U.S. Job Loss Slows

[OntarioVanMan]

WASHINGTON (TheStreet) -- In an upside surprise, the nation's economy lost far fewer jobs than expected in November, fueling the belief that the labor market is officially on the mend.

The Labor Department reported that 11,000 jobs were slashed from nonfarm payrolls last month, besting consensus estimates calling for a decline of 125,000 jobs, according to economists polled by Thomson Reuters. The easing drop in November marks the fewest losses since December 2007.

The nation's jobless rate also edged down to 10% from a 26-year high at 10.2% last month.

But individual estimates had varied widely before the release of the report, with some predictions approaching declines of 200,000 and others forecasting a near flat result. Taken together, the figures offered a welcome surprise to many market observers who had been looking forward to the report all week.

"This is good news," said Peter Cardillo, chief market economist at Avalon Partners, who had forecast a loss of 95,000 jobs and the jobless rate declining to 10.1%. "This is a step in the right direction and confirms that we've probably peaked in unemployment."

"Traditionally, unemployment lags," added Cardillo. "But it looks as though the economy will stop shedding jobs and we can start seeing some job growth in the first quarter of 2010."

Though the strong result also comes coupled with the realization that the number of unemployed continues to remains high, investors were feeling buoyant after the release, as the Dow Jones Industrial Average added 137 points, or 1.3%, to 10,503. The S&P 500 rose 18 points, or 1.6%, to 1,118, as the Nasdaq gained 40 points, or 1.8%, to 2,213.

Even more telling, the government report reflected sharp revisions in job loss estimates from recent months. October losses, which were originally estimated at 190,000, were edited down to 111,000. September losses fell to 139,000 after a downward revision from 219,000.

Temporary help services and health care segments added jobs, though that was offset by losses in construction, manufacturing and information. The average workweek figure also rose by 0.2 to 33.2 hours, while average hourly earnings edged higher by 0.1%

http://www.thestreet.com/story/10638...oss-slows.html

[greg334]

I read somewhere new job claims were at 425,000 for the month of November, which is a decline of 11,000 for October - is this what you mean?

[chefdennis]

I didn't read the article, but heard today that yes there were more people hired in nov then in any month in the last 20 months....those hires were in healthcare and in "temp employees"...the fact that temp employment goes up every oct and nov and last till after the holidays is normal and they totally expect those people to be "unemployed" again in the next 2 months...and it was also said that contruction and labor jobs declined.....so next week the "adjusted #'s will be out and the unemployment will go back up and the picture won't look as rosy as the fringe msm wants us to think it is....their "implanted idea" (from barry and his minions) is that "yea it sucks, but it doesn't suck as bad as it could.....

[greg334]

You got to watch that health care thing. These may be government jobs.

[chefdennis]

oh yea those healthcare jobs could very easily be gov jobs...just as they could also be "saved or created" jobs from the "stimulus"....along with the LEO's that cities got money to keep them working for 2 yrs as long as the cities could make sure they had the funds to keep them working for additional 2 yrs after the gov money os gone....now that they have the money, and the way most city budgets are going, they will be unemployed as soon as the fed funds run out,,,and the cities will default on their share......The "stimulus" is being should to be a joke and the numbers aren't adding up.....

[Tennesseahawk]

"Good news and bad news, sir. Good news is the growth of your prostate cancer is slowing. Bad news is it's still gonna kill you."

"Hey coach! We held them to a field goal! Now we're only down 31-0 instead of 35-0!"

Slow death is slow death.

[Steady Eddie]

WASHINGTON (TheStreet) -- In an upside surprise, the nation's economy lost far fewer jobs than expected in November, fueling the belief that the labor market is officially on the mend.

The Labor Department reported that 11,000 jobs were slashed from nonfarm payrolls last month, besting consensus estimates calling for a decline of 125,000 jobs, according to economists polled by Thomson Reuters. The easing drop in November marks the fewest losses since December 2007.

The nation's jobless rate also edged down to 10% from a 26-year high at 10.2% last month.

