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Disappointing Job Report Means More QE2

From a reality slapped Associated Press:

Unemployment rate falls to 9.4 percent, hiring up

By Christopher S. Rugaber, AP Economics Writer
January 7, 2010

WASHINGTON – The nation’s unemployment rate dropped to 9.4 percent last month, its lowest level in 19 months. That was because more people found jobs, but also because some people gave up on their job searches.

The Labor Department says employers added 103,000 jobs in December, an improvement from November but far below most analysts’ expectations.

Private employers added a net total of 113,000 jobs last month. Government shed 10,000…

Again, we were told by the payroll company ADP just two days ago that the private sector had added 297,000 jobs in December. What happened?

Over the past three months, the economy has added an average of 128,000 jobs. That’s just enough to keep up with the population growth. Nearly double is generally needed to significantly reduce the unemployment rate

But other factors can affect the unemployment rate, at least temporarily. One key reason for the drop was that the government no longer counts people as unemployed when they stop looking for work

[U]nemployment rate has topped 9 percent for 20 months, the longest such streak on record. And even with last year’s job gains, the unemployment rate fell only from 9.7 percent to 9.4 percent.

Through all of 2010, the nation added 1.1 million jobs, or an average of 94,000 jobs a month.

Reuters is also getting testy:

Payrolls rise 103,000 in December, jobless rate falls

By Lucia Mutikani
Friday January 7, 2011

WASHINGTON (Reuters) – The economy created far fewer jobs than expected in December, suggesting the Federal Reserve will complete its asset buying program, but the unemployment rate dropped to its lowest in more than 1-1/2 years.

Non-farm payrolls increased 103,000, the Labor Department said on Friday, below economists’ expectations for 175,000…

Federal Reserve officials will weigh the jobs report when they meet on January 25-26. Signs of strength in the economic recovery had led to calls for the U.S. central bank to scale back its widely criticized $600 billion government bond-purchasing program aimed at keeping interest rates low to boost demand.

Some policymakers indicated in December they had a "fairly high" threshold for curtailing the stimulus program

Analysts say the Fed’s focus is on unemployment and expect it to complete the bond-buying plan

Businesses aren’t hiring? Then print more money.

What could be easier?

This article was posted by Steve on Friday, January 7th, 2011. Comments are currently closed.

6 Responses to “Disappointing Job Report Means More QE2”

  1. River0 says:

    So many people have given up looking and dropped out of the system, or accepted part-time work, that the stats are bogus. The real rate, counting underemployment, is far higher.

    Anybody remember back in ’07 when the unemployment number was about 6% that the DemonicRats were screaming “Depression!”, and “George Bush doesn’t care about the people!” Paul Krugman was writing weekly attacks in the NYTimes about the “failures” of the Bush Presidency.

    How do these hypocrites sleep at night? “Hypocrisy is the tribute vice pays to virtue” – Matthew Arnold

  2. tranquil.night says:

    The UFO which accidentally took out all these random critters was here because it was dropping off the latest round of Space Cash to all the World Banks. The commissariat from the planet M’ir are demanding we implement some sort of austerity, however, or the entire galactic economy might go supernova!

  3. proreason says:

    The whole country is racist. That can be the only explanation.

  4. Liberals Demise says:

    Should one consider being a bank robber a ‘part-time’ job or ‘Temp’ work?
    Been hearing of a lot of bank heist on TV lately.

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