So much for the myth that a partial government “shutdown” hurt the economy.
American employers added 215,000 jobs in November – while October’s job growth was upwardly revised from 130,000 to 184,000. That’s according to payroll processor ADP, anyway.
Those numbers shattered expectations – with the November figure representing the biggest month-to-month increase in jobs this year.
“The job market remained surprisingly resilient to the government shutdown and brinkmanship over the treasury debt limit,” Mark Zandi, chief economist of Moody’s Analytics, said. “Employers across all industries and company sizes looked through the political battle in Washington. If anything, job growth appears to be picking up.”
The federal government will release its jobs data later this week – and if the numbers are good there’s a chance the Federal Reserve will begin the process of unwinding is massive money printing operation (slowing the theft from $85 billion to $75 billion a month).
Of course such “tapering” is bound to cause conniptions on Wall Street, which has soared to stratospheric highs on the basis of all that “free money.”
To view the ADP report for yourself, click on the link below …
13 comments
The new low expectation the current administration has set for the unemployment numbers seems to be taking hold. How else can anyone think that 215,000 net added jobs is good or that increasing the October number from 130,000 to 184,000 is any kind of improvement? A number of reports that I have read have stated that the net added jobs needs to be at least 250,000 to 275,000 just to break even with the increased number of working age people. In order to truly improve the unemployment numbers the net added jobs needs to be 350,000 to 400,000. For anyone to say “If anything, job growth appears to be picking up.” and make it sound good is demoralizing. It seems to indicate that they have given up hope that we can return to where we were with workforce participation and a real low unemployment number. Unemployment isn’t going down, people are dropping out and dropping into the welfare/disability/food stamp/gimme programs.
Woe is me, woe is me…..good grief. Are the numbers where we all want them? no. But they are getting better and better. This has been the slowest recovery since the Depression. But we are coming back.
Well lets look at the numbers in perspective. In five years we have gone from losing 500,000 jobs a month to creating 184,000 per month. That is a 684,000 jobs per month swing.
When we were losing 500,000 jobs a month there was a reason. The fact that we are not generating 400,000 net added jobs is because of governmental interference (rent seeking laws and regulations). We learned nothing from how things were handled during the “Great Depression”. In every recession since then the recovery was as steep or more so than the fall. Now we are losing more ground every month.
Far smarter people than you have debated how the recovery should be managed and what mistakes were made in the Great Depression. Lets just say I don’t agree with your analysis as to why we are not adding more jobs. Any more would require I take more time than I am willing to devote.
But the reason for the collapse is clear to me; the repeal of Glass Steagall . So I guess we did learn from the Great Depression, but then forgot the lesson.
I guess us dumb people should just let you smart people run everything. You smart people would never cause crashes or recessions or anything like that. Us dumb people should just shut up and go away.
On second thought, I don’t trust you smart people that much so I don’t think I will just shut up and go away.
Even though you have all the answers.
I don’t read your comment as “woe is us” at all. It’s just a fact that we’re pretty easy to impress these days. The economic “recovery” is barely moving along, and that’s true in a couple of areas (with the obvious exception of the booming stock market, propped up by fed money). If the numbers continue to inch up toward the 250-300k mark, then we can start getting a little excited.
We’re in the summer of recovery! Summer 2009…
“You want fries with that?”
I’m writing an App for that.
In six months the tea baggers will be saying that if they hadn’t bitched so much about the website, Obamacare wouldn’t be the success that it is.
I can’t wait for to start screaming about: Hey, that’s OUR Heritage plan helping you get that insurance coverage!! The Dems stole it from us!!
Say it ain’t so…the economy created – keeps creating – jobs with Obama despite Republicans laying off, after furloughing, federal workers since the sequester…they keep trying to tank the economy and it plods along anyway. The Kochs must be furious.