December jobs report: Only 74,000 added, “not in workforce” jumps 525,000

posted at 9:06 am on January 10, 2014 by Ed Morrissey

I think we can call this one unexpected. While the precursor reports suggested further weakening in the workforce participation rate, they also indicated a moderately decent number of jobs added. That’s not the case from the BLS, where the U-3 jobless rate dropped to 6.7% but only 74,000 jobs were added in December:

The unemployment rate declined from 7.0 percent to 6.7 percent in December, while total nonfarm payroll employment edged up (+74,000), the U.S. Bureau of Labor Statistics reported today. Employment rose in retail trade and wholesale trade but was down in information.

The number of unemployed persons declined by 490,000 to 10.4 million in December, and the unemployment rate declined by 0.3 percentage point to 6.7 percent. Over the year, the number of unemployed persons and the
unemployment rate were down by 1.9 million and 1.2 percentage points, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (6.3 percent) and whites (5.9 percent) declined in December. The rates for adult women (6.0 percent), teenagers (20.2 percent), blacks (11.9 percent), and Hispanics (8.3 percent) showed little change. The jobless rate for Asians was 4.1 percent (not seasonally adjusted), down by 2.5 percentage points over the year. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of job losers and persons who completed temporary jobs decreased by 365,000 in December to 5.4 million. The number of long-term unemployed (those jobless for 27 weeks or more), at 3.9 million, showed little change; these individuals accounted for 37.7 percent of the unemployed. The number of long-term unemployed has declined by 894,000 over the year. (See tables A-11 and A-12.)

The civilian labor force participation rate declined by 0.2 percentage point to 62.8 percent in December, offsetting a change of the same magnitude in November. In December, the employment-population ratio was unchanged at 58.6 percent. The labor force participation rate declined by 0.8 percentage point over the year, while the employment-population ratio was unchanged. (See table A-1.)

The worst news comes in the workforce numbers. Those not in the workforce increased by 525,000 in December (91.808 million), after a one-time drop in the figure for November (91.283M from 91.756M in October).  That’s a big exodus of people from the workforce, dwarfing the meager number of jobs added in the economy. Part-time work remained essentially constant at 7.8 million, so the exodus points to an ugly, ugly trend.

Not surprisingly, that lead to a decline in the workforce participation rate, back down to 62.8%. That matches the 36-year low hit in October, which is one reason why the unhinged U-3 continues to drop.  The workforce number acts as the denominator for U-3, which means that the result will “improve” as the workforce declines. The U-6 metric, which considers more of those who are only marginally attached to the workforce, remains at 13.1%.

Reuters tries to pass this off on the weather:

U.S. employers hired the fewest workers in almost three years in December, but the setback was likely to be temporary amid signs that cold weather conditions might have had an impact.

Nonfarm payrolls rose only 74,000 last month, the smallest increase since January 2011, and the unemployment rate fell 0.3 percentage point to 6.7 percent, the Labor Department said on Friday. The unemployment rate was the lowest since October 2008 and in part reflected people leaving the labor force.

The step back in hiring is at odds with other employment indicators that have painted an upbeat picture of the jobs market. The data showed that 38,000 more jobs were added in November than previously reported.

Construction employment fell for the first time since May and leisure and hospitality payrolls rose marginally, suggesting that cold weather in some parts of the country had held back hiring. There were also declines in government employment.

Nonsense. This data is seasonally adjusted, and December wasn’t spectacularly cold. The polar vortex hit well after the new year (and may make a dent in January’s numbers).  This looks like an excuse for being blindsided by a bad report, because Reuters’ own economists predicted gains of 196,000 for December.

The Associated Press takes a more realistic view of the numbers, although Christopher Rugaber also blames cold weather for a drop in construction jobs:

U.S. employers added a scant 74,000 jobs in December, the fewest in three years. The disappointing gain ends 2013 on a weak note and could raise questions about the economy’s recent strength.

The Labor Department says the unemployment rate fell from 7 percent in November to 6.7 percent, the lowest level since October 2008. But the drop occurred mostly because more Americans stopped looking for jobs. The government counts people as unemployed only if they are actively searching for work.

Stock futures fell after the report was released.

The slowdown in hiring could cause the Federal Reserve to rethink its plans to slow its stimulus efforts. The Fed decided last month to cut back on its monthly bond purchases by $10 billion. It could delay further reductions until it sees evidence that December’s weak numbers were temporary.

Cold weather may have slowed hiring. Construction firms cut 16,000 jobs, the biggest drop in 20 months.

