US jobs report provides boon for Obama

[There Is No Spoon]

The US economy created a solid 163,000 jobs in July, the Labor Department said Friday, unveiling data that will help President Barack Obama dull attacks from his Republican election rival.

The economy created many more jobs than expected, and although the unemployment rate ticked up to 8.3 percent, the report was seen as evidence that the world's largest economy is still on track.

"This was a positive report," said Jason Schenker of Prestige Economics, "markets are likely to have a positive reaction today."

http://www.alternet.org/progressive-wire...boon-obama

Dow is up 235 points at mid day.

[jaxx]

It's a good jobs report.

Jobs Up, Unemployment Rate Up Slightly
Posted in Liberaland by Alan • August 3, 2012, 10:39 AMET

Employers added 163,000 new jobs in July, the best month since August. Unemployment is up a tenth of a point, but not really. It’s really up .37 of a point, which is statistically insignificant.......the number was rounded up from 8.254 percent (in June, the number was rounded down from 8.217 percent, meaning that the statistical differential between the two is .037 percent)

http://www.alan.com/2012/08/03/jobs-up-u...eraland%29

I'm glad they are explaining what an insignificant number that is.

[Drunken Irishman]

Just two more reports (I am still skeptical that October report days before will dramatically shift the election one way or another) to go!

[There Is No Spoon]

(08-03-2012 01:47 PM)Drunken Irishman Wrote:  Just two more reports (I am still skeptical that October report days before will dramatically shift the election one way or another) to go!

I thought of you when this came out - a positive surprise and above the magic 150k - not a bad thing.

[azmouse]

(08-03-2012 02:00 PM)There Is No Spoon Wrote:  

(08-03-2012 01:47 PM)Drunken Irishman Wrote:  Just two more reports (I am still skeptical that October report days before will dramatically shift the election one way or another) to go!

I thought of you when this came out - a positive surprise and above the magic 150k - not a bad thing.

I wonder how much more above that 150k the data would be if the Republicans didn't obstruct every move to improve the economy?

[SeattleGirl]

(08-03-2012 02:09 PM)azmouse Wrote:  

(08-03-2012 02:00 PM)There Is No Spoon Wrote:  I thought of you when this came out - a positive surprise and above the magic 150k - not a bad thing.

I wonder how much more above that 150k the data would be if the Republicans didn't obstruct every move to improve the economy?

I'm sure it would be a lot higher!

[regnaD kciN]

...is the unemployment rate. They will look at today's report and say "unemployment is up -- maybe it's time for a change."

[Drunken Irishman]

(08-03-2012 05:30 PM)regnaD kciN Wrote:  ...is the unemployment rate. They will look at today's report and say "unemployment is up -- maybe it's time for a change."

I disagree. I think it's the exact opposite. Back in May, I believe, the jobs outlook was very bleak, and yet unemployment dropped .1%. The narrative was far more toxic and negative than what you're seeing now.

Obviously, had the unemployment dropped with today's news, it would've been a win-win - however, having it increase .1% is much better for the overall sentiments than having it decrease .1% and only gaining, say, 60,000 new jobs for the month.

[pappy]

(08-03-2012 06:27 PM)Drunken Irishman Wrote:  

(08-03-2012 05:30 PM)regnaD kciN Wrote:  ...is the unemployment rate. They will look at today's report and say "unemployment is up -- maybe it's time for a change."

I disagree. I think it's the exact opposite. Back in May, I believe, the jobs outlook was very bleak, and yet unemployment dropped .1%. The narrative was far more toxic and negative than what you're seeing now.

Obviously, had the unemployment dropped with today's news, it would've been a win-win - however, having it increase .1% is much better for the overall sentiments than having it decrease .1% and only gaining, say, 60,000 new jobs for the month.

I expect the jobs report in September (for August) might be a flip of this one. With College and high school students leaving the job market but not going on the roles of the unemployed the percentage number should go down. On the other hand, private sector hiring will have to be substantial to overcome the large numbers leaving their jobs.

[There Is No Spoon]

(08-03-2012 05:30 PM)regnaD kciN Wrote:  ...is the unemployment rate. They will look at today's report and say "unemployment is up -- maybe it's time for a change."

Funny because the rate is only up 0.037% - the 0.1% rise is somewhat of a round-off aberration.

[Drunken Irishman]

I don't know. Past August reports have shown no indication of less hiring compared to the months prior and after.

But we'll see.