But individual estimates had varied widely before the release of the report, with some predictions approaching declines of 200,000 and others forecasting a near flat result. Taken together, the figures offered a welcome surprise to many market observers who had been looking forward to the report all week.

"This is good news," said Peter Cardillo, chief market economist at Avalon Partners, who had forecast a loss of 95,000 jobs and the jobless rate declining to 10.1%. "This is a step in the right direction and confirms that we've probably peaked in unemployment."

"Traditionally, unemployment lags," added Cardillo. "But it looks as though the economy will stop shedding jobs and we can start seeing some job growth in the first quarter of 2010."

Though the strong result also comes coupled with the realization that the number of unemployed continues to remains high, investors were feeling buoyant after the release, as the Dow Jones Industrial Average added 137 points, or 1.3%, to 10,503. The S&P 500 rose 18 points, or 1.6%, to 1,118, as the Nasdaq gained 40 points, or 1.8%, to 2,213.

Even more telling, the government report reflected sharp revisions in job loss estimates from recent months. October losses, which were originally estimated at 190,000, were edited down to 111,000. September losses fell to 139,000 after a downward revision from 219,000.

Temporary help services and health care segments added jobs, though that was offset by losses in construction, manufacturing and information. The average workweek figure also rose by 0.2 to 33.2 hours, while average hourly earnings edged higher by 0.1%

U.S. Job Loss Slows | Innovation Update | Financial Articles & Investing News | TheStreet.com

OH NO! You did the copy and paste thingy

[OntarioVanMan]

OH NO! You did the copy and paste thingy

Well of course..what ditz would type it all...??

[FIS53]

The temp worker thingy is both the stores and warehouses hiring seasonal help (as usual) and the temp agencies filling jobs at businesses all over. I believe that many businesses will not hire full time employees and actually increase their payrolls, but instead hire from agencies which gives them the ability to avoid the health care taxation and be able to cut or increase workforce on a daily or weekly basis (as required). Yes this increases potential for errors (picking errors etc) but this makes it better for us (don't you agree?). We'll see what happens but that's the trend we've been seeing here with a lot of companies. One outfit reduced their driver numbers to 4 from 12 and hired in temp agency drivers for 4 of the routes. No benefits, no payroll taxes, no sick days (always a replacement available) and 100% write off. Don't like a guy just call the agency and get another. Much easier than the problems and paperwork of a hired on person.
Rob

[OntarioVanMan]

If some of these guys were actually paying attention and talking to shippers and such.... a lot of companies are now doing this...instead of hiring...there is no almost no liability for a temp..and as you say a 100% write off...

[greg334]

The reason they are hiring temp workers is because the ambiguity with the government, no one wants to make commitments to hire when they don't know what is going to happen with taxes, unions and social security. They can't plan on expansion without numbers for the next two years.

These jobs that are being "created" are not real jobs and when this cycle of improvement starts back down, we are going to see more losses in the job sector.

Why is this called the job market? A market is where you acquire something, not lose something.

[OntarioVanMan]

These jobs that are being "created" are not real jobs and when this cycle of improvement starts back down, we are going to see more losses in the job sector.

When a person works at one of these "not real" jobs for 3-4 months and gets a "not real" pay check to support their families...
are you discounting peoples efforts to do the best with what is available...??

ambiguity of the government or ambiguity of the economy with government interference?

[Oilerman1957]

Jobs are always the last thing to come back after a recession, Companies will not hire new workers untill they know the economy has changed coarse so they hire temps or work overtime. This has happened after each recession. Anyone notice the increase in the number of drops happeneing on sat or sun?

[OntarioVanMan]

Jobs are always the last thing to come back after a recession, Companies will not hire new workers untill they know the economy has changed coarse so they hire temps or work overtime. This has happened after each recession. Anyone notice the increase in the number of drops happeneing on sat or sun?

Nope..I know of two friends that both have one Sat and Sunday drop, as well as a Sunday morning pick-up....

so it would be on a case by case situation how people perceive the economy

[Oilerman1957]

Well, that depends on how many friends you have, if you only have 2 friends then the numbers look pretty good, haahaha, j/k