January Unemployment Rate Falls to 9.0% – Only 36,000 Jobs Created …Update: Labor Force Participation at 26 Year Low
Posted by Jim Hoft on Friday, February 4, 2011, 5:41 AM
Worst. Jobs. President. Ever.
Barack Obama is the worst jobs president since the Great Depression.
The unemployment rate for the month of Janary was at or above 9.0% for the 21 straight months.
The AP reported:
The unemployment rate dropped sharply last month to 9 percent, the lowest level in nearly two years. But the economy generated only 36,000 net new jobs, the fewest in four months.
The January report illustrates how job growth remains the economy’s weakest spot, even as other economic indicators point to a recovery that is strengthening.
Friday’s report offered a conflicting picture on hiring. Unemployment fell because the Labor Department’s household survey determined that more than a half-million people without jobs found work. The department conducts a separate survey of businesses, which showed tepid job creation. The two surveys sometimes diverge.
Severe winter weather likely reduced the number of jobs created. Harsh snowstorms last month cut into construction employment, which fell by 32,000, the most since May. Transportation and warehousing also fell by 38,000 — the most in a year.
In one bright spot, manufacturing added 49,000 jobs, the most since August 1998.
…Part of that drop has occurred as many of those out of work gave up on their job searches. When unemployed people stop looking for jobs, the government no longer counts them as unemployed.
The number of people unemployed fell by more than 600,000 in January to 13.9 million. That’s still about double the total that were out of work before the recession began in December 2007.
So the number of unemployed fell by 600,000. Reportedly 500,000 people without jobs found work in the household survey and the economy only created 36,000 net new jobs. That means that approximately 64,000 dropped out of thee picture.
What a disaster.
UPDATE: The lablor force participation is at a 26 year low.
UPDATE: Here is the unemployment graph showing actual unemployment to what we were promised from the Trillion Dollar Stimulus:
Hat Tip BB
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patman commented:
Coming to a neighborhood like yours:
Suicide phone booths. Complements of the Obamacare Death Panels.
Missy8s commented:
Yeah right, tell that to people who still cannot find jobs where they are.
These are fabricated numbers.
wow commented:
#2 February 4, 2011 at 8:25 am
Missy8s commented
You are so right.
Granny commented:
The really STRANGE thing is that not a week ago I happened to read that the unemployment rate had shot up to 9.8% again after the holidays. Sounds to me like somebody or other is rigging the numbers and these are utter malarkey.
Chisum commented:
I just watched Stu Varney and Charles Paine on Fox Business. They made a few points.
1) Canada created 69,000 jobs last month. That’s the equivalent of the U.S. creating 600,000 jobs. Canada is utilizing their natural resources and lowering government spending. And Canada has had a bad winter weather-wise, too. So the BO administration using weather as an excuse won’t fly for these numbers. (The US created 36,000 jobs in January.)
2) 500,000 unemployed workers dropped out of the labor force. (This indicates despair.)
3) Temporary job numbers are down 11,000. We rely on temp jobs turning into full-time jobs.
The reality is that the U.S needs to create 200,000 jobs every month just to keep up with population growth.
tarpon commented:
So if 36,000 is 0.4% of the labor force then the entire US labor force is now … shrunk to 90,000,000 workers — You sure don’t get many new workers for your $1,400,000,000,000 a year debt. Which is the apparent reason for the Soviet style government accounting.
This is clearly a WTF moment, as surely people can see that the U-6 number shot up 0.7% — to a now 17.3%. Heck the miss was huge, from projections. And 600,000 people just gave up looking.
Looks like America won’t have any hope until we take out the trash in 2012.
Blame on Bush or is it another snow job?
Mark Kuhn commented:
This numbers thing is FRAUD. This needs to be investigated and exposed (calling Andrew Breitbart!).
thebronze commented:
That 9% is a complete lie.
ss252 commented:
I was listening to a former LABOR DEPT Person from the past 20 years on BRIAN SUSSMAN’S SHOW.
She said ” That the unemployment numbers are gathered monthly form a 60,000 person survey”
They extrapulate their BS from that?
She said the number that is real, and is the most important is the the “JOBS CREATED MONTHLY”
If if isnt 300,000 plus for each month for five years, then we will not be at the level when BUSH left the office..
But the Media will spin this, and this is how he will get re-elected from false data!
MN Jim commented:
The real unemployment is around 20%, and for certain categories (teens, young black men, etc) it is much higher. We have a number of men in our neighborhood who have been out of work for over 2 years, or have given up and taken early retirement due to no work, so they are not being counted anymore.
Dave in Houston commented:
Is this no longer funemployment?
Here in Houston we may be seeing the potential for an increase in the construction market. Jobs are being bid, but there is no guarantee that these construction projects will happen anytime soon if at all.
The increase in manufacturing jobs is encouraging and I bet this is due to the depreciated dollar. That is bad. Britain did that years ago, mostly under a Labor government and things would bump up for bit then continue the downward trend. If the increase is caused by a cheaper dollar, then this increase will be nothing sustaining because cheapened dollar will result in bigger, job crushing (can’t say killing) events.
To those who went back to work, congratulations. To those who have just given up, in record numbers seemingly, the great hunkering down continues.
This reads so much as what we went through in the 1930′s, just substitute the rise of Islamic whack jobs for the rise of Fascist/NAZI/Communist whack jobs. Is this any way to run a country?
JimR commented:
This also coincides witht the end of unemployment benefits for many people because the Republican congress wouldn’t extend past the 99 weeks, so finding that 64K people no longer claim they are looking for work and have decided to drop out should come as no surprise. There is no longer a financial motivation for them to claim to be seeking work.
Elmo commented:
I think we may have a lot of liars figuring in the DOL. Issa needs to investigate the DOL.
OnTheOtherHand commented:
Didn’t Gallup just say it was 9.8%?
NickDeringer commented:
CNBC: the Market is not buying into this.
Jerry C commented:
Numbers never lie. But liars number…and work for our government.
StrangernFiction commented:
I can see it now, people out rioting in the streets, but wait the unemployment rate is down to 6%. Stranger. Than. Fiction.
Granny commented:
#15 February 4, 2011 at 9:25 am
OnTheOtherHand commented:
Didn’t Gallup just say it was 9.8%?
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Yeah, that is what I commented on though I couldn’t remember exactly where I read this not 3 or 4 days ago. Talking about cooking the books, huh?
OnTheOtherHand commented:
#19
It was on Drudge just a couple of days ago.
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