The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on November 01, 2019, 01:27:42 pm
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John Carney 1 Nov 2019
Job creation was much stronger than expected in October.
The U.S. economy added 128,000 jobs for the month and the unemployment rate rose to 3.6 percent, higher than the month before but still near a 50-year low.
Economists had expected the economy to add 75,000 jobs, with forecasts ranging between 55,000 and 155,000, according to Econoday. That unusually wide range was caused, in part, by differing views of how the General Motors strike would hit employment at suppliers and related businesses.
Unemployment was expected to tick up to 3.6 percent.
Prior months were revised upward, indicating that the labor market has been much stronger than initial reports suggested. August’s initial 168,000 was revised up to 219,000. September’s soared from 136,000 to 180,000. Those revisions brought the three-month average up to 176,000.
more
https://www.breitbart.com/economy/2019/11/01/america-added-128000-jobs-in-october-unemployment-at-3-6/ (https://www.breitbart.com/economy/2019/11/01/america-added-128000-jobs-in-october-unemployment-at-3-6/)
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Interesting. I had heard yesterday that the number of those filing for unemployment actually rose; obviously doesn't seem to be true.
https://www.marketwatch.com/story/stock-index-futures-point-higher-ahead-of-october-jobs-report-manufacturing-data-2019-11-01?mod=home-page (https://www.marketwatch.com/story/stock-index-futures-point-higher-ahead-of-october-jobs-report-manufacturing-data-2019-11-01?mod=home-page)
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Interesting. I had heard yesterday that the number of those filing for unemployment actually rose; obviously doesn't seem to be true.
Unless of course it is holiday hiring... part-time temporary work that always shows up late in the fall.
Part-time temp work does not necessarily curtail unemployment elegibility.
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Interesting. I had heard yesterday that the number of those filing for unemployment actually rose; obviously doesn't seem to be true.
@libertybele
The strength of the labor market was even more impressive because of the drag created by the GM strike and the government shedding workers it hired to conduct the census. The manufacturing sector shed 37,000 jobs in the month, many of which economists expect will be added back now that GM workers are back on the job. The government cut back by 17,000 jobs.
https://www.breitbart.com/economy/2019/11/01/america-added-128000-jobs-in-october-unemployment-at-3-6/ (https://www.breitbart.com/economy/2019/11/01/america-added-128000-jobs-in-october-unemployment-at-3-6/)
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Interesting. I had heard yesterday that the number of those filing for unemployment actually rose; obviously doesn't seem to be true.
https://www.marketwatch.com/story/stock-index-futures-point-higher-ahead-of-october-jobs-report-manufacturing-data-2019-11-01?mod=home-page (https://www.marketwatch.com/story/stock-index-futures-point-higher-ahead-of-october-jobs-report-manufacturing-data-2019-11-01?mod=home-page)
Why not? A weak jobs print and a rise in unemployment fit perfectly well with a rise in those filing for unemployment.
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Trump tweets 303K job claim after report of 128K new jobs
By Sylvan Lane - 11/01/19 11:53 AM EDT
President Trump spurred confusion Friday after he tweeted about a "blowout" 303,000 jobs figure — minutes after an official government report said the economy added 128,000 jobs in October.
The estimate by the Bureau of Labor Statistics (BLS) was good news for the administration, as its report on last month's job gains was far greater than the gain of roughly 85,000 jobs projected by economists.
But it’s unclear how Trump calculated the vastly larger jobs gain, or where he obtained that analysis.
In the Friday tweet hailing the report, Trump claimed the “blowout JOBS number†was actually a gain of 303,000 jobs if accounting for revisions and the temporary loss of jobs tied to the General Motors strike.
“Wow, a blowout JOBS number just out, adjusted for revisions and the General Motors strike, 303,000. This is far greater than expectations. USA ROCKS!†Trump tweeted.
<..snip..>
https://thehill.com/policy/finance/468491-trump-confuses-with-inflated-october-jobs-claim (https://thehill.com/policy/finance/468491-trump-confuses-with-inflated-october-jobs-claim)
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Trump tweets 303K job claim after report of 128K new jobs
By Sylvan Lane - 11/01/19 11:53 AM EDT
President Trump spurred confusion Friday after he tweeted about a "blowout" 303,000 jobs figure — minutes after an official government report said the economy added 128,000 jobs in October.
The estimate by the Bureau of Labor Statistics (BLS) was good news for the administration, as its report on last month's job gains was far greater than the gain of roughly 85,000 jobs projected by economists.
But it’s unclear how Trump calculated the vastly larger jobs gain, or where he obtained that analysis.
In the Friday tweet hailing the report, Trump claimed the “blowout JOBS number†was actually a gain of 303,000 jobs if accounting for revisions and the temporary loss of jobs tied to the General Motors strike.
“Wow, a blowout JOBS number just out, adjusted for revisions and the General Motors strike, 303,000. This is far greater than expectations. USA ROCKS!†Trump tweeted.
<..snip..>
https://thehill.com/policy/finance/468491-trump-confuses-with-inflated-october-jobs-claim (https://thehill.com/policy/finance/468491-trump-confuses-with-inflated-october-jobs-claim)
Maybe a case of 'creative accounting'. :shrug:
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Here is the 'Trump' explanation:
https://www.marketwatch.com/story/trump-math-heres-how-the-president-arrived-at-a-303000-jobs-number-when-the-government-reported-128000-new-jobs-2019-11-01?mod=home-page (https://www.marketwatch.com/story/trump-math-heres-how-the-president-arrived-at-a-303000-jobs-number-when-the-government-reported-128000-new-jobs-2019-11-01?mod=home-page)
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Trump tweets 303K job claim after report of 128K new jobs
President Trump spurred confusion Friday after he tweeted about a "blowout" 303,000 jobs figure — minutes after an official government report said the economy added 128,000 jobs in October.
The Bureau of Labor Statistics is run by the Deep State.
The estimate by the Bureau of Labor Statistics (BLS) was good news for the administration, as its report on last month's job gains was far greater than the gain of roughly 85,000 jobs projected by economists.
There is no reason not to pad good numbers. The base ain't gonna care about lying...in fact they like it! :yowsa:
“Wow, a blowout JOBS number just out, adjusted for revisions and the General Motors strike, 303,000. This is far greater than expectations. USA ROCKS!†Trump tweeted.
No YOU ROCK MR PRESIDENT!!!