AMERICA’S ECONOMY STILL LOOKING FOR A SPARK …
By FITSNEWS || The U.S. economy added 214,000 jobs in October – less than the 235,000 expected and less than the upwardly revised 256,000 created in September. Still, the figure was in line with average monthly job growth over the past 12 months – meaning the “recovery” (such as it is) continues to advance.
Just don’t ask about the quality of the jobs, okay?
More on that in a moment …
First, according to the U.S. Bureau of Labor Statistics (BLS), the nation’s unemployment rate dropped to 5.8 percent in October, although as we’ve pointed out repeatedly the real metric to watch in assessing the jobs market is the labor participation rate, which shows what percentage of our country’s working age population is either employed or actively looking for work.
Last month, this rate fell to a 36-year low … with a record 92.6 million people out of the labor force. In October, the news was marginally better. According to the BLS data, 92.4 million people were out of the labor force. So get happy … or something.
What does this mass joblessness look like in chart form? Courtesy of our friends at Zero Hedge …
(Click to enlarge)
(Chart: Via)
Ouch …
Of interest in the latest jobs report? A dramatic surge in “food service and drinking place workers” – who accounted for 42,000 of the 214,000 new jobs. That’s right … one out of every five news positions created by the economy last month went to a bartender or waiter.
Yeah … and we wonder why wage growth remains stagnant?
Oh … for those of you keeping score at home, average hourly earnings in October rose by 0.1 percent.
In South Carolina, labor participation stood at 58.1 percent in September – the latest month for which data is available. That’s nearly five percentage points below the national average.
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25 comments
In related news, Nikki still has a damn job. Thank you for nothing, Vincent.
Only growth in jobs are low paying ‘service industry’ jobs.Businesses won’t hire because of Obamacare. Real unemployment is just under 12%. Over 40 million people are on food stamps
We are getting to change that. As muslim Obama once noted, “elections have consequences”.
Obama has destroyed the Democrat Party. Since he was elected dictator:
Dems have lost 11 senate seats and control.
Dems have lost 75 house seats and control.
REpubs control 32 governorships
Repubs have picked up 1400 seats in state legislatures.
Obamacare will be dismantled and amnesty will never happen as the voters know Obama is just trying to replace the electoral base they have lost forever.
The mandate is clear…STOP the marxist DEms and Obama!!!
Your tinfoil hat is slipping.
Angry much?
Working on the new site, DJ. Got a new piece up. Check it out.
Sounds good. I will check it out. Got my hands on some numbers this morning you might be interested in.
Nationally,Republicans received over 60% of the vote and Dems received 89% of the black vote and 62% of the hispanic vote (Abbott got 44% in Texas)
Hagan only got 33% of the white vote in NC (down from 39% in 2010)and young voters broke 2-1 for Tillis (it was opposite in 2010).
Amnesty? If the Dems are counting on hispanics to save their racist/sexist.American hating asses in the future it will take decades for them to get any electoral benefit from an amnesty law as long as white voters break 60% and over for pubs.
God bless you sir and keep doing your good work to save America.
Thank you DJ. The new site is going gangbusters (numbers-wise) and it’s only partial content right now. Need to get more comments though. Tell your friends if they are the type to be interested.
And I love that data you presented. There is a cult of thought going through establishment circles (including Fox News) that future demographics don’t look good for the GOP. But NO ONE hates malaise and failure, regardless of skin color, gender, and especially the young. Liberalism is bondage to the government teat, and most Americans hate being told what they must do.
Democrats may have used up their 15 minutes – that turned into 50 years. We can only hope. This county is full of surprises, let’s hope waking up is one of those.
HoHum – 9 straight months of job growth???? More than I can say for SC – thanks Nikki Haley – now she is going to India on SC taxpayer dollars to bring back more Indians to take jobs away from SC residents.
Average hourly earnings are low. Many still at 2008 levels or less. You can’t earn a real living in South Carolina. its best it you are an hourly worker, to look at leaving the state for a better place in pursuit of happiness. You will not find it in South Carolina. Everything is overly expense. And employers will not hire you if you have any kind of criminal record.
Actually, the g’ment will all too often hire ex-cons to “work” in the tax collection agencies. The IRS has tens of thousands of felons employed, pedophiles, gangbangers, second story men, as “investigators” and “enforcers”.
Actually, the g’ment will all too often hire ex-cons to “work” in the tax collection agencies. The IRS has tens of thousands of felons employed, pedophiles, gangbangers, second story men, as “investigators” and “enforcers”.
funnyFits. you have the same problem with stats that you have with economics – being an idiot. you use the term “working age” but the stat measures “over 16”. so baby boomers should be forced into labor in your dreamworld? and the great looking hump-shaped participation rate from zero-hedge is cherry picked bullshit – if you extend it back another 20 or 30 years it looks completely different. in fact – it looks exactly like the career span of the country’s largest generation. amazing coincidence.
Oddly retiring baby-boomers will take their checks at 65 and then complain their COLA isn’t enough, and “hands off my medicare” whilest the current working pay into SS to support their lazy, overweight, government-insured butts. Viva Golden Corral. Yeah Grande Tango – that’s includes you.
The average Baby Boomer at age 55: “My taxes are too high!”
The average Baby boomer at age 75: “My government benefits are too low!”
Damn Smirks – I like the cut of your jib!!
Both complaints can be addressed: Government employees of any seniority do not contribute to the Social Security “Trust” Funds … Same, same with tenured teachers in blue states.
All inflation is caused by government, government prints the money and government can too easily print too much.
Thank you – Mitch McConnell?
And what is the average hourly wage in South Carolina? Less than 19, I am sure. Likely even less than 15. For food services, less than 10. At todays greedy prices (cost of living), you can not make it on those wages by yourself. South Carolina is a dirt poor state (regardless of any skewed stats).
“South Carolina is a dirt poor state”
So true and most folks like it that way. They would’t know how to act with real prosperity. Why else would they keep electing people who’s most important reason for seeking public office is to get rich themselves and second most important reason is making the top 1% richer for all their “hard” work.
“… moved to where the weather suits my clothes …”
Demo-Fascist trickle down poverty has already bottomed out in SC?
I am thinking it was all the job bills those Republicans passed….were going to pass…talked about passing….once mentioned thinking about introducing…..they have been very active preventing people from voting so I guess this job thing took a back seat.
I’ll have some more of that “ho-hum” if you don’t mind.
My IRA today is at 99.99% of its all-time high, and I have been taking out my mandatory withdrawals for three years now.
Congrats on that! … Russell Small Cap iShares and big oil are in your future.
“… (Click to enlarge) …”
No need to enlarge those ugly graphs … BTW: I gave everyone in my shop a raise, then cut their hours (to conform to BummerCare mandates), then sent them all off on paid vacations ‘cause fatter raises would put them (and me) into higher tax brackets and paid vacations are deductible. … The ObamaNation and Taxifornia tax increases are killing my business.
Well this little report from Steve Forbes’ magazine is a little annoying to those of us who have repeatedly said the Middle class has been getting screwed since the 1980s. Of course Republicans and their propagandists at the Fox News Network don’t really care about accuracy. The problem with agenda driven fake news.
http://www.forbes.com/sites/adamhartung/2014/09/05/obama-outperforms-reagan-on-jobs-growth-and-investing/