being a Progressive.
Report Post »your sensei
Posted on November 4, 2011 at 11:43amMore supposition from the resident Meathead. No, I thought the deaths in Iraq were tragic and senseless. Afghanistan is a different story, or WAS a different story. But the Bush / Cheney cabal managed to screw that up, too.
Bt why trust the word of a liberal. Let’s turn instead to the patriotic insights and wisdom of the Queen Tea Party herself . . .
“Under Barack Obama’s watch, we have expended $805 billion to liberate the people of Iraq and, more importantly, 4,400 American lives.” – Michelle Bachmann
What the H E double hockey sticks is wrong with you people?
Report Post »your sensei
Posted on November 4, 2011 at 11:53amJaycen . . . I’ll remember that the next time I hear Hannity blame Bill Clinton for 9/11 or Bush’s economic disaster, which should be in about 15 minutes.
Meanwhile, sit back, relax, close your eyes and hear the dulcet tones of Rush Limbaugh . . .
http://www.youtube.com/watch?v=c9g27ZXJLMI&feature=related
You WANT to be reasonable but it’s just not in ya. Don’t worry, though, we’r working hard to find that gene deficit in conservatives.
Report Post »Jaycen
Posted on November 4, 2011 at 12:11pm@You’re Senseless
Ah, there we are. The old logical fallacy that ignores what I said, trots out what other people might or might not say, and then attempts to tie my belief system to someone you don’t like.
Why can’t you just addres what I say, instead of trying to deflect the discussion to what someone else might believe? I haven’t used Krugman, or Wasserman-Shultz against you. Why can’t you show me the same courtesy?
Report Post »kmichaels
Posted on November 4, 2011 at 12:34pm[your sensei
Posted on November 4, 2011 at 10:33am
WHATEVER you do, don’t root for good things to happen. The more people out of work the better. More layoffs, more foreclosures, more broken families. That’s the ticket.]
Are you saying that is why liberals have done nothing to help the job situation? Because they want more misery?
Good ole sensless, the idiot liberal troll, unprofound, unthoughtful, unintelligent. Just what you would expect in a liberal troll.
Report Post »Unix
Posted on November 4, 2011 at 3:50pmStick in in your sensei!
Report Post »Cabo King
Posted on November 4, 2011 at 10:23amI will guarantee you, as the election gets closer, the unemployment numbers will come way,way down. It’s a set up, you just watch
Report Post »Jaycen
Posted on November 4, 2011 at 12:14pmThey’ll report lower numbers, but it won’t be accurate. Of course, the legacy media will pick up the numbers and run them ad naseum.
Report Post »MKFlyboy
Posted on November 4, 2011 at 10:19amWhat a county, aye? ONLY in America could the unemployment rate AND the number of jobs created both go down at the same time! Just more “creative accounting.”
Report Post »MKFlyboy
Posted on November 4, 2011 at 10:54amPS: I’m no expert at this, but using their accounting methods and considering how the long-term unemployed are dropped from the workforce, if it came to pass that everyone lost their jobs and we waited long enough, would the unemployment rate eventually reach zero???
Report Post »addie340
Posted on November 4, 2011 at 10:16amJobs always go up this time of year they are temporary jobs due to the Christmas holidays. Does someone feel they need a pat on the back for being the worst President in history. Just wait and see what the jobs numbers are in January. These numbers really don’t mean to much they are made up to show the numbers they want you to see. Consumer products are costing more and more every day. The American people are not this stupid in general, die hard Democrats believe these numbers because they are wanting taxes raised on the job creators and in turn given to the people that don’t want to work. Just ask the so called 99%, none of them will take a job that pays less than the government hand outs. This President is the worst thing the has happened to America ever ! Do you really want 4 more years of debt that YOUR CHILDREN and grandchildren will have to pay back, just so you can get a free hand out. The Government is forcing these jobs to go out of this country ! Wasting your tax dollars to send your jobs overseas. He is a dictator, bypassing congress to to shove his agenda down your throat. The Republicans told the American people exactly what Obama care was going to do to jobs and your paycheck now even some of the Democrats are agreeing, only because they has seen the very Democrats that voted for this Jobs Killer get voted out of office. Stimulus money that did nothing for jobs but cost the tax payers 1 trillion dollars. Wake up America.
Report Post »Dustoff
Posted on November 4, 2011 at 11:39amYou said it.
I find it funny that they would make this sound like something good is going on. Watch the numbers after December.
Report Post »rifradio
Posted on November 4, 2011 at 9:59amThe numbers will be revised in about 2 weeks. After they’ve gotten all the boost they can from them. Consider this: we are about 20 days from “Black Friday” (day after Thanksgiving). Of course there is a little bump. Employers are hiring and training for the Christmas rush. Watch the numbers in January. They’ll tank again. This administration was counting on this as it will next year when it will show the same just before November 2. Smoke and mirrors.
