BY JIM FLINK

ANCHOR  MEGAN MURPHY


Boring.  Ho-hum.  Not news.
And yet, somehow -- that’s good news when it comes to the latest jobless numbers.  
Here’s the Wall Street Journal’s Paul Vigna.

“What did they show?  Well, they showed the jobs market really hasn’t changed that much.  155,000 jobs have been added which is basically the rate that jobs have been growing at for the last year.”

Put another way, and in context with yesterday’s private-sector ADP numbers, the Washington Post says....

“Both numbers point to a labor market that is getting stronger but not particularly rapidly. The economy in December was what we thought it was: trudging along consistently.”

Yes, if there is one word that describes this latest report -- it is largely “unchanged.”
The overall unemployment rate of 7.8% -- unchanged.
Subgroups -- women, minority groups, discouraged workers -- all unchanged.  
So what did change?  The Bureau of Labor Statistics reports....

“Health care employment continued to expand in December (+45,000) …
...employment in food services and drinking places rose 38,000 ...
...Construction added 30,000 jobs in December  ...
...manufacturing employment rose by 25,000 …”


One analyst tells Bloomberg, these numbers will also move the average earnings higher because of the sectors where growth is being seen.

“Those are very high wage jobs and it does affect the mix.... and it does affect how we see wage gains reported in this report.  It doesn’t necessarily affect how individuals are seeing their wage gains out there...”

Still, most people are jaundiced about these numbers. Like an analyst on CNBC who notes, there’s too much unfinished business in Washington to make any proclamations about recovery or growth.

“....as we go into fiscal cliff 2.0, i think the big question is whether we get substantially more fiscal tightening … “
“of course, there’s a second act and we don't know what the ending is yet. “


 

Boring Jobs Data Has Hidden Positives, Fueling Optimism

by Jim Flink
0
Transcript
Jan 4, 2013

Boring Jobs Data Has Hidden Positives, Fueling Optimism

BY JIM FLINK

ANCHOR  MEGAN MURPHY


Boring.  Ho-hum.  Not news.
And yet, somehow -- that’s good news when it comes to the latest jobless numbers.  
Here’s the Wall Street Journal’s Paul Vigna.

“What did they show?  Well, they showed the jobs market really hasn’t changed that much.  155,000 jobs have been added which is basically the rate that jobs have been growing at for the last year.”

Put another way, and in context with yesterday’s private-sector ADP numbers, the Washington Post says....

“Both numbers point to a labor market that is getting stronger but not particularly rapidly. The economy in December was what we thought it was: trudging along consistently.”

Yes, if there is one word that describes this latest report -- it is largely “unchanged.”
The overall unemployment rate of 7.8% -- unchanged.
Subgroups -- women, minority groups, discouraged workers -- all unchanged.  
So what did change?  The Bureau of Labor Statistics reports....

“Health care employment continued to expand in December (+45,000) …
...employment in food services and drinking places rose 38,000 ...
...Construction added 30,000 jobs in December  ...
...manufacturing employment rose by 25,000 …”


One analyst tells Bloomberg, these numbers will also move the average earnings higher because of the sectors where growth is being seen.

“Those are very high wage jobs and it does affect the mix.... and it does affect how we see wage gains reported in this report.  It doesn’t necessarily affect how individuals are seeing their wage gains out there...”

Still, most people are jaundiced about these numbers. Like an analyst on CNBC who notes, there’s too much unfinished business in Washington to make any proclamations about recovery or growth.

“....as we go into fiscal cliff 2.0, i think the big question is whether we get substantially more fiscal tightening … “
“of course, there’s a second act and we don't know what the ending is yet. “


 

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