MSNBC: US adds more jobs than expected.
Fox News: Unemployment rate increases.
I read that the unemployment rate went up because 500k people entered or re-entered the job market and only ~400k of them found jobs. So that’s still somewhat heartening, as the population of active job seekers is increasing and many of them are finding work.
Oh, it’s objectively a good report. It somewhat validates the September numbers, which blew everyone out of the water, and it exceeds the median expectations by a substantial margin.
It’s still reflective of a recovery that needs to pick up the pace, but as compared to the rest of the world’s weathering the global recession, we’re doing pretty well.
But it’s also very easy to spin, hence the headlines.
This is, of course, a whoosh-parody of RW asstardery? Just so we’re clear.
I agree that it’ll probably affect the pundit chatter more than it’ll affect anyone’s votes, but I’d hardly call this report a mixed bag.
Not only did the economy add 171,000 jobs in October, but the August and September estimates were revised upward by nontrivial amounts.
Taken all together, we’ve got 255,000 more jobs than the numbers a month ago showed.
If we had six months like that in a row, we’d be getting somewhere.
Fox has revised their headline: “ECONOMIC STANDSTILL: 171K New Jobs, 170K New Jobless”
Implying that no jobs were added last month.
You know me, RT. I think politically. The increased number is good, no doubt, but the rate ticking up is what makes it a mixed bag. If it had gone down a tenth of a point it would give Obama something to bring up but now both sides can make it work.
The unemployment rate is a flawed metric in any case. This is just one more illustration of that fact.
It’s not a mixed bag, it’s a good report. I agree it won’t affect the election, and I also predict Grassley won’t apologize for his stupidity.
You are correct that it is good news but I’m not so sure it won’t have an effect on the election. The right-tards at Fox are already touting it as if it is bad news. I can’t imagine RomneyRyan won’t pound people over the head with that meme for the next few days. Hopefully they won’t get much traction with it but who knows. Some of their lies have worked and some haven’t.
Which is the inverse of the negative spin we’ve been hearing for years: the unemployment rate may be going down, but it’s only because so many people have given up looking for work.
But don’t count on Faux News, Romney, Grassley or anyone else on the right to mention that, or even better, expect them to say the complete opposite despite evidence to the contrary. Thus is the way with liars.
I agree that it’s a good report, but only in the sense that the previous report was not a good one. You can’t keep going back and forth on whether the more significant number is unemployment or job creation, and this applies to both Republicans and Democrats.
[Personally I think job creation is what counts more, and this is a good report.]
Agree, although it’s still a big factor, in that this was one of Romney’s last gasp big chances. I think his odds take a hit with this report.
It’s astonishing to me how many people (including most reporters) have apparently never taken introductory economics. The unemployment rate ticked up because 578,000 people rejoined the labor force, bumping up the total number of people actively seeking work. That’s a good sign.
This job report was unambiguously good, even if we ignore the way it revised previous job reports significantly upward. Anyone who says otherwise either doesn’t understand the basic terminology being used or is being disingenuous.
Had the unemployment rate ticked up above 8%, Romney would at least have had a soundbite to use, but he’ll be reaching to find one in this report. It certainly can and will be spun negatively, but there isn’t much negative “there” there.
But again, to be consistent you need to criticize Obama as “hav[ing] apparently never taken introductory economics”, for carrying on about the 7.8% unemployment in the previous report, which accompanied weak job creation numbers.
Neither candidate has, apparently. But I can somewhat forgive the candidates themselves (well, resign myself to reality, anyway) for latching on to the most rhetorically convenient way of framing the jobs reports. It’s inexcusable for the goddamn news media to be doing the same thing.
Also, it should be noted that the October revisions showed that both of the previous reports undersold job growth (August was revised from +96K to +192K, while September was revised from +114K to +148K). So while you have a point about Obama drawing the wrong conclusion from the report a month ago, it turns out he was right (even if unintentionally) - the drop in unemployment in September WAS due to job growth outpacing growth in people starting to seeking work, after all. Both factors which, need I remind you once again, are indicative of economic growth. So Obama is still more right than either Romney or the news media.
I don’t think that’s correct. If it were so, then the unemployment number would have dropped further in October.
Because if the unemployment rate had stayed at 7.8 percent or declined a little, they would have been saying it’s great news for Obama instead of saying the books were being cooked again or talking about how terrible the overall unemployment picture is or something else. Of course.
And of course the last jobs report also included upward revisions to the previous two months.
Not if the number of people entering the workforce went up.
Meh. I thought Romney did pretty well with the last numbers: “that still represents 23 million Americans looking for jobs” or whatever it was he was saying. I don’t doubt he will find a way to spin this effectively.
I also think it’s a bit pointless to complain about either candidate playing up the absolute percentage. It’s the number that lay people latch on to. Hell, it’s the number that high school economics is taught to.