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Entries in Unemployment Report (9)

Thursday
Sep062012

August Job Numbers: Last Ones Before Voting Begins

Stockbyte/Thinkstock(CHARLOTTE, N.C.) -- Election Day isn’t until Nov. 6, which gives Democrats and Republicans three more monthly jobs reports to anticipate, right?

Not exactly.  Although job numbers for August, September and October will be released before Election Day, August’s jobs report, which comes out Friday, is the last one before general election voting begins, thanks to early voting.

Between Friday’s jobs report and September’s, which comes out Oct. 5, several key swing states, including Iowa, Ohio and Virginia, will have already started to vote through early and in-person absentee ballots. And while historically speaking, the majority of votes are not cast early in these states, a sizable percentage (although less than half) of the voting population still gets to the polls before Election Day. In 2008, 30 percent of the total votes cast in Ohio came in early. In Iowa, it was 36 percent, and in Virginia, 14 percent.

By the time October’s jobs report is released Nov. 2, much of the vote could have already been cast in additional swing states, such as Colorado, Florida, Wisconsin and North Carolina, where President Obama will accept his party’s nomination tonight.

With polling showing Romney and Obama in a virtual dead heat, these early votes in key swing states could make a difference.

Copyright 2012 ABC News Radio

Friday
Jul062012

Politicians Sound Off on June Jobs Report

Hemera/Thinkstock(WASHINGTON) -- Friday’s jobs report brought little good news for the American economy. Unemployment is still hovering around 8.2 percent, with only 80,000 jobs created – 10,000 jobs short of economists’ projections.

In a campaign that has centered around the nation’s sputtering economic recovery, politicians had plenty to say about a jobs report that, really, said nothing new at all:

RNC Chairman Reince Priebus: “Once again, the monthly jobs report brings devastating news for the millions of Americans looking for work. The Obama economy is defined by chronically high unemployment. Our country is coming out of the worst quarter of job creation in two years. ObamaCare and President Obama’s other policies simply are not working and disappointed Americans are ready for a new direction.

“After taking office, President Obama promised he would fix the economy in three years or face a ‘one-term proposition.’ While the president believes ‘the private sector is doing fine,’ the rest of the country knows we are not ‘doing fine’ at all. We cannot afford another term of this president because we cannot endure four more years of painfully high joblessness.

“Gov. Mitt Romney is uniquely qualified to provide the leadership our economy needs. With his successful record in business, at the Olympics, and in Massachusetts, he has a proven track record. It’s time to accept President Obama’s offer of a ‘one-term proposition,’ send Mitt Romney to the White House, and finally get America working again.”

Senate Majority Leader Harry Reid, D-Nev.: “Today’s report is further evidence that Congress should be focusing on creating jobs and helping the middle class, not re-fighting old battles for political gain. Unfortunately, my Republican colleagues have decided they would rather focus their energy on political grandstanding and empty, partisan exercises that will not create a single job. As this report clearly shows, it’s time to move on and focus on jobs.

“To help spark the growth we need, the Senate will move next week to vote on a series of common-sense jobs bills, starting with a tax cut for small businesses that is designed to reward hiring and provide incentives for payroll growth. Unless Republicans are truly rooting for our economy to fail, there is simply no reason for them to oppose such common-sense jobs measures. With Americans in Nevada and around the country looking to their elected officials for results, putting Americans back to work should be our top priority, not Tea Party politics or partisan maneuvering.”

Chairman of Council of Economic Advisers Alan Krueger: “While the economy is continuing to heal from the worst economic downturn since the Great Depression, much more remains to be done to repair the damage from the financial crisis and deep recession that followed.  It is critical that we continue the policies that build an economy that works for the middle class and makes us stronger and more secure as we dig our way out of the deep hole that was caused by the severe recession.  There are no quick fixes to the problems we face that were more than a decade in the making. President Obama has proposals to create jobs by ending tax breaks for companies to ship jobs overseas and supporting State and local governments to prevent layoffs and rehire hundreds of thousands of teachers…

“As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision.  Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available.”

