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May 06, 2005

April Yields 274,000 More Jobs

The economy is continuing to show signs of improvement, as April payrolls exceeded forecasts, adding nearly 300,000 jobs nationwide. Of course, with that great news came even more good news--previous months were revised upward.

U.S. employers added 274,000 workers in April, more than economists expected, suggesting that higher costs and a first-quarter slowdown haven't shaken companies' confidence in economic growth.

The increase follows a revised gain of 146,000 jobs in March, the Labor Department said today in Washington. All told, the economy added 93,000 more jobs in February and March than the government previously reported.

Experts are nonetheless happy with the reports.

"It is a surprisingly strong report, it's across the board, and it's good news for the economy," William Ford, former president of the Atlanta Federal Reserve Bank, now a professor at Middle Tennessee State University, said in an interview. "People are now going to be more concerned about inflation and less about the soft patch."

Economists predicted employers would add 174,000 jobs last month, up from the 110,000 the government originally reported for March, according to the median of 80 forecasts in a Bloomberg News survey. Estimates ranged from 130,000 to 325,000. Today's gain was the biggest since 300,000 in February.

While the unemployment rate did not change, retail employment and constructions jobs rose by 24,000 and 47,000, respectively. Incomes also increased last month, putting more money right into the pockets of the comsumers who are doing their part in driving the economy forward.

Workers' average hourly earnings rose 0.3 percent, or 5 cents, to $16. Economists had expected hourly earnings to rise 0.2 percent. Average weekly earnings increased $4.88 to $542.40.

Employers are reporting increased productivity.

Productivity, a measure of how much an employee produces for every hour of work, rose at a 2.6 percent annual rate in this year's first three months, the Labor Department said yesterday. That was higher than the fourth quarter's 2.1 percent pace and the 1.8 percent median forecast.

Posted by Aaron at May 6, 2005 09:50 AM

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Comments

MSM Headline: "Unemployment levels unchanged"

Those aren't $30+/hr union jobs for low and non-skilled minority workers in blighted urban areas, so according to the MSM they don't count.

Posted by Graumagus [TypeKey Profile Page] at May 6, 2005 11:16 AM

How many months have the numbers been "more than economists expected" over the past 2+ years? Sounds like the journalists and the government need to listen to new economists.....or economists need to update their forecast models.

Posted by Sarge [TypeKey Profile Page] at May 6, 2005 01:15 PM

Unemplyment levels haven't changed because unemployment levels are reported to the nearest tenth of a percent. The change this month wasn't enough to bump the UER% down by 1/10th of a percent, so......NO CHANGE. It's just an artifact of the reporting method.

Posted by Sarge [TypeKey Profile Page] at May 6, 2005 01:41 PM

seems to me that if unemployment levels have changed less than 1/10 of 1%, then they really haven't moved a worthwhile amount...

Posted by mattk [TypeKey Profile Page] at May 6, 2005 02:21 PM

The quarter of a million-plus people pulling in paychecks may disagree with that....

Posted by Graumagus [TypeKey Profile Page] at May 6, 2005 02:45 PM

All I know is that reading todays economic section you see that Ford and GM have been downgraded to "junk bond" status.

Posted by Um Yeah [TypeKey Profile