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Fri 6 Feb, 2004 09:19 am
Firms added 112,000 jobs in January[/u]
Unemployment rate falls to 5.6%
MSNBC staff and news service reports
Feb. 06, 2004
WASHINGTON - Companies added 112,000 new jobs in January, as the nation's unemployment rate dropped to 5.6 percent, providing fresh signs the prolonged hiring slump may be ending.
The jobless rate fell 0.1 percentage point last month to the lowest level since October 2001, when it was 5.4 percent, the Labor Department said Friday. January's rate matched the 5.6 percent posted in January 2002.
Employers added new jobs last month at a pace not seen in three years. The last time payrolls expanded more than 112,000 was in December 2000, when companies added 124,000 positions.
January's hiring gains marked the fifth straight month of increases, and followed a revised 16,000 new jobs added in December, better than the 1,000 initially reported.
Hiring by retailers and construction companies accounted for much of the overall increase in payrolls. However, the nation's factories continued shedding jobs, though at a slower pace than in previous months.
The report provided hope that the economic recovery was finally reaching the labor market. But economists still had concerns. They had predicted payrolls to jump by 150,000 or more last month.
Businesses are being squeezed by intense competition from other countries, and are holding down costs by not hiring in the United States. Instead, they are working their existing employees harder, hiring temporary workers or shipping jobs overseas.
About 8.3 million people remained unemployed in the United States last month.
But January's unemployment rate still dropped despite an increase in the labor force. More than 420,000 workers jumped back in to the job hunt, expanding the pool of available workers.
Construction companies helped boost overall hiring gains, adding 24,000 new jobs last month. Buoyed by continued strength in the housing market, the sector has added 147,000 positions to its payrolls since last March.
In the service sector, where most of the job growth is taking place, retailers added 76,000 new jobs. Garden supply and home building material stores were particularly strong, also reflecting a strong housing market.
The Associated Press contributed to this report.
Fedral,
I have faith that the American people are not as stupid as you seem to think they are.
I sure hope I am correct. Come November we will see.
A little bold ink of my own:
Quote:Hiring by retailers and construction companies accounted for much of the overall increase in payrolls. However, the nation's factories continued shedding jobs, though at a slower pace than in previous months.
The report provided hope that the economic recovery was finally reaching the labor market. But economists still had concerns. They had predicted payrolls to jump by 150,000 or more last month.
(Increase was 112,000)jn
Businesses are being squeezed by intense competition from other countries, and are holding down costs by not hiring in the United States. Instead, they are working their existing employees harder, hiring temporary workers or shipping jobs overseas. (Yeah, that will make the voters happy.)jn
About 8.3 million people remained unemployed in the United States last month.
And at the rate of 112,00 new jobs a month, this economy will still be short more than a million jobs on Election Day.
Joe
I'm very happy that at least some jobs are coming back.
But I won't be impressed until a good portion of the 3 MILLION that were lost are made up to a substantial degree.
Thats like someone bragging about throwing a few cups of water into a pool after they drained it...
It used to be, 'There's no growth in the economy and no job's coming back'. Now it's, 'There isn't enough growth in the economy and not enough job's coming back'.
It's a no win, huh?
What do you mean it's "no win"?
We were all winning in 1992 and 1996. The economy was growing, jobs were being created and there was no deficit.
Here's hoping we can win again in 2004.
Yeah, and that led to what is happening now.
I don't seem to remember 1992 being all that great. By 1996 the Internet boom had already started, it lasted five years, then POOF! Clinton rode a wave of good fortune.
It must be noted that when someone loses, someone else wins. Remember how a tremendous amount of money was bet on the transportation sector losing value (called "puts") just before 9/11? Not much ever gets said about that, but it seems to me that an awful lot of money left the country at that time. Much of it to middle eastern countries no less, likely Saddam had a hand in it, and to Al Queda, I'd wager. Payback is a bitch, isn't it?
And I'll add one more thing. The popularity of Democrats in today's society is a direct reflection of the problem with the largest voting block, the baby boomers. I'm technically one, but I recuse myself as being on the tail end, I've always had to pick up the **** they left behind.
This is a generation who never believed a word their parents said. They abandoned their heritage and tried to change the world. When they realized their tactics weren't working all that well, they decided to clean up their act and go to work. But they never changed their ideals. This is why you see idiots at the head of corporations spouting crap about environmental responsibility, progessive thinking, anti-hunting, and pro-gun control, all the while pocketing massive profits from their often illegal corporate schemes.
These turkeys will never learn. And that's sad, because it's likely their parents are no longer around to teach them anything.
Ever notice that when a Bush supporter has nothing intelligent to say, they talk about 9/11 no matter what the topic?
Ever notice that they are always talking about 9/11?
ebrown_p wrote:Ever notice that when a Bush supporter has nothing intelligent to say, they talk about 9/11 no matter what the topic?
That and Clinton. EVERYTHING comes back to Clinton
Howl another tune, guys.
Bush and Clinton should not receive the CREDIT OR BLAME for what 'business, marketing and industry' either accomplish or "trash". The president is just ONE man.
In jobs, the actual problems are what 'collective' groups of people do; those being prosecuted and those getting away....
But now--- when it comes to 'oil' and this Iraqi war... Bash Bush!!
I'm just monumentally impressed with the fact that they can continually look at **** and see shinola.
That's a real talent.
ebrown_p wrote:Ever notice that when a Bush supporter has nothing intelligent to say, they talk about 9/11 no matter what the topic?
Ever notice that they are always talking about 9/11?
Only an idiot would sweep this topic under the rug.
Lumping all the baby boomers (or any other demographic group) together is overly simplistic. Besides, if anyone wanted a perfect example of that generation at its worst, look no further than the incumbent in the White House. A man who has enjoyed a life of privilege and entitlement.
Isn't that the smear against baby boomers? Bush should be the poster child for those who believe that we're all a bunch of aging brats...
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