I doubt the Fed’s slight reduction in stimulus had this kind of impact, but that’s a better answer than cold weather in December. That is precisely why BLS uses seasonal adjustments, after all. CNBC brings up the Fed, too:

Fed policy has been contingent on two factors—a declining unemployment rate and low inflation. The central bank in December voted to cut its monthly quantitative easing program by $10 billion to $75 billion a month. Chairman Ben Bernanke has said that a 7.0 percent unemployment rate would serve as a rough guidepost for cutting the asset purchases, while 6.5 percent would be a benchmark for when to consider raising rates.

However, the combination of a declining labor force and a structural unemployment issue in which employers are reluctant to add jobs has made the labor dynamic more difficult to decipher.

“The discrepancy in the skills gap is huge,” said Tom Gimbel, CEO and president of LaSalle Network, a Chicago-based staffing firm. “I’m dealing with a thousand companies in Chicago and a few outside of Chicago that are looking to hire people and the skills are not there.”

But …

“The long-term unemployed would rather be unemployed than take a job for considerably less money than what they were making before,” he said. “The jobs are there for people willing to take a lower-paying job.”

Expect that to factor into the UI debate in the Senate.

Update: Jim Pethokoukis gives us the best overall look at the employment trend:

Update: Per David Freddoso, I’ve adjusted the headline a little. I’m taking the Household data, but BLS may adjust that for demographic purposes, so I want to be more specific about the nature of the data.

Update: Steve Eggleston does a deep dive on the data, as always, and produces this in the comments:

On the part-time front:

- 4,884,000 (seasonally adjusted) worked fewer than 35 hours due to slack work, an increase of 16,000 from last month.
- 2,592,000 (seasonally adjusted) worked fewer than 35 hours due to part-time work being all the work they could find, an increase of 93,000 from last month.
- 3,550,000 (not seasonally adjusted) worked both a full-time job and at least one part-time job, a drop of 41,000 from December 2012.
- 1,969,000 (not seasonally adjusted) worked multiple part-time jobs in lieu of a full-time job, a drop of 149,000 from December 2012.

 


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Four more years!
 
Four more years!

rogerb on January 10, 2014 at 9:08 AM

Reuters tries to pass this off on the weather:
===============================================

The Hopey/Changey Polar Vortex Affect/Effect!!

canopfor on January 10, 2014 at 9:10 AM

Ooooof. Now that’s an ugly report.

Chuck Schick on January 10, 2014 at 9:12 AM

U.S. employers hired the fewest workers in almost three years in December, but the setback was likely to be temporary amid signs that cold weather conditions might have had an impact.

Yeah. They didn’t look for work or didn’t get a job because it is cold in winter. Did these morons actually get college degrees?

Patriot Vet on January 10, 2014 at 9:12 AM

What would Bush’s 4.5-5.5% UE rates have looked like with this work force participation rate? 2-3%?

Chris of Rights on January 10, 2014 at 9:13 AM

Heading in the right direction…

Hmmmm Obama?

Electrongod on January 10, 2014 at 9:13 AM

and then hotair will run out of material to bash the President on…that’s what you’re really afraid of, right?

nonpartisan on November 19, 2013 at 4:47 PM

Chris of Rights on January 10, 2014 at 9:13 AM

Before I begin, I must play the ObamiNation National Anthem, “Bang The Drum All Day”, because nobody wants to work anymore.

Among the “prime workforce” of those 25-54, the labor force participation rate of 80.7% is, other than the 17% Shutdown-influenced October 2012, the worst seasonally-adjusted level since April 1984. The unseasoned 80.3% LFPR among the “prime workforce” is the worst December since 1983.

For some reason, the BLS database is refusing requests to break that down by gender at the moment, but a much lower percentage of women were in the workforce back then.

Steve Eggleston on January 10, 2014 at 9:14 AM

Hopefully this be revised
-chuck todd

WH will still spin it and blame GOP in 5…..4……3

cmsinaz on January 10, 2014 at 9:14 AM

“The long-term unemployed would rather be unemployed than take a job for considerably less money than what they were making before,” he said. “The jobs are there for people willing to take a lower-paying job.”

Which is why extending unemployment benefits is counterproductive. At some point if there’s a sh-tty job out there and you’ve been out of work for a long time, you have to bite the bullet and take the sh-tty job. Trust me, I’ve had plenty of them in my life.

Doughboy on January 10, 2014 at 9:15 AM

What would Bush’s 4.5-5.5% UE rates have looked like with this work force participation rate? 2-3%?

Chris of Rights on January 10, 2014 at 9:13 AM

Give me a moment to work on that.

