White House Jobs Summit Causes Unemployment Rate to Fall

Providing further proof that there is nothing President Barack Obama cannot do, new job loss numbers have dropped substantially following yesterday's jobs summit at the White House. The nation's unemployment rate has fallen slightly and stands at 10 percent for the month of November.

The Bureau of Labor Statistics reports that the strongest job growth has been in temporary employment, with health, education and government work -- all stimulus-susceptible employment areas -- grew. Manufacturing employment continues to shrink.

Calculated Risk notes that employment data are "noisy," and a CR commenter says the new figures aren't worth a "fiddler's damn" (to which I'd add harrumph!). Comments on other coverage indicate audiences still aren't standing up and cheering for the good news just yet.

And that's if you think it's good news in the first place. I've worked in the private sector and I can tell you: a lot more than one out of every 10 of those people need to be fired before a real recovery can begin.

Comments

[DanD]

Tim, did you mean to say, in the last paragraph:

"I've worked in the public sector and I can tell..." ?

[Tim Cavanaugh]

Not a Ghostbusters fan, I see...

[DanD]

*blink* *blink*

I'm lost 🙂

[Tim Cavanaugh]

Sorry, Dan. The allusion is to Dan Aykroyd's immortal line in that great hymn to Reagan-era entrepreneurship: "I've worked in the private sector; they expect results."

As for private/public, my experience in fully private-sector employment (I am aware that Reason does not count toward this experience), is that about a third of any given staff could be eliminated with no effect except a reduction in bellyaching. This rule applies mostly to larger companies, and of course doesn't hold for all private enterprises: I'd be stumped, for example, to say which member of Cream could be eliminated without loss of value.

[kinnath]

the top 25% of the staff does 75% of the work . . . .

[Warren]

flip it

[Episiarch]

I'd be stumped, for example, to say which member of Cream could be eliminated without loss of value.

Ginger Baker's Air Force

[Rob McMillin]

Bravo, sir! Well played.

[Russ 2000]

The miracle is that all 3 members of Cream are still reunionable.

[Old Bull Lee]

I've seen that movie so many times (and that's one of my favorite lines from it) I could hear Aykroyd's voice as I read. The alteration really threw me.

[democratsarefascists]

I'm often surprised how many people are not in the Ghostbusters "know," considering it's on TBS like three times a week!

As for this mythical boost in job numbers, it's holiday hiring and the press knows it.

[JW]

"I won't have to worry about paying my mortgage. I won't have to worry about putting gas in my car."

Hey, the guy is a fucking miracle worker

[R C Dean]

I'll betcha anything this is another one of those Official Good News releases that gets quietly amended when no one is looking. Remember that 3.5% GDP growth? Did you notice when it got knocked back to, what, 2.7% a month later?

[Johnny Longtorso]

...It appeared that there had even been demonstrations to thank Big Brother for raising the chocolate ration to twenty grammes a week. And only yesterday, he reflected, it had been announced that the ration was to be reduced to twenty grammes a week. Was it possible that they could swallow that, after only twenty-four hours? Yes, they swallowed it....

[Tim Cavanaugh]

Yeah, you know what? That GDP number is now within the bounds of "stimulus-added GDP growth" Christina Romer had been pushing earlier.

So that means all growth is now thanks to the government. It's awesome! Why didn't we try this years ago?

[hmm]

That's the win win of government stimulus. The market will prevail so the stimulus had to have worked. If the the stimulus is slow to take effect then they just didn't stimulate enough.

[hmm]

That's the win win of government stimulus. The market will prevail so the stimulus had to have worked. If the the stimulus is slow to take effect then they just didn't stimulate enough.

[Nick]

I feel doubly stimulated right there!

[Patrick]

I've worked in the private sector and I can tell you: a lot more than one out of every ten of those people need to be fired before a real recovery can begin.

Well I know one taxpayer-subsidized, tax-free foundation that's not getting its usual check from this private sector employee next year.

[gallagher]

You ever notice how one in four people you meet in public are stupid?

. . . .

People worry about 10% unemployment, I worry about the other 15% of stupid people that still have jobs.

[P Brooks]

a lot more than one out of every ten of those people need to be fired before a real recovery can begin.

Next, you'll tell me forcibly preventing inefficient automobile manufacturers from going belly-up is bad.

[JW]

I'm having to drive a *2010* Chevy Impala as a rental this week.

What a POS. The chemical stench coming off the seats and making me drive with the windows down is bad enough, but what a snoozer of a car. Strictly for the Fixodent and Depends crowd.

GM should be in an unmarked shallow grave somewhere in the woods.

[Jeffersonian]

Nonsense. With a few tens of billions a year, we can save the jobs of American Leyland for future generations of slack-jawed parasites. Zha Obama!

[TP]

Providing further proof that there is nothing President Barack Obama can not do, new job loss numbers have dropped substantially following yesterdays' jobs summit at the White House.

No Tim, I think it was Sen. Jim Bunning's putting a hold on Bernanke's nomination to a second term, yesterday, that caused unemployment numbers to go down.

http://thehill.com/blogs/blog-.....n-bernanke

[JAson Beeno]

Oh boy, I feel another Obambi speech coming on?

RT
http://www.be-invisible.ua.tc

[TP]

Take Beeno before,
and they'll be no gas.

[Rich]

a CR commenter says the new figures aren't worth a "fiddler's damn"

Are they worth a *tinker's* damn?

[matth]

doodler's damn n Cf fiddler's damn
Something completely worthless; a tinker's damn

From the Dictionary of American Regional English

[Rich]

A doodler's damn it is, then.

[Scott66]

I am a small business owner and a memeber of the NFIB. By not inviting the NFIB to his job summit, Obama proves the whole thing was a PR stunt. The NFIB regularly polls its members on what their main issues are and what they think would help. The NFIB should be the first people he talks to.

By the way, fuck the Chamber. They helped build the beast and are now crying when it has turned around and bit them.

[bondwooley]

For those still unemployed, here's some ingenious ideas for maintaining your American lifestyle:

http://bit.ly/ozqT6

(satire)

[Warren]

I've worked in the private sector and I can tell you: a lot more than one out of every 10 of those people need to be fired before a real recovery can begin.

Well yes. But the ones needing firing are the last ones off the rolls. By the time the King gets fired, the whole country is fucked.

[brotherben]

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