BoatBanter.com - View Single Post - U.S. Added 146,000 Jobs; Jobless Rate Fell to 7.7%

BAR[_2_]

In article ,
says...

On 12/7/12 8:42 PM, wrote:
On Fri, 07 Dec 2012 12:43:56 -0500, ESAD wrote:

On 12/7/12 11:40 AM, wrote:
On Fri, 07 Dec 2012 08:57:13 -0500, ESAD wrote:

U.S. Added 146,000 Jobs; Jobless Rate Fell to 7.7%
By NELSON D. SCHWARTZ
NY Times

The government said Friday that employment growth was much better than
expected in November, with the United States economy adding 146,000 jobs
and the unemployment rate falling to 7.7 percent.

The jobless rate was the lowest since December 2008. Economists had
estimated the Labor Department would report that only 86,000 jobs were
created in November and that the rate of unemployment would remain flat
at 7.9 percent.

The strength of the numbers was all the more notable because many
experts expected a muted jobs performance because of the impact of
Hurricane Sandy, which hit the East Coast on Oct. 31.

The Labor Department revised its job growth figures for October and
September downward.

Still, November?s net growth in payrolls was below the average of
170,000 new jobs added monthly over the course of August, September and
October.

?The labor market is very much in the recovery stage,? said Ethan
Harris, co-head of global economics at Bank of America Merrill Lynch,
before the announcement. However, he added, ?It?s a long way from full
health with workers having little negotiating power when it comes to
raises.?

Average hourly earnings in November rose 0.2 percent, the report showed.

Manufacturing jobs fell by 7,000. Economists have been closely watching
the sector amid weak demand from Europe and signs that businesses in the
United States are holding off on spending ahead of the fiscal impasse in
Washington.

- - -

Pretty soon the economy will improve to the point where Scotty will be
able to get a job emptying the outdoor trash cans at McDonald's.

I wonder what January will bring. I certainly do not see much good
coming out of this cliff debate. Nobody is really willing to attack
the deficit in any meaningful way. The GOP saying nobody's taxes
should go up is as stupid as thinking bumping up the tax on the 2%
will actually fix anything. The tax hike on the $250k people barely
covers 68% of the FICA tax cut and leaves us bleeding worse than we
were.
It is definitely not going to save Social Security.

I don't recall reading where it was supposed to do that.

Pray tell then, what is all this cliff bull**** all about if it is not
trying to balance the budget.

If this is simply to punish the successful for no good purpose, then I
agree with Boehner.
We really need massive cuts along with an across the board tax hike,
perhaps to Clinton rates, maybe even Reagan rates but that has to be
matched by cuts.
I know it will be hard and we may be in recession again but a recovery
would be real, not just another spike put on the credit card.
We are going to eat this turd sooner or later, better sooner when we
can have a bit of wiggle room than later when we are simply against
the wall like Greece..

The solution for Social Security will be a long-term solution, not
something that will be negotiated or forced in the next few weeks.

A solution might be to get rid of the upper limit on income subject to
SS taxes and to means test payments.

When the government goes bankrupt then the problem will be solved.

Or shoud we be borrowing $2 to pay out $1?