Steve Eggleston on January 10, 2014 at 9:15 AM

“The long-term unemployed would rather be unemployed than take a job for considerably less money than what they were making before,” he said. “The jobs are there for people willing to take a lower-paying job.”
====================

Not when Reid can magically pull Lootery out of thin air,
by adding more US Taxed Looted Spending Dollars,for U.I.
Extention benefits!!

canopfor on January 10, 2014 at 9:15 AM

Thank you HA family for the lib reposts…..
Classic! Keep them coming

cmsinaz on January 10, 2014 at 9:15 AM

December jobs report: Only 74,000 added, 525,000 leave work force

Nobody is madder than Obama.

Happy Nomad on January 10, 2014 at 9:16 AM

Said as a joke several years ago it now looks very possible, get the LPR down to 55% and the UE rate will be 0%!

Mission Accomplished!

crazywater on January 10, 2014 at 9:17 AM

Countless job interviews were missed due to a bridge delay in NJ

drivingtheview on January 10, 2014 at 9:18 AM

That’s what I don’t understand doughboy….. take a job with lower monies for now….cripe I’ve done it too

Are there not enough of them as well?

cmsinaz on January 10, 2014 at 9:18 AM

“The long-term unemployed would rather be unemployed than take a job for considerably less money than what they were making before,” he said. “The jobs are there for people willing to take a lower-paying job.”

They created this incentive by perpetually extending unemployment benefits.

hawkdriver on January 10, 2014 at 9:18 AM

Before I begin, I must play the ObamiNation National Anthem, “Bang The Drum All Day”, because nobody wants to work anymore.

Steve Eggleston on January 10, 2014 at 9:14 AM

Steve Eggleston: Circle Drumming,….”Up Twinkles”!:)
(sarc)

canopfor on January 10, 2014 at 9:19 AM

Get that freak Messina to write something on his hands about how good this really is.

Bishop on January 10, 2014 at 9:19 AM

Nobody is madder than Obama.

Happy Nomad on January 10, 2014 at 9:16 AM

He just read about it over coffee and donuts on his blackberry.

oldroy on January 10, 2014 at 9:20 AM

“I’m dealing with a thousand companies in Chicago and a few outside of Chicago that are looking to hire people and the skills are not there.”

What ever happened to companies training people? Don’t they think they may have someone who would be extremely loyal if they did that for them if they were looking for work?

“The long-term unemployed would rather be unemployed than take a job for considerably less money than what they were making before,” he said.

Not all of them. My buddy tried to get a job at Home Depot doing anything and couldn’t get a job. He finally got one working on oil rigs in Colorado. The job at HD would have been pennies on the dollar from the last job he had.

Patriot Vet on January 10, 2014 at 9:20 AM

Nobody is madder than Obama.

Happy Nomad on January 10, 2014 at 9:16 AM

When he gets up this morning and reads it in the newspaper…

Electrongod on January 10, 2014 at 9:20 AM

Outlier!!!!!
-msdnc talking head

I think we found the meme of the day

Don’t pay attention to this…. yada yada yada

cmsinaz on January 10, 2014 at 9:20 AM

And I am sure they even bumped the numbers to include Santa and all of his elf helpers.

hillsoftx on January 10, 2014 at 9:20 AM

And the nitwits will be all over the place proclaiming the wonders of Obama and his 6.7% lower unemployment rate.

Midas on January 10, 2014 at 9:21 AM

This will be revised…..I don’t believe them
-moodys guy on msdnc

cmsinaz on January 10, 2014 at 9:21 AM

Stop Grinning, and Drop your linen,

WE’VE TURNED THE CORNER!!

ToddPA on January 10, 2014 at 9:22 AM

That’s what I don’t understand doughboy….. take a job with lower monies for now….cripe I’ve done it too

Are there not enough of them as well?

cmsinaz on January 10, 2014 at 9:18 AM

Well I understand the point of view of the unemployed person. If that check from the government is worth more than the paycheck from the sh-tty job(especially when you factor in the cost of commuting to and from the place of work), most folks will stick with the unemployment benefits.

The point is to stop giving them that choice. No one likes taking a low-paying gig when you’re qualified for something better, but it’s far better for the long-term health of this nation(and one’s resume) that we get people off of the welfare rolls and onto the taxpayer rolls.

Doughboy on January 10, 2014 at 9:24 AM

What would Bush’s 4.5-5.5% UE rates have looked like with this work force participation rate? 2-3%?

Chris of Rights on January 10, 2014 at 9:13 AM

For much of his term, it would have been negative as for much of his term (45 months, to be exact, including all of 2001 and 2006), the employment-population ratio was at or greater than 62.8%. The worst would have been December 2008 at 2.5%.

