Jobless Rate in U.S. Falls Below 6% as Hiring Picks Up
Ross Salinger Carlsbad Ca 14 hours ago
When I was young, they wanted young people so I got hired. After 10 years everyone wanted people with ten years so I got increases and hired again. Same story over and over again because I chose a field that was growing in demand and because I had a good education, not just any education. That’s the problem today, the jobs are not in the places where people’s experience and education can help them to get them. I’m not saying that I was smart, quite the contrary, but I did see what was going on after a while. We need more auto mechanics and fewer BA’s in history, more computer programmers and fewer HSG’s. That’s the only place where the government might be able to help – a real jobs program instead of providing minimum wage jobs picking up trash on the streets. Our political institutions are trying to cure unemployment and widespread underemployment with tools that were appropriate in the 1930′s, not the 2010′s.
mikelp New Jersey7 hours ago
So why is every other person I know my age out of work? 60 million people over the age of 50 out of work, but want to work.Of the top 25 CEOs, most are over 65, making hundreds of millions of dollars a year, and most of them are responsible for getting rid of the experienced, seasoned workers over 50. They capitalize on foreign labor who will work for pennies. The average tech worker in India makes $750/month. US labor cannot compete with that. This country has erased decades of fair labor practices in a matter or years.
George Taylor Washington, DC 2 hours ago
Sadly, the only jobs being created are low-paying, low-skill jobs. I would like to see a side-by-side chart showing the correlation of the dropping unemployment figure beside the chart showing the corresponding increase in people living on welfare as a result of exhausting their unemployment benefit.Voters are not fooled by the 5.9% figure. Everyone knows the U6 shows the real picture, which is above 11%.I recall in the lead-up to the 2012 election, BLS lied about the unemployment rate t make it appear better than it truly was. Can’t fool the voters again.
Mark Battey Cincinnati, Ohio 2 hours ago
Democrats, don’t call it the Great Recession, it’s not a good name for it anyway. Call it the Bush Bust. It’s a more accurate description.Yes, almost all the benefits of the recovery have gone to the wealthy, outsourcing, automation etc. have made it much harder for wages to have to increase, it’s true, and there isn’t much the Democrats can do about it as long as the Republicans can stop them. The Republicans, from the Supreme Court on down, seem absolutely determined to return us to the inequality of the Feudal period.
Delving Eye lower New England 16 hours ago
My husband and I, technical analysts and baby-boomers, were let go in 2007. We don’t show up on these charts because we have stopped looking for jobs from companies that we know will never employ us full-time due to our age (now, early 60s).As far as the labor department is concerned, we no longer exist — which certainly helps lower their unemployment figure.
hen3ryis a trusted commenter New York 17 hours ago
“Hard-working Americans want to know when the recovery is finally going to come to their street,” Mr. Brady said in the news release.Hard-working Americans want to know when trickle down economics is going to be replaced by a rising tide lifting all boats, not just the yachts of the rich and famous. This hard working American wants to know why she is being told, at the age of 55, almost 56, that her skills and work ethic, and willingness to work are met with indifference at every level of the business world. All Americans of working age would like to know why companies are allowed to outsource jobs to other countries to save money while depriving them of money they need to pay their bills. We’d like to know why we’re told that America needs more people in STEM fields when those of us who are/were in those fields are being laid off and not rehired even though we have the required skills or could easily learn them.
Here’s what I’ve learned over 30 years of work in America. Employers do not care about quality work. Employers will fire at the drop of a hat or pin. Employers do not want well trained qualified employees. They want loyalty but give none. They will shirk their responsibilities as much as they can. They will NOT do what’s best for America or any other country. Employers, especially large corporations, will take from a state or a county and try to give nothing in return. Big business runs America, not government and not the citizens.
jwgibbs Cleveland, Ohio 17 hours ago
Yes, America lets hurry up and elect a Republican House and a Republican Senate and hopefully a Republican President in 2016 so we can start to really cut spending across the board and really get the economy back on track. I guess Obama was just lucky. The fact that huge amounts of deficit spending for the war effort brought us out of the Depression is meaningless to the cut-spending Republicans. Just amazing how stupid the American electorate can sometimes be.
jw San Francisco 17 hours ago
“The government reported the labor-force participation rate was 62.7 percent in September”.That is the real number in terms of employment. The 5.9% rate is meaningless. If you are over 50 or work in an industry that has been downsized by technology, you either flipping burgers or drawing down your 401K in attempting to start a business because no one will hire you. This applies to MBAs as well as high school graduates.Why is AGEISM discrimination not at the forefront of employment issues?
Martin Kanally Sarasota, FL 15 hours ago
Oh please, if you think Obama and most Democrats are economic progressives, I’ve got a nice bridge I could sell you.Except for the inadequate and tax break laden stimulus bill in 2009, what progressive economic policies have actually been put in place?All I’ve seen is 3 more job losing “free” trade deals and a sequester that has cut as much as his “grand” bargain would have. There has been zero increase in spending on jobs and projects that would require jobs (which would lower unemployment, increase wages reduce welfare spending and reduce the debt as a percentage of GDP to a lower number than it would otherwise be). There has been no increase because of historically low tax revenue from super high earners (as a percentage of what they earn) and historically low corporate tax revenue both as a percentage of profits and GDP.
PaulB Cincinnati, OH 15 hours ago
Earlier this week here in Ohio, it was announced with great fanfare that the state’s minimum wage was increasing to (hold on) $8.15/ hour.Which is great news for me, after a 30+ year professional career, as I sally forth to augment my Social Security and very modest pension so that my two children can afford at least a respecable college. My wife, you ask? She’s had some job nibbles, but the quoted salary (no benefits) is not even a quarter of what she earned before being laid off.
Isn’t this a great country!
