US unemployment drops to 7.5%

[United States of Natan]

http://www.bbc.co.uk/news/business-22402151

The latest US non-farm payrolls show that 165,000 jobs were created last month. Economists had been predicting a figure closer to 145,000.

The US Labour Department also revised its figures for March and February upwards. The February number was revised up to 332,000, the best monthly gain since May 2010.

The unemployment rate is now at a four-year low of 7.5%.

The drop in the unemployment rate reflected an increase in employment, rather than people leaving the workforce.

March non-farm payrolls were revised upwards by 50,000 to 138,000.

Joe Manimbo, market analyst at Western Union Business Solutions, said the numbers were "surprisingly positive".

"This shows the job market and the economy in general appear to be more resilient than investors had feared," he added.

'Uneven' labour market
But some analysts felt the details behind the headline numbers still pointed to a economy that continues to struggle. Construction employment fell and the payrolls in the manufacturing sector remained flat.

Tom Porcelli, US economist at RBC Capital Markets, saw a more mixed picture in the figures.

"A couple of things drive this home, namely average weekly earnings are down and aggregate hours. Those are more forward looking metrics and how it will unfold in the fourth quarter that is not encouraging," he said.

"This report confirms that the labour market backdrop remains very much uneven."

The US dollar gained more than 1% against the Japanese yen, hitting 99.18 yen. The euro lost 0.1% against the greenback, falling to $1.3059. Before the payroll numbers were released, it had been trading higher against the dollar.

Spot gold fell 0.4% immediately after the release of the figures, to $1,460.11 an ounce.

So, some previous numbers were revised upwards and April was a very strong month. Good to see the US is recovering well, this should help the global recovery.

see, i told all you republicans that Obama is a miracle worker!

[Divair]

Yeah, no. I don't believe media telling me unemployment is improving.

And you'd rather trust what?

[Frisivisia]

Yeah, no. I don't believe media telling me unemployment is improving.

Yeah, fuck facts, I've got ideology!

[Farnhamia]

Yeah, no. I don't believe media telling me unemployment is improving.

Yeah, fuck facts, I've got ideology!

And you wear it so well, Joe. We'll see. We added over 300,000 jobs in February. The figures for March and April are paltry in comparison. Funny that the sequester kicked in during those months. http://www.nytimes.com/2013/05/04/opini ... er.html?hp

[Vetalia]

And you wear it so well, Joe. We'll see. We added over 300,000 jobs in February. The figures for March and April are paltry in comparison. Funny that the sequester kicked in during those months. http://www.nytimes.com/2013/05/04/opini ... er.html?hp

I wonder if that increase in part-time employment and the decrease in work hours is a byproduct of businesses reducing hours and relegating employees to part-time status to avoid the insurance mandate, though?

[Ifreann]

But Farn, how will the economy recover if we don't exclude half the adult population from any kind of gainful employment except nursing? Everyone knows that when a woman is earning money, spending money, paying off debts, and paying taxes, that hurts the economy!

Does the same thing happen with gays?
And trans?
And blacks?

Fuck everything, let's go back to the days when the whites were supreme.

Well, if women get one job they're allowed to do, presumably the same holds true for everyone else(except the inherently superior white hetero cisman, who needs people to be kept from competing with him in order to get by). Gays can be hair stylists, blacks can be field hands, trans people can be Thai prostitutes.

---

Yeah, no. I don't believe media telling me unemployment is improving.

Tinfoil hat, activate!

[Farnhamia]

And you wear it so well, Joe. We'll see. We added over 300,000 jobs in February. The figures for March and April are paltry in comparison. Funny that the sequester kicked in during those months. http://www.nytimes.com/2013/05/04/opini ... er.html?hp

I wonder if that increase in part-time employment and the decrease in work hours is a byproduct of businesses reducing hours and relegating employees to part-time status to avoid the insurance mandate, though?

I wouldn't be surprised.

[Xanixi]

Does the same thing happen with gays?
And trans?
And blacks?

Fuck everything, let's go back to the days when the whites were supreme.

Well, if women get one job they're allowed to do, presumably the same holds true for everyone else(except the inherently superior white hetero cisman, who needs people to be kept from competing with him in order to get by). Gays can be hair stylists, blacks can be field hands, trans people can be Thai prostitutes.

Isn't equality wonderful?

[Phocidaea]

Why not?

If we are to compete with the Chinese, we must beat them at their own game.

US GDP (nominal): 15,650,000 (2012 est.)
Chinese GDP (nominal): 8,260,000 (2012 est.)

We seem to be winning. This doesn't even begin to describe just how much of a problem China is going to have with gross inequality that the US just does not have.

It's a little closer by PPP, but yes. The US is still well ahead of China, even with their much larger population.

[Farnhamia]

Does the same thing happen with gays?
And trans?
And blacks?

Fuck everything, let's go back to the days when the whites were supreme.