Report Post »hauschild
Posted on November 4, 2011 at 9:54amSad, but this is HUGE news to Marxists. Not that they don’t come to expect high unemployment as the norm, but it provides them a bit of cover to continue the destruction.
Oh, if the lemmings only knew.
Report Post »Goldmember
Posted on November 4, 2011 at 10:02amBS is what I say. How can we lose 25 months in a row at hundreds of thousands a month and then we gain 80k jobs growth and unemployment goes down. BS.
Report Post »Hobo Boondocks
Posted on November 4, 2011 at 9:49amWhat is the margin of error in calculating this drop? Plus or minus 0.001? When you factor that in, something tells me the so-called drop is a crock. A sad and feeble attempt to put a hopeful smile on a cadaver’s face.
Report Post »lukerw
Posted on November 4, 2011 at 10:09amThe Random Number Generator… Never Lies!
Report Post »The Bushmaster
Posted on November 4, 2011 at 9:49amIf you believe this you are dumber than an OWS protester.
Report Post »The real reason why they say applicants for unemployment is down is because each day less people become laid off because less people have been working! You have to work first and then be laid off to apply for and collect unemployment ins. With hiring at a standstill and the 99weekers rapidly expiring claims which are no longer counted there are fewer people applying. The only reason why the % is dropping is because there are fewer people who qualify for Unemp. Those who‘s claims have run out are now part of the 45 mil people on food stamps but they don’t want to write about that statistic. Do they? The #’s they need to write about is the total # of people who are not working. Not just who are on Unemployment… WAKE THE HECK UP!
lukerw
Posted on November 4, 2011 at 10:05amDo not forget… all the people, in all the cities, being OWS protesters… are being Paid via Soros!
Report Post »nobull14
Posted on November 4, 2011 at 9:43amdoes anyone believe these fudged numbers?
Report Post »wewantchillywilly
Posted on November 4, 2011 at 9:40amonly 9%?
4 more years! 4 more years!
Report Post »InversionTheory
Posted on November 4, 2011 at 9:56amI know! Thank goodness Obama has saved the economy! LOL
Report Post »MUDFLAPS
Posted on November 4, 2011 at 9:38amIm sure the .1 percent change was an accounting “adjustment”. Lets not count this or lets count that.
Report Post »Im sure they “estimated” the number of lemonade stands in August or counted the Girl Scouts cookie sale as full time employed. I dont believe one thing this government says, not one.
welloddyfriggindah
Posted on November 4, 2011 at 9:38amCNBC-stuck in neutral
Report Post »Bus. Insider-So so
MSNBC-The economy roars back!!!
OWS-priceless.
Gunonesis
Posted on November 4, 2011 at 9:26amThe unemployment rate dipped because many Santa & elf positions were filled…great job President Downgrade!!
Report Post »wewantchillywilly
Posted on November 4, 2011 at 9:26amoh joy.
problems sovled!
Report Post »YoungBloodNews
Posted on November 4, 2011 at 9:20amNext Week’s HEADLINE: Unemployment number ‘unexpectedly’ revised back up!
Report Post »SpankDaMonkey
Posted on November 4, 2011 at 9:16am.
Report Post »0.1% WoooHooo, the trained seal’s will be clapping like crazy over this dramatic drop……
Snowleopard {gallery of cat folks}
Posted on November 4, 2011 at 9:16amThe administration will wash the numbers to the point of total propaganda across the board; the fact is that Mr Obama is so desperate to get himself re-elected, he will do anything to ensure it.
Report Post »lukerw
Posted on November 4, 2011 at 9:15amWhat… does the WH have a new formula… or is ObamaCare killing em?
Report Post »OneBuckeye
Posted on November 4, 2011 at 9:13amHoliday hiring has started. January will reveal the truth once again!
Report Post »Psychosis
Posted on November 4, 2011 at 9:08amfor some reason i doubt these numbers very much
Report Post »jujubean
Posted on November 4, 2011 at 9:05amMore BS….nothing to see here move along nothing to see…..
Report Post »Gonzo
Posted on November 4, 2011 at 9:04amOh boy, happy days are here again. You’re doing a heck of a job Barry. Maybe give another speech under another bridge, that always seems to help.
Report Post »The Eradicator
Posted on November 4, 2011 at 4:06pm*Gathers up party favors and runs out the door*
Sweet!…Happy Times are here again!!
I’ve been waiting for this. Glenn is so full of crap and hatred. We all knew that the POTUS would save us from the looming peril. He has done it. He has done it! Party like its 1999!!
Re-election on the way! All problems can be solved by printing money!…EU is super strong. No such thing as a crisis.
Why is everyone so worried!?…Go, go, go celebrate!!!
Happy times are here again. Stock is up, gold is a joke, who needs God, all we need is gov’ment! Yeah!!!!
Report Post »poverty.sucks
Posted on November 4, 2011 at 9:03amHint of good news from the Occupy White House an indicator of worse news to come.
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