Wally Hayman Gladwyne, PA 15 hours ago
This is good news no matter how you cut it. People can complain that many of the jobs are for the unskilled and are low paying or that wages are stagnant (unless you’re in the 1%) but the fact is that we suffered from double digit unemployment six years ago with virtually the same conditions. Hence an unemployment rate below 7% with lousy jobs trumps 12% with no jobs and a depression. It would just be nice if record Wall Street earnings showed up on Main Street and corporations shared their record profits with employees.
Innocent Bystander Highland Park, IL 16 hours ago
Obama’s approval rating will probably drop another couple of points. In the meantime, wage growth is stagnant, as usual. Except for the top 1%.
stu freeman is a trusted commenter brooklyn NY 6 hours ago
Anyone who looks at these job figures or at the state of the economy in general and assumes that the GOP can do better ask your Republican Congressperson- or the person challenging your Democratic incumbent- what he/she plans to do to improve the situation. If they tell you anything other than “cut taxes and regulations for the job creators” please go right ahead and vote for them. We’ve all heard that mantra before and it’s what got us into this mess in the first place. Those who forget the past are condemned to repeat it.
David Palo Alto, Calif. 6 hours ago
The unemployment rate has fallen at a faster pace over the last year than at any time since October of 1984.Republicans have tried to claim everything from bogus employment statistics to the drop is due to the decline in the labor participation rate.The labor participation rate peaked in 2000, coincident with a peak in the percentage of prime age workers (age 24-54) in the workforce. Since then, the percentage of prime age workers in the workforce and the labor participation rate has declined in tandem.While some of the decline in the labor participation rate is due to the long-term unemployed leaving the workforce, most is due to the aging workforce, or baby boomers retiring. It is demographic and natural.Since President Obama took office, the deficit as a percentage of GDP has fallen from 10% to 3%, a drop of 70% and well within historical norms given real GDP growth.Inflation and health care costs specifically are growing at the lowest rate in decades. Meanwhile, the number of people without health care insurance has fallen 26%.The US is nearing energy independence, tripling wind power and increasing solar power 10 times.Corporate profits are at record levels while corporate balance sheets are the healthiest in decades, operating at much lower levels of leverage.America has the strongest economy of any developed nation. There is a lot of good news in the country since President Obama took over leadership [LOL] from a party that ran the nation into the ground.
Domingo Tavella San Francisco 6 hours ago
The economy is clearly rebounding, but this is not what the average voter really wants, according to polls. The average voter, according to polls, longs for those wonderful days of the last Republican administration, when unemployment was high and the economy was down in the doldrums. This deeply felt longing gives Republicans a great deal of optimism for 2016. There must be something thrilling about the economy being driven into the ground by a Republican administration, something not too dissimilar from a heroin trip that causes the individual to ruin his life in exchange for a moment of exhilaration. Statistics show that Republican administrations are about nine times more likely than Democratic ones to drive the country into a recession. Perhaps it is this astonishing fact that makes Republicans so enticing to voters, especially to people in the South, where it is a matter of great pride not to allow reality to intrude into people’s minds.
Reader In Wash, DC Washington, DC 6 hours ago
The numbers don’t reflect the many people who have dropped out of the market as so many commenters noted. For those praising Obama and his policies the job growth is despite the policies not because of them.
depression on Oct 3, 9:09 AM said:
@fu2: We don’t need a min wage increase …What we NEED is for you on the left TO STOP IMPORTING LABOR INTO THE COUNTRY TO TAKE OUR JOBS AWAY!!!!!!!!
Lunar Recruiting on Oct 3, 8:07 AM said:
Good news. There’s a job for you on the moon.
fu2 on Oct 3, 8:37 AM said:
@Lunar Recruiting: Take another victory lap Obama and spike the muthafukin’ ball. I wonder how many Rightards are blowing a gasket right now?
none123 on Oct 3, 9:02 AM said:
@fu2: “I wonder how many Rightards are blowing a gasket right now?”Hopefully all of them.But good or bad, crediting any president for market behavior is probably not warranted in most cases. That said, spike on!
Spike Fail on Oct 3, 9:06 AM said:
@fu2: The only spike that mini-putt-putt knows is the divot tool he uses to to mark his mini-balls.
Now for the whole story on Oct 3, 9:09 AM said:
@Lunar Recruiting: It’s funny how the liberal idiots here at BI neglect to tell you that the labor participation rate is at a 36 year low.
Also on Oct 3, 8:48 AM said:
@Have you heard of the baby boom: And many baby boomers are able to retire a couple years earlier than originally planned because they have secure access to affordable healthcare even in the absence of a job.
kevin wern on Oct 3, 9:31 AM said:
@Also: Oh boy, i can just get buy with my retirement money,to retire. But i have Obamacare? I’ll be just fine. I’ll just go to walwart and eat can food all the time. But don’t worry i have Obamacare everything will be just fine.
Wag the Dog on Oct 3, 8:42 AM said:
LOVE that falling LFPR (Labobor Force Participation Rate)!!!! As Howard Dean would say: YEE HAWW!!! LOL. Nothing like an economy that “grows” on Food Stamps over taking a job.Let’s report an accurate picture, BI…. NOT the Spin Machine. Happy Friday All….. OBTW, Fire Harry Reed in November!!!!!
Baby boomers, heard of them on Oct 3, 8:44 AM said:
@Wag the Dog: In the last year alone, the number of those 65+ that left the labor force is over 1.5 million. And that doesn’t include the many people who retire between 60-64.
matt beck on Oct 3, 8:45 AM said:
Its all phoney numbers generated by the hype machine at the BLS to support equity and bond valuations. Its a fraud.
Labor Participation Rate Drops To 36 Year Low; Record 92.6 Million Americans Not In Labor Force