Well, if women get one job they're allowed to do, presumably the same holds true for everyone else(except the inherently superior white hetero cisman, who needs people to be kept from competing with him in order to get by). Gays can be hair stylists, blacks can be field hands, trans people can be Thai prostitutes.

---

Yeah, no. I don't believe media telling me unemployment is improving.

Tinfoil hat, activate!

Blacks can be athletes, too. Not a lot of them, we'll have to cut down on that in order to give the country boys who can throw a 95 mph fastball a chance, or the ones from the cities who can hit a jump shot.

[Cosara]

Yeah, no. I don't believe media telling me unemployment is improving.

The Unemployment rate is dropping. It's because people have given up looking for work.

[Napkiraly]

Yeah, no. I don't believe media telling me unemployment is improving.

The Unemployment rate is dropping. It's because people have given up looking for work.

That source says otherwise.

[Caninope]

Yeah, no. I don't believe media telling me unemployment is improving.

The Unemployment rate is dropping. It's because people have given up looking for work.

That's actually not why.

[Napkiraly]

US GDP (nominal): 15,650,000 (2012 est.)
Chinese GDP (nominal): 8,260,000 (2012 est.)

We seem to be winning. This doesn't even begin to describe just how much of a problem China is going to have with gross inequality that the US just does not have.

It's a little closer by PPP, but yes. The US is still well ahead of China, even with their much larger population.

And my economics teacher showed us a chart that Western workers generate more wealth in terms of products per capita than Chinese workers. China only has the benefits of really cheap labour, lax regulations, and a massive workforce.

[Phocidaea]

It's a little closer by PPP, but yes. The US is still well ahead of China, even with their much larger population.

And my economics teacher showed us a chart that Western workers generate more wealth in terms of products per capita than Chinese workers. China only has the benefits of really cheap labour, lax regulations, and a massive workforce.

Yup. China produces a lot, but at the cost of the workers' welfare and the actual quality of what they produce, and even then it's still mostly because their population is 4.3 times larger.

[Ralkovia]

It's a little closer by PPP, but yes. The US is still well ahead of China, even with their much larger population.

And my economics teacher showed us a chart that Western workers generate more wealth in terms of products per capita than Chinese workers. China only has the benefits of really cheap labour, lax regulations, and a massive workforce.

It's paltry though. It's all concentrated in manufacturing, which is unsustainable in the end. Environmentally, socially, and economically. China will have to keep wages lower than what can be offered in Africa or other places, but as more population gains income above subsistent farming levels, the cost of living will rise with it and China will be forced to pay more, which means the companies will begin to relocate.

Plus, mechanization is coming soon. The 3D printer is just the first hit, as technology increases, the need for the human in manufacturing will be brought to a skilled technician, which means that those factories will likely relocate back to America.

[Volnotova]

Yeah, no. I don't believe media telling me unemployment is improving. sources displaying information running contrary to my own world view.

Fix'd.

[Napkiraly]

And my economics teacher showed us a chart that Western workers generate more wealth in terms of products per capita than Chinese workers. China only has the benefits of really cheap labour, lax regulations, and a massive workforce.

It's paltry though. It's all concentrated in manufacturing, which is unsustainable in the end. Environmentally, socially, and economically. China will have to keep wages lower than what can be offered in Africa or other places, but as more population gains income above subsistent farming levels, the cost of living will rise with it and China will be forced to pay more, which means the companies will begin to relocate.

Plus, mechanization is coming soon. The 3D printer is just the first hit, as technology increases, the need for the human in manufacturing will be brought to a skilled technician, which means that those factories will likely relocate back to America.

It's already started to begin. I remember reading that Chinese workers are expecting better wages and the CEO of Foxconn is planning on replacing a lot of workers with automated machines.

[Benomia]

we aren't recovering well we're recovering slowly.

Why can't we be doing both?

[Frisivisia]

Yeah, no. I don't believe media telling me unemployment is improving.

The Unemployment rate is dropping. It's because people have given up looking for work.

Why let facts get in the way?

[Ralkovia]

The Unemployment rate is dropping. It's because people have given up looking for work.

Why let facts get in the way?

He's likely right, some portion has dropped away.

I'd imagine the real thing is that there are likely a lot more part time jobs.

[Frisivisia]

Why let facts get in the way?

He's likely right, some portion has dropped away.

I'd imagine the real thing is that there are likely a lot more part time jobs.

The source says he's dead wrong.

[Ifreann]

Well, if women get one job they're allowed to do, presumably the same holds true for everyone else(except the inherently superior white hetero cisman, who needs people to be kept from competing with him in order to get by). Gays can be hair stylists, blacks can be field hands, trans people can be Thai prostitutes.

---

Tinfoil hat, activate!

Blacks can be athletes, too. Not a lot of them, we'll have to cut down on that in order to give the country boys who can throw a 95 mph fastball a chance, or the ones from the cities who can hit a jump shot.

Sounds fair enough.