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Posted by on Dec 7, 2012 in Economy | 10 comments

US jobless Rate Falls to 7.7% in November

US jobless rate falls to 7.7% in November (via AFP)

The US unemployment rate fell in November to a nearly four-year low and job growth picked up, showing only modest improvement in the economy, government data released Friday showed. The jobless rate dropped to 7.7 percent, its lowest level since December 2008, from 7.9 percent in October, the Labor…

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  • slamfu

    Even with all those republican CEO’s punitively laying off employees after the election? Not bad….

  • KP

    Probably worth mentioning in this is that the government said employers added 49,000 fewer jobs in October and September than it initially estimated. As well, the unemployment rate fell to a four-year low in November from 7.9 percent in October mostly because more people stopped looking for work and weren’t counted as unemployed.

  • slamfu

    While I’m sure that is true to some extent, its the same thing I hear every month the jobless rate goes down. Surely at some point we can admit that people actually are being put back to work?

  • dduck

    Great news.

  • KP

    @slamfu, yes, I agree, it gets old reporting on the recession and feeble job reports. But realistically, the headlines are quite misleading. Wages are increasing at 1.2 to 1.3 percent, the lowest since the mid 60s. Inflation is at 2.2 percent. That means in real terms wages are going down each paycheck; and in real numbers more people are dropping out of the job search.

    To be clear, like most of us, I will pay whatever taxes I am asked to pay, but in my view this is no time to be doing anything that would upset the minor momentum the headlines seek to advertise.

    We have two choices, a deal, or let the sequestration play out beginning the first of January. I am good to go on whatever Obama decides. America voted, he won, his call. But I don’t accept that either choice will be particularly helpful to job creation, which is what the President ought to focus on after four years. The third choice, extend the Bush tax cuts would probably be most helpful as far as jobs are concerned but that appears to no longer be an option.

  • KP

    Good news that some people are being put back to work. Sandy may have actually helped in that regard. The neighborhoods hardest hit were relatively wealthy and those folks were probably largely on salary, so being out of work for a spell did not add them to unemployment. As well, the national guard who have been asked to work in hard hit areas probably had to be replaced in their old jobs, which would help numbers. So yes, great news for some people.

  • StockBoyLA

    As far as wages slowly increasing. That’s a function of business, not government. Business executives are keeping more and more profit for themselves and not increasing employees salaries. Businesses have more money and the top 1% continue to see their share of wealth in the country increase. The stats show something like the average CEO earned 40 times more than their employee in the 70s. Today the average CEO earns something like 450% more. And they continue pushing for lower taxes (more money for them) with the promise of more jobs. The truth is they want more money and want to leave their employees out in the cold sd much as possible. So they are against minimum wage increases and other workplace and worker protections advanced by the Dems. It is an outrage that highly successful and profitable companies, among the most profitable in the history of the world, actually pay their employees poverty level wages. And that is even when their employees work full time.

    Look, I’d be inclined to agree with the big businesses who want lower tax rates and claim they could afford to hire more people. But the fact is that tax rates are a at their lowest levels in decades, big businesses are sitting on $2 trillion in cash, more money than in the history of the world, and we have high unemployment and small businesses going under. That is because big businesses and their shareholders are greedy and do not put money back into the economy. I don’t know why people believe that if these companies have even more money they will increase wages and pay more money for other things.

  • KP

    I agree with you, StockBoyLA.

    Would you agree that the Bush tax cuts have been a burr in the side of the Dems for about a decade now?

    I am in favor of doing away with them and lets get on with sequestration. Ridding ourselves of all the tax cuts so seems to be the most fair way to go and the only way to go if we are to raise revenue in a meanigful way. At this point, letting Bush tax cuts lapse on only those making more than 250,000 doesn’t do much other than satisfy an ideologically need.

  • StockBoyLA

    KP, yes the Bush tax cuts have been politically problematic for the Dems… probably closer to 6 to 8 years than 10. They should never have been enacted in the first place. But the GOP won in 2000, and Bush only won because of a Supreme Court decision, he didn’t even receive the popular vote. But nonetheless the Republicans had the power and promptly “detax” and spend spend spend. When their actions hurt the country they should have backed off rather than double down.

  • EEllis

    But the decline in the jobless rate was mainly due to people leaving the workforce, the department said.

    How can anyone say this is good news?

    “Over the last 12 months, the unemployment rate has decreased by 1.0 percentage point as a result of growing employment, and the labor force participation rate has been essentially unchanged,” said Alan Krueger, chairman of the president’s Council of Economic Advisers

    Sure it could be worse but numbers going up because people have given up, retired, or been kicked off unemployment are hardly a good thing.

    Surely at some point we can admit that people actually are being put back to work?

    Why should I when the Presidents guy says otherwise?

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