Steve Eggleston on January 10, 2014 at 9:25 AM

500,000+ stopped looking for work?

Does this mean we don’t need to extend Unemployment Bennies to them?

/

Electrongod on January 10, 2014 at 9:25 AM

“The discrepancy in the skills gap is huge,” said Tom Gimbel, CEO and president of LaSalle Network, a Chicago-based staffing firm. “I’m dealing with a thousand companies in Chicago and a few outside of Chicago that are looking to hire people and the skills are not there.”

As I have written before this is total horseshit. There 25 to 30 million unemployed and he can’t find anyone?

Okay, maybe because it’s Chicago and no one with any sense wants to live there? No. It’s the employers. They have long laundry lists of requirements and they will only accept people with long experience that match all their requirements that survive grueling interview marathons.

I especially enjoy one hour phone screens followed up by a face to face four hours long with six people and then going back to repeat that with four more.

The headline numbers as we all know are total rubbish. We are in deep trouble and the media is a disgrace.

dogsoldier on January 10, 2014 at 9:25 AM

Mark Zandi, the court economic propagandist, is saying the labor participation rate is falling because Baby Boomers are leaving the labor force, or something. Something! Anything! It’s not Barry’s fault! [sobbing] It’s not Barry’s fault! :-(

Punchenko on January 10, 2014 at 9:25 AM

Chad Pergram ‏@ChadPergram 1m

Boehner: Today’s disappointing report shows, once again, that the president’s policies are failing too many Americans..

canopfor on January 10, 2014 at 9:26 AM

Electrongod on January 10, 2014 at 9:25 AM

No, they applied for SSDI.

dogsoldier on January 10, 2014 at 9:26 AM

Of course the weather had an impact on jobs number; we never had weather before 2009, don’t you know?

stop2think on January 10, 2014 at 9:26 AM

How the hell do these people leaving the work force pay their mortgages? If 10,000 people reach SS retirement age each day, that accounts for about half of those who are departing the work force. What about the other half? It’s not like we’re in some baby boom (wish we were) and women are staying home to raise children.

I am a reasonably intelligent person, but I am not getting this.

matthew8787 on January 10, 2014 at 9:26 AM

But, what I really want to know… is Michelle enjoying her gift of more vacation time in Hawaii?

Fallon on January 10, 2014 at 9:27 AM

…other than the 17% Shutdown-influenced October 2012 2013,…

ReWrite™ engaged for a typo.

Steve Eggleston on January 10, 2014 at 9:27 AM

What would Bush’s 4.5-5.5% UE rates have looked like with this work force participation rate? 2-3%?
 
Chris of Rights on January 10, 2014 at 9:13 AM

 
Racist.

rogerb on January 10, 2014 at 9:28 AM

And the nitwits will be all over the place proclaiming the wonders of Obama and his 6.7% lower unemployment rate.

Midas on January 10, 2014 at 9:21 AM

It’s deliberate. For the left any lie is acceptable for their cause.

dogsoldier on January 10, 2014 at 9:28 AM

Mark Zandi, the court economic propagandist, is saying the labor participation rate is falling because Baby Boomers are leaving the labor force, or something. Something! Anything! It’s not Barry’s fault! [sobbing] It’s not Barry’s fault! :-(

Punchenko on January 10, 2014 at 9:25 AM

See above – it’s the Boomers’ kids that are leaving the workforce to bang on the drum all day.

Steve Eggleston on January 10, 2014 at 9:30 AM

How the hell do these people leaving the work force pay their mortgages? If 10,000 people reach SS retirement age each day, that accounts for about half of those who are departing the work force. What about the other half? It’s not like we’re in some baby boom (wish we were) and women are staying home to raise children.

I am a reasonably intelligent person, but I am not getting this.

matthew8787 on January 10, 2014 at 9:26 AM

Comprehensive Immigration Reform is supposed to fix all of that, or something.

(It’s coming down.)

Punchenko on January 10, 2014 at 9:30 AM

Got to get more people on welfare, foodstamps, etc. to increase the Democrat voter population…

albill on January 10, 2014 at 9:31 AM

Does this mean we don’t need to extend Unemployment Bennies to them?

/

Electrongod on January 10, 2014 at 9:25 AM

Nothing fixes the job market more than unemployment benefits!

Gatsu on January 10, 2014 at 9:31 AM

Governor Christie!! Governor Christie!!

SQUIRREL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Khun Joe on January 10, 2014 at 9:32 AM

Amazing how that unemployment rate, which is all most people really pay attention to, keeps falling. 0.3 points in one month? Look at that Obama economy roar to life!!

