Friday, October 05, 2007

Unemployment Rate Up To 4.7%

Jobs report shows September gains in line with forecasts, while earlier job loss wiped away; unemployment rate up to 4.7%.
Job growth was back on track in September, according to a government report that showed both a solid gain in Americans with jobs in the month, and revised away the job loss reported a month earlier.

U.S. payrolls showed a net gain of 110,000 workers in the month, according to the Labor Department report. That's roughly in line with the forecast of a 100,000 gain by economists surveyed by Briefing.com.

The Labor Department also now estimates that August had a gain of 89,000 jobs, a big upward revision from the originally reported 4,000 job loss in August. That earlier reading had shaken the markets and stirred concerns of a recession as it was the first job loss in four years. The July reading was also revised higher.

Still, even with the job gains, the unemployment rate rose to 4.7 percent in September from the 4.6 percent reading in August. That increase was in line with what economists had forecast.

The weak August report had opened the door for the Federal Reserve to cut its benchmark interest rate by a half-percentage point in September, the first cut in four years, as it attempted to stave off an economic slowdown.

Friday's report could be a key to whether the central bank cuts rates again on Oct. 31, when its next meeting concludes.
What I always hate about these sunny reports is that there is no mention that the economy needs job growth of 150,000 per month to keep up with new people entering the work force. It also does not include people who have exhausted their unemployment benefits but are still not employed. It does not include the number of people who are under-employed. Those are people that are working but without full time hours but who are seeking full time employment.

Job creation under this administration has been less than stellar and the jobs that have been created in large part are low wage jobs without sufficient benefits including health care. That could be one reason that nearly 50 million people have no health care.

This administration has created a large population of working poor while the rich have gotten extremely rich and the middle class has been decimated.

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