Republican presidential nominee Mitt Romney, in a televised speech in Wolfeboro, N.H.: “We have seen the jobs report this morning and it is another kick in the gut to middle class families. It’s consistent with what I’ve heard as I’ve gone across the country and met with families in their homes, cafes and restaurants and in break rooms. American families are struggling. There is a lot of misery in America today, and these numbers understate what people are feeling and the amount of pain which is occurring in middle class America. Not only is the 8.2 percent number unacceptably high, and one that has been in place now for over 41 months, but in addition if you look at the broader analysis of people who are out of work, or have dropped out of the workforce or that are underemployed in part time jobs, needing full time work its almost 15 percent of the American public.

“This is a time for America to choose whether they want more of the same, whether unemployment above 8 percent month after month after month is satisfactory or not. It doesn’t have to be this way. America can do better and this kick in the gut has got to end.”

House Republican Policy Committee Chairman Tom Price, R-GA: “Job creation and economic growth are not keeping pace with the type of recovery the Obama Administration and Democrats controlling Washington promised the American people.  President Obama’s tax and spending policies are simply not working,” said Chairman Price.  ”The Obama Administration’s focus on excessive regulation and ever increasing taxes to chase ever-higher deficit spending has made doing business in America even more difficult for those who create jobs and drive our economy.  The primary example is the president’s health care law which is a threat not only to quality, affordable health care, but also to economic growth.  That is why House Republicans will continue our work to dismantle, defund and fully repeal this disastrous law to protect patient-centered health care and help preserve American jobs.

“The American people are rightfully fed-up with partisan gridlock and they know more must be done to help grow our economy.  House Republicans have responded to this need for leadership by sending more than 30 bills over to the Senate to encourage job creation, and we will continue to offer other opportunities to work together on productive solutions.  President Obama could demonstrate real leadership if he were to simply call on his Democratic colleagues, including Senate Majority Leader Harry Reid, to take action on these numerous pieces of legislation so there is a more positive economic environment where Americans can find jobs and provide for their families.”

Obama campaign spokesman Ben LaBolte: “The president brought us back from the brink of another Depression but he doesn’t believe our work is done – he’s got a plan to restore the middle class and create a million jobs now that Mitt Romney opposes and Republican leaders have blocked. Mitt Romney says he has a better path, but over the past decade we saw where that took us — to the slowest job growth since World War II, the collapse of our financial system and the deterioration of the middle class. In fact, independent economists have concluded his plan wouldn’t create one job, wouldn’t reduce the deficit one cent, and could lead to another recession. Mitt Romney’s economic policies failed before and instead of creating jobs, they would weaken the economy and undermine the middle class.”

Former Republican presidential candidate Rick Santorum: “Today’s jobs report is yet another reminder of the disaster that is Obamanomics. These numbers are abysmal and sadly reaffirm that our economy continues to suffer and American families are struggling.

“Under President Obama’s economic and regulatory policies, the unemployment remains over 8 percent, poverty rates are at historic and tragic highs with 1 in 6 Americans living in poverty, and 1 in 4 children receiving food stamps.

“Our manufacturing sector also continues to decline under this president. For the second quarter in a row, manufacturers continue to be less optimistic about growth due to increased uncertainty.

“If we are serious about addressing poverty in this country then we must support policies that create an environment for work, marriage and family, quality education, access to capital, and civil society to prosper. This is how we help the unemployed in America; not through Big Government but through expanded opportunity and bold leadership.”

Copyright 2012 ABC News Radio

Friday
Jun012012

Latest Unemployment Report: By the Numbers

Stockbyte/Thinkstock(WASHINGTON) -- Here are eight key figures from the Labor Department’s jobs report for May:

12.7 Million: The number of people currently unemployed in the United States.

Out of the 155 million people in the civilian labor force, this figure has not changed significantly from the beginning of this year, when it was 12.8 million.

5.4 Million: The number of long-term unemployed in May (those who’ve been jobless for 27 weeks or more), which rose from 5.1 million, accounting for 42.8 percent of the unemployed.

28,000: Number of construction jobs lost in May.

The construction industry has shrunk since the start of the job market recovery, said Gary Burtless, a senior fellow in economic studies at the Brookings Institute, and has continued to shrink in the past four months. Job losses in the construction sector occurred in specialty trade contractors, which can include plumbing, electrical work, site prep (-18,000) and in heavy and civil engineering construction (-11,000). Since reaching a low in January 2011, employment in construction has shown little change on net, the Labor Department reported.