Christie’s bridge closure problem is peanuts compared to the political shenanigans going on under this White House.

changer1701 on January 10, 2014 at 9:32 AM

Boehner: Today’s disappointing report shows, once again, that the president’s policies are failing too many Americans..

canopfor on January 10, 2014 at 9:26 AM

This is where the GOP fails. Boehner’s comments are true but the GOP needs to have a parade of pathetic people for whom the Obama polices have failed. It’s what the Dems do and the reason why there are only homeless people when the GOP has the Executive Branch.

Happy Nomad on January 10, 2014 at 9:32 AM

I wish the Republicans, or someone, could really make the American people understand what the workforce participation rate means. I’d be surprised if 5% of the population have any idea what a disaster that is.

SacredFire on January 10, 2014 at 9:32 AM

If I gots this right, unemployment was honky-dory
from 2003-2007,

and then from 2008-2014, the numbers escalate
and climb!
***********

Databases, Tables & Calculators by Subject
FONT SIZE:Minus Font SizePlus Font Size
Change Output Options: From: To:
include graphs

Data extracted on: January 10, 2014 (9:27:35 AM)

Labor Force Statistics from the Current Population Survey
==========================================================

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.9 9.9 9.6 9.4 9.5 9.5 9.5 9.5 9.8 9.4
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.2 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.8 7.9
2013 7.9 7.7 7.5 7.5 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7
=====================================

http://data.bls.gov/timeseries/LNS14000000

canopfor on January 10, 2014 at 9:32 AM

Got to get more people on welfare, foodstamps, etc. to increase the Democrat voter population…

albill on January 10, 2014 at 9:31 AM

Ahem, you didn’t get the memo? We don’t have people on welfare anymore. They’re reciving transitional living funding.

Happy Nomad on January 10, 2014 at 9:32 AM

“I’m dealing with a thousand companies in Chicago and a few outside of Chicago that are looking to hire people and the skills are not there.”

It’s a trap!

Chicago’s pension funds for city workers, police officers and firefighters are about $19.5 billion short of what’s needed to meet its current obligations.

The shortfall amounts to about $7,100 per Chicago resident. That’s nearly eight times the per person cost of the unfunded pension liability in Detroit, a city that saw its population plummet in the years before it went into bankruptcy earlier this year. Add in the unfunded liability for Chicago teacher pensions, and the total shortfall jumps to about $27 billion.

Fallon on January 10, 2014 at 9:34 AM

canopfor on January 10, 2014 at 9:26 AM

This is where the GOP fails. Boehner’s comments are true but the GOP needs to have a parade of pathetic people for whom the Obama polices have failed. It’s what the Dems do and the reason why there are only homeless people when the GOP has the Executive Branch.

Happy Nomad on January 10, 2014 at 9:32 AM

Happy Nomand: Well, I don’t think, utelizing Pawns, is in the
cards for the GOP. Good point tho!:)

canopfor on January 10, 2014 at 9:34 AM

I hear ya doughboy

cmsinaz on January 10, 2014 at 9:35 AM

For much of his term, it would have been negative as for much of his term (45 months, to be exact, including all of 2001 and 2006), the employment-population ratio was at or greater than 62.8%. The worst would have been December 2008 at 2.5%.

Steve Eggleston on January 10, 2014 at 9:25 AM

Here’s the deal, steveegg, when Bush was President, I was making money hand-over-fist, my house was worth what I paid for it and I couldn’t walk down the street without someone trying to give me a job.

For the record, I am an e-lec-trician, not some corporate type.

Now? Under bankruptcy and foreclosure. I make considerably less per hour strangely since y’alls buddies Nan Piglosi and Hairy Reed took Congress.

Lanceman on January 10, 2014 at 9:35 AM

John Boehner
6m

House Speaker John Boehner, R-Ohio, and House Majority Leader Eric Cantor, R-Va., criticize President Obama, Democrats over jobs data:

‘Today’s disappointing report shows, once again, that the president’s policies are failing too many Americans,’ Boehner says – via @NBCNews

canopfor on January 10, 2014 at 9:35 AM

Mark Zandi, the court economic propagandist, is saying the labor participation rate is falling because Baby Boomers are leaving the labor force, or something. Something! Anything! It’s not Barry’s fault! [sobbing] It’s not Barry’s fault! :-(

Punchenko on January 10, 2014 at 9:25 AM

See above – it’s the Boomers’ kids that are leaving the workforce to bang on the drum all day.

Steve Eggleston on January 10, 2014 at 9:30 AM

The kids got it bad – real bad.

Punchenko on January 10, 2014 at 9:35 AM

500,000+ stopped looking for work?

Does this mean we don’t need to extend Unemployment Bennies to them?

