Nation adds 200,000 jobs in December hiring surge

[123tim]

Four painful years after the Great Recession struck and wiped out 8.7 million jobs, the United States may finally be in an elusive pattern known as a virtuous cycle — an escalating loop of hiring and spending.

The nation added 200,000 jobs in December in a burst of hiring that drove the unemployment rate down two notches to 8.5 percent, its lowest in almost three years, and led economists to conclude that the improvement in the job market might just last.

"There is more horsepower to this economy than most believe," said Sung Won Sohn, an economics professor at California State University, Channel Islands. "The stars are aligned right for a meaningful economic recovery."

It was the sixth month in a row that the economy added at least 100,000 jobs, the longest streak since 2006. The economy added jobs every month last year, the first time that has happened since 2005.

Continued....
http://news.yahoo.com/nation-adds-200-000-jobs-december-hiring-surge-193428947.html

 

[brandon]

I've never noticed how much the media loves the word "surge" until recently.

 

[Austrian Econ Disciple]

I've never noticed how much the media loves the word "surge" until recently.

Mmmmhmmm good.

I used to drink this stuff all the time as a kid...so good.

 

[klamath]

Let romney be the loser against Obama.

 

[cubical]

The money sure is a flowin.

 

[unknown]

Sure, sure and miraculously gas prices will go down, food prices will go down and all be well before the election to try and ensure a victory for Obama.

Though if it comes down to Obama vs. Romney, does it really matter who's installed?

 

[kylejack]

There was job growth in a lot of different sectors, but don't expect the retail job growth to last. Those were gone as soon as the holidays ended.

 

[roho76]

Mmmmhmmm good.

I used to drink this stuff all the time as a kid...so good.

This looks like it would go good with these.

I miss me some screaming yellow zonkers. I could only find them at Big Lots.

 

[kah13176]

WOW. It's seasonal employment, which will extend a bit into January too due to the Christmas revenue.

Those people will lose their jobs again come mid-February when extra funds dry up and no one is buying anything again.

 

[RKoho]

I'm in retail and I was hired with about a bunch of other people. They could only afford to keep three of us out of like 7 or so.

 

[Zippyjuan]

The unemployment numbers will probably go up after the first of the year when the temporary holiday hires are let go. It will be a couple of months before we can get a better idea of what the real trend is. If they start letting military people go that will also add to unemployment.

 

[archangel689]

The media inflates candidates like the fed inflates hiring via "stimulus spending" to hire workers..... its a SURGE!

 

[eduardo89]

I wonder how many people left the workforce in December? They don't report that every month the work force has shrunk because people just give up looking for a job.

 

[torchbearer]

they count holiday temp jobs?

 

[kylejack]

they count holiday temp jobs?

Yes, any job.

 

[Zippyjuan]

Unemployment is measured via telephone surveys of individuals. If you worked anywhere for pay in the last two weeks I believe the time period is- even once- you are counted as employed.

 

[torchbearer]

Unemployment is measured via telephone surveys of individuals. If you worked anywhere for pay in the last two weeks I believe the time period is- even once- you are counted as employed.

do they ask if the employment is equivilent to your previous job? i mean, you were skilled labor making $100,000 a year, now you are stocking shelves at walmart. shouldn't that make a difference?

 

[kylejack]

do they ask if the employment is equivilent to your previous job? i mean, you were skilled labor making $100,000 a year, now you are stocking shelves at walmart. shouldn't that make a difference?

For the unemployment figure, no. That's known as underemployment.

 

[kylejack]

U1:[80] Percentage of labor force unemployed 15 weeks or longer.
U2: Percentage of labor force who lost jobs or completed temporary work.
U3: Official unemployment rate per the ILO definition occurs when people are without jobs and they have actively looked for work within the past four weeks.[2]
U4: U3 + "discouraged workers", or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
U5: U4 + other "marginally attached workers", or "loosely attached workers", or those who "would like" and are able to work, but have not looked for work recently.
U6: U5 + Part time workers who want to work full time, but cannot due to economic reasons (underemployment).

 

[Zippyjuan]

do they ask if the employment is equivilent to your previous job? i mean, you were skilled labor making $100,000 a year, now you are stocking shelves at walmart. shouldn't that make a difference?

Say I was with a company for 20 years and getting paid top dollar. For whatever reason, I am no longer working there. If I get a job someplace else, I will probably no longer be top dog and not getting top dollar. Should I be considered unemployed?

It isn't measuring the kind of job you have or its pay- only if you are working for pay. That is all you need to be considered employed.

And as Klyejack also points out in his quote (no link provide), you must also be actively looking for a job to be counted as unemployed. If you aren't looking (no longer want a job) you are not considered unemployed.