13,000: Government jobs lost

While there had been hope that the layoffs in the government sector were over, the state and federal sectors each lost 5,000 jobs. Included in the latter were 2,900 U.S. Postal Service jobs lost. Local government lost 3,000 jobs.

33,000: People hired to work in health care.

The health care sector was one of three industries that saw relatively notable job gains. In May, those hired to work in doctor’s offices, emergency rooms, among other health settings, accounted for more than half of jobs added. Since December 2009, payroll increases in this sector have accounted for almost a quarter of all private-sector employment gains, said Burtless.  Over the year, health care employment has risen by 340,000.

36,000: Transportation and warehousing jobs added over the month.

Employment gains in transit and ground passenger transportation (+20,000) and in couriers and messengers (+5,000) followed job losses in those industries in April. But employment in both industries has shown little net change over the year. In May, truck transportation added 7,000 jobs.

16,000: Jobs added in wholesale trade.

Defined as business sales and inventories to governments and institutions by Investopedia, wholesale trade includes durable and nondurable goods. The industry is the other side of retail trade, which includes sales of cars and other consumer products. Since reaching an employment low in May 2010, wholesale trade has added 184,000 jobs.

12,000: Manufacturing jobs added.

Employment in this sector continued to trend up in May following a similar change in April (+9,000). Job gains averaged 41,000 per month in the first quarter of this year. Since its most recent low in January 2010, manufacturing employment has increased by 495,000. Since December 2009, manufacturing has accounted for 12 percent of private sector job gains.

Copyright 2012 ABC News Radio

Friday
Jun012012

Employers Added 69,000 Jobs in May; Unemployment Rate Up to 8.2%

Tim Boyle/Getty Images(WASHINGTON) -- The nation's jobs picture dimmed in May as employers added just 69,000 jobs and the unemployment rate ticked up to 8.2 percent. The latest numbers are a continuation of a long, slow employment recovery that began 33 months ago.

Economists had expected 150,000 new jobs and the jobless rate to stay at 8.1 percent, according to Bloomberg. Stocks, which had their worst month in two years in May, fell on the news with the Dow Jones industrials set to open down nearly 190 points.

Last month, the Labor Department reported 77,000 jobs were added in April, revised down Friday from 115,000 for an unemployment rate of 8.1 percent, a drop of one-tenth of a point from the previous month.

Economists generally agree that a healthy economy must create at least 200,000 jobs a month and the unemployment rate needs to fall to six percent or below -- something the U.S. hasn't seen since before the financial meltdown of 2007-2008.

Copyright 2012 ABC News Radio

Friday
Apr062012

Unemployment Report Surprise: Fewer Jobs Created

iStockphoto/Thinkstock(NEW YORK) -- The new employment report revealed Friday that only 120,000 new jobs were created last month, which was  far fewer than forecasters expected, and way below the 200,000-plus new jobs created in January and February. The Labor Department said the U.S. unemployment rate fell slightly, to 8.2 percent. That’s because fewer people were looking for jobs. The official count includes only those seeking work.

“This is one of those cases where the numbers do bounce around quite a bit,” said economist Joel Naroff at Naroff Economic Advisors. The survey is “a reminder that while the economy is recovering, there are still some hurdles that it’s facing, and we’re not seeing strong growth month after month after month,” he said.

Some of the biggest job losses in March came in retail and construction, which puzzled some analysts, as both industries had been showed signs of recent growth. The decline might be seasonal.

The economy has added 858,000 jobs since December — the best four months of hiring in two years.

“Unless we continue to see these soft numbers, I think we should just simply chalk this up to the vagaries of the data, rather than any weakening trend in the economy,” said Naroff.

Treasury yields and stock futures dropped sharply after the report came out. The yield on the benchmark 10-year Treasury note fell to 2.09 percent from 2.20 percent, while Standard & Poor’s 500 index futures fell 0.8 percent to 1,381.

Copyright 2012 ABC News Radio

Friday
Mar092012

Unemployment Rate Unchanged in February; 227,000 Jobs Added

Tim Boyle/Getty Images(WASHINGTON) -- Unemployment was unchanged in February as employers added 227,000 jobs, slightly more than expected, the Labor Department announced Friday.