/

Electrongod on January 10, 2014 at 9:25 A

It probably means they aren’t on UE. You have to prove you are looking for work when you receive unemployment benefits. The extensions don’t usually apply to everybody on unemployment. But I could be wrong.

What I want to know s how is amnesty for 11 million illegals going to help the 10 million legals who are unemployed? How does that policy help?

magicbeans on January 10, 2014 at 9:36 AM

The market is going up because this means more QE.

Wigglesworth on January 10, 2014 at 9:37 AM

Libfree and Verbasloopy will clarify what these numbers mean soon. The word awesome will likely be used.

oldroy on January 10, 2014 at 9:37 AM

On the part-time front:

- 4,884,000 (seasonally adjusted) worked fewer than 35 hours due to slack work, an increase of 16,000 from last month.
- 2,592,000 (seasonally adjusted) worked fewer than 35 hours due to part-time work being all the work they could find, an increase of 93,000 from last month.
- 3,550,000 (not seasonally adjusted) worked both a full-time job and at least one part-time job, a drop of 41,000 from December 2012.
- 1,969,000 (not seasonally adjusted) worked multiple part-time jobs in lieu of a full-time job, a drop of 149,000 from December 2012.

Steve Eggleston on January 10, 2014 at 9:38 AM

Ah yes. verbaldouche, where art thou?

Lanceman on January 10, 2014 at 9:38 AM

canopfor on January 10, 2014 at 9:35 AM

The Speaker’s page is linked on Drudge and virtually every post is ripping him for looking to flood the labor market with more immigrants.

Wigglesworth on January 10, 2014 at 9:39 AM

Here’s the deal, steveegg, when Bush was President, I was making money hand-over-fist, my house was worth what I paid for it and I couldn’t walk down the street without someone trying to give me a job.

For the record, I am an e-lec-trician, not some corporate type.

Now? Under bankruptcy and foreclosure. I make considerably less per hour strangely since y’alls buddies Nan Piglosi and Hairy Reed took Congress.

Lanceman on January 10, 2014 at 9:35 AM

The ObamiNation sucks for guys like us.

Steve Eggleston on January 10, 2014 at 9:39 AM

Half a million dropping out; that should help Obama’s unemployment numbers. I can’t wait to see how the media spins puts a positive spin on this.

bw222 on January 10, 2014 at 9:39 AM

What I want to know s how is amnesty for 11 million illegals going to help the 10 million legals who are unemployed? How does that policy help?

magicbeans on January 10, 2014 at 9:36 AM

The discussion on “immigration reform” won’t even touch on the unemployment rate. We are supposed to believe that every illegal in the US are hard working dilligent individuals that are forced to live in the shadows. It isn’t true of course with illegals actually going before Congress to whine that they don’t like being called illegals but that is the myth.

Happy Nomad on January 10, 2014 at 9:39 AM

Wow, not even trying to fake it anymore.

22044 on January 10, 2014 at 9:40 AM

Pivoting back to jobs, again in 5…4…3…2…1

Static21 on January 10, 2014 at 9:40 AM

Mark Knoller ‏@markknoller 1m

.@SpeakerBoehner calls the jobs report “disappointing.” He says “every American has a right to ask the question

‘Where are the jobs?”
Expand

canopfor on January 10, 2014 at 9:42 AM

Libfree and Verbasloopy will clarify what these numbers mean soon. The word awesome will likely be used.

oldroy on January 10, 2014 at 9:37 AM

I think what you mean is that they are standing by for the DNC/OFA talking points about how super awesome it is that 525K more Americans are spending quality time with their families thanks to Obama.

Happy Nomad on January 10, 2014 at 9:42 AM

Yeah. They didn’t look for work or didn’t get a job because it is cold in winter. Did these morons actually get college degrees?

Patriot Vet on January 10, 2014 at 9:12 AM

“J-school” is located on university campuses, but it isn’t really college. It’s more like remedial third grade (without any math or science).

bw222 on January 10, 2014 at 9:43 AM

Libfree and Verbasloopy will clarify what these numbers mean soon. The word awesome will likely be used.
 
oldroy on January 10, 2014 at 9:37 AM

 
Today’s numbers are because a factory closed in May of 1970.

rogerb on January 10, 2014 at 9:44 AM

canopfor on January 10, 2014 at 9:35 AM

The Speaker’s page is linked on Drudge and virtually every post is ripping him for looking to flood the labor market with more immigrants.

Wigglesworth on January 10, 2014 at 9:39 AM

Wiggleworth:

That experiment is unfolding in England, where there getting
flooded with immigrants seeking work, and there Social Benefits
are sky-rocketing!!

