Unemployment fell to 7.7% last month from 7.9%. It is being reported as a four-year low but it was 7.7% in November 2012. [Yahoo] It’s more like a four-month low or four-year low tie.
It is also only .1% lower than when President Obama took the reins. The U-6, total unemployed, plus all persons marginally attached to the labor force, went down from 14.4% to 14.3%.
ADP’s proprietary private payrolls jobs report shows a gain of 198,000 private sector jobs in February 2013. [Economic Populist] The Bureau of Labor Statistics reported a gain of 236,000 new jobs. BLS numbers are often revised downward. The January 2013 numbers were revised from 157,000 jobs added down to 119,000 jobs added.
Service sector jobs, including restaurant workers, housekeepers, teachers, health care workers and retail sales workers, accounted for 164,000 jobs according to the ADP.
In Obama’s first term, 85 million discouraged workers left the labor force. It now stands at 89,304,000 million workers out of the work force with 296,000 having left between January and February. [CNS News]
The bull market rally is helping the employment numbers but before you get too overly-confident with all this grand news, Soros and Buffet are selling their stocks allegedly because of their concerns over consumer spending [money news]
Last quarter we had almost zero job growth over-all which was what we had in September 2011. Actually it was zero in September 2011. Just adding a little reality to all this joyful news.
The misery index is currently at 9.54% which is the moderately miserable level. [inflation data]