Economists expected the economy to add about 204,000 non-farm payroll jobs in February, according to Bloomberg News. The unemployment rate was unchanged at 8.3 percent, in line with what economists were expecting. A total of 233,000 jobs were added excluding government employment. The numbers indicate the economy is showing slow but steady improvement.

Copyright 2012 ABC News Radio

Friday
Feb032012

Jobs Report Skepticism: As Good As It Gets?

Kevork Djansezian/Getty Images(WASHINGTON) -- January’s jobs report released Friday morning showed that unemployment fell to 8.3 percent as employers added 243,000 jobs, but there are concerns the numbers may be as good as it gets. There is still a long way to go before the country’s labor situation returns to pre-2008 levels.

The unemployment rate had its fifth straight monthly decline but long-term unemployment, those jobless for 27 weeks or more, is stuck.  That figure was mostly unchanged at 5.5 million and accounted for 42.9 percent of the unemployed.

The economy must add about 200,000 to 250,000 jobs every month to get the unemployment rate down below 8 percent.

Peter Morici, professor at University of Maryland’s Smith School of Business and former chief economist at the U.S. International Trade Commission, said unemployment is not likely to fall much further and could rise again.

The adult labor force participation rate remained steady at 63.7 percent, indicating the unemployment rate decreased because new jobs were added. In January, working-age adults not participating in the labor force–those neither employed nor looking for work–increased by 88,000.

Morici said many adults have quit looking for work altogether so the unemployment rate should be higher.

There is additional skepticism about the nation’s jobs data. Two different surveys used by the Labor Department to collect data raise questions about how many jobs were really added in January, the Wall Street Journal reported. Also, every January, the Labor Department re-adjusts its data to account for population changes.

Copyright 2012 ABC News Radio

Friday
Jan062012

December Jobs Report: Good News, Bad News

Tim Boyle/Getty ImagesANALYSIS
By ZUNAIRA ZAKI, ABC News


(WASHINGTON) -- We know the good news from Friday’s jobs report.  December had the most jobs added since September 2011 and the lowest unemployment rate since Feb-March 2009. For all of 2011, the economy added 1.6 million jobs, better than the 940,000 added in 2010. But all's not rosy, experts say.

The economy must add about 200,000 to 250,000 jobs every month to get the unemployment rate down below 8 percent.

THE GOOD SIGNS:

  • Manufacturing – After four months of little change, the manufacturing sector added 23,000 jobs.  These are generally highly productive good jobs and a sign that the economy is growing.
  • Wage growth – The average hourly earnings for all employees in the private sector rose by 4 cents or 0.2 percent in December.  This isn’t huge growth, but may be a slow crawl toward more robust growth so Americans will have more money to spend.
  • Hours worked – The average workweek for employees in the private sector grew 0.1 hour to 34.4 hours a week.  This again is not huge growth but could mean that there is more work and more demand in the economy that will eventually lead to employers hiring more people to do the work.

THE BAD SIGNS:

  • Long-term unemployed – There was little change in the long-term unemployed.  Of the country’s 13.1 million unemployed, 42.5 percent or 5.6 million have been out of work for six months or longer.   These millions of people risk being left behind as the rest of the economy moves forward.
  • Labor force participation – This is the rate at which people are entering the work force, and it did not change in the month of December.  A real measure of growth may be that people are coming into the labor force in large numbers and getting jobs quickly.  We are not seeing that right now.
  • Last year looked about the same – At this time last year there was considerable optimism about the health of the U.S. jobs market: the unemployment rate seemed to be coming down and the economy was adding jobs: but ultimately that optimism didn't bear fruit. While we have good news today, it needs to last several months before we can be sure that there are again more jobs in the U.S. economy.


Copyright 2012 ABC News Radio

Friday
Jan072011

Unemployment Plummets; US Employers Add 103K Jobs in December

Photo Courtesy - Getty Images(WASHINGTON) -- The nation’s employers increased payrolls by 103,000 during December, worse than the 150,000 economists were expecting.

The unemployment rate dropped from 9.8 to 9.4 percent, the biggest one-month drop since April 1998 and takes the economy to the lowest level since May 2009.

Despite the jobs loss in the government sector, companies in the private sector added 113,000 workers during December. Economists expected the private sector to add 162,000 jobs.

There have been a net of 7.2 million jobs lost since Dec. 2007, the first month of the recession.

Copyright 2011 ABC News Radio







ABC News Radio