Thats the US, if the DemoRats get there way!:)

canopfor on January 10, 2014 at 9:45 AM

Mark Knoller ‏@markknoller 3m

Boehner says House GOP has passed dozens of “pro-growth jobs bills” and slams Senate Dems for not acting on them.

canopfor on January 10, 2014 at 9:45 AM

They manipulated the 2012 election. This clown should be run out of town on a rail.

Key West Reader on January 10, 2014 at 9:49 AM

He just read about it over coffee and donuts on his blackberry.

oldroy on January 10, 2014 at 9:20 AM

Isn’t Mooch back from squandering millions of taxpayer dollars so she can spend more time on vacation? If so the lazy shiftless coward is definitely NOT having donuts this morning. If she isn’t I’m guessing cold pizza, vodka, and cigarettes.

Happy Nomad on January 10, 2014 at 9:49 AM

Happy Nomad on January 10, 2014 at 9:32 AM

The problem is he sucks at delivering the message.

The ObamiNation sucks for guys like us.

Steve Eggleston on January 10, 2014 at 9:39 AM

In the words of Spanky, “You said it!”

dogsoldier on January 10, 2014 at 9:50 AM

Chad Pergram ‏@ChadPergram 21m

Boehner: There are more families living in poverty today than there were before the president took office.

canopfor on January 10, 2014 at 9:50 AM

hey’re reciving transitional living funding.

Happy Nomad on January 10, 2014 at 9:32 AM

When does the transitional part kick in?

Or does that mean party affiliation…

:)

Electrongod on January 10, 2014 at 9:50 AM

The ObamiNation sucks for guys like us.

Steve Eggleston on January 10, 2014 at 9:39 AM

Isn’t this supposed to be one of those “embrace the suck” moments?

Sure millions of Americans are unemployed, underemployed, and/or just getting by. Many for the first time in their lives. But look at how Obama has raised the standard of living for the worthless parasites who are perpetually sucking up transitional living funding.

Happy Nomad on January 10, 2014 at 9:52 AM

The market is going up because this means more QE.

Wigglesworth on January 10, 2014 at 9:37 AM

Wigglesworth:)
================

markets
17m
US stocks open higher following the December jobs report; Dow gains 41 points – @CNNMoney
end of bulletin

canopfor on January 10, 2014 at 9:53 AM

Today’s numbers are because a factory closed in May of 1970.

rogerb on January 10, 2014 at 9:44 AM

Wow. That’s tacit admission from libdie that blacks aren’t qualified for anything other than menial stuff.

Lanceman on January 10, 2014 at 9:53 AM

Meanwhile, the GOP wants to add millions upon millions more.

WisCon on January 10, 2014 at 9:53 AM

The unemployment rate declined from 7.0 percent to 6.7 percent in December

Nothing more to see. 6.7%.

Obama is working his magic and by the end of the year at a .3 drop we will be at 5.5%. This guy is amazing. Time for that constitutional Amendment.

CWchangedhisNicagain on January 10, 2014 at 9:53 AM

The unemployment rate declined from 7.0 percent to 6.7 percent in December, while total nonfarm payroll employment edged up (+74,000), the U.S. Bureau of Labor Statistics reported today.

How much longer are they going to report these bogus Unemployment numbers? The unemployment rate, for those still collecting a check, fell to 6.7%? Remember when this began the joke was Obama would simply wait for attrition of the workforce to lower his numbers. That is exactly what he’s done. I don’t think it’s funny any more, especially since I will be joining those unemployed in 7 days.

Boats48 on January 10, 2014 at 9:54 AM

When does the transitional part kick in?

Electrongod on January 10, 2014 at 9:50 AM

That’s the part I’m unclear on too. Sheila Jackson Lee came up with the term and I am sure not one of the parasites who keep returning her to office have been off the public dole in a generation or two.

To me, transitional living funding sounds like the government is willing to buy sleeper sofas or something.

Happy Nomad on January 10, 2014 at 9:54 AM

For much of his term, it would have been negative as for much of his term (45 months, to be exact, including all of 2001 and 2006), the employment-population ratio was at or greater than 62.8%. The worst would have been December 2008 at 2.5%.

Steve Eggleston on January 10, 2014 at 9:25 AM

Thanks, Steve. That’s even more extreme then I would have thought.

Chris of Rights on January 10, 2014 at 9:55 AM

To expand on Jim’s numbers, here’s the unseasoned changes from December 2012 to December 2013:

- 2,125,000 more people in the civilian non-institution 16+ age population
- 496,000 fewer people in the labor force
- 1,363,000 more people working
- 1,860,000 fewer people officially unemployed
- 2,893,000 more people not in the labor force
- 600,000 fewer people not in the labor force wanting to work

Meanwhile, the 55-64 age group grew by 732,000 and the 65+ age group grew by 1,460,000. The potential retirees only add up to 75% of the growth in the not-in-the-labor-force group.

Steve Eggleston on January 10, 2014 at 9:57 AM

Does this mean we don’t need to extend Unemployment Bennies to them?

/

Electrongod on January 10, 2014 at 9:25 AM

Nothing fixes the job market more than unemployment benefits!

Gatsu on January 10, 2014 at 9:31 AM

And amnesty.

Midas on January 10, 2014 at 9:57 AM

I am a reasonably intelligent person, but I am not getting this.

matthew8787 on January 10, 2014 at 9:26 AM

Printing 60 to 85 billion fiat dollars a month out of thin air might have something to do with it.

Difficultas_Est_Imperium on January 10, 2014 at 10:00 AM

Is that Frank Luntz in the picture?

Lanceman on January 10, 2014 at 10:02 AM

What’s hilarious is that losing 500,000 people off UE3 to U6 turned 74,000 hires into .3% drop in UE3…

that should be scaring the HELL out of people it is an indicator of how bad the labor participation rate AND new job generation is.

You should have some churn as people get new work b/c there is usually statistic noise of enough volume to drive UE3 UP as a pulse…

These numbers being so small a pool and with downward pressure means people are hunkered down and businesses are purposefully stagnant.

It’s truly bad signs and the media is thrilled YAY YAY we got below 7%! U-S-A U-S-A

Except, that fervor relies on accepting as sane policy the main hypothesis of Obamanomics which is:

1.5 million less people in the workforce in 2012 versus 2012 is evidence of a roaring economy that just needs to “invest” a little more in “Green Shoots” and we will BE ROARING!

At the same time the administration engages in energy policy by regulatory fiat that has us on pace to have 30% less energy generation capability than China by 2015….

Tell me LinFreeOrMooonbat and DRYWALL et al HOW PRECISELY can we have industrial growth and recovery with a declining relative energy capacity and as such ever increasing ENERGY RATES?

This is 4th grade econ 101 stuff your Chicago Je$u$ can’t master(in theory frankly I think this idiocy is on purpose)

Putin and Pravda understand what the US is doing even if the US media and the GOP refuse to call it out.

harlekwin15 on January 10, 2014 at 10:02 AM

Had U6 not bled out those numbers from the workforce labor participation rate somehow holding steady UE3 would be 7.9%…

we are slowly gaining momentum towards have a legitimate 20% TRUE unemployment amongst the able TRYING TO SUPPORT the highest percentage of our population in history taking disability payments.

This economy is being ran by an insane asylum glee club policy team.

harlekwin15 on January 10, 2014 at 10:04 AM

Isn’t this supposed to be one of those “embrace the suck” moments?

Happy Nomad on January 10, 2014 at 9:52 AM

Quite old skool….Celebrate the suck!

lynncgb on January 10, 2014 at 10:04 AM

Look!! Look! Over here..There’s a Bridgegate scandal!! So says the MSM..:(

Dire Straits on January 10, 2014 at 10:05 AM

This isn’t a report with a little good news and a little bad news.

This is an appallingly bad report. There is no good way to spin adding only 75K jobs while losing 500K from the labor force.

Chris of Rights on January 10, 2014 at 10:05 AM

Quite old skool….Celebrate the suck!

lynncgb on January 10, 2014 at 10:04 AM

I believe the full phrase is Celebrate the suck…. or else.

Happy Nomad on January 10, 2014 at 10:06 AM

Is that Frank Luntz in the picture?

Lanceman on January 10, 2014 at 10:02 AM

LoLz..Frank is in a bad place..We need to take him out drinking ..:)

Dire Straits on January 10, 2014 at 10:08 AM

To me, transitional living funding sounds like the government is willing to buy sleeper sofas or something.

Happy Nomad on January 10, 2014 at 9:54 AM

That would certainly be a lot cheaper.

Transition: 1. process of change: a process or period in which something undergoes a change and passes from one state, stage, form, or activity to another

I think she used the wrong word again. I think she meant Stagnant Living Funding.

Fallon on January 10, 2014 at 10:09 AM

economic indicators
1m
November wholesale inventories up 0.5% – @CNBCNow
end of bulletin
=================

CNBC Newsroom ‏@CNBCnow 7m

Nov. wholesale inventories up 0.5%. (h/t @RickSantelli)
Expand
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https://twitter.com/CNBCNow

canopfor on January 10, 2014 at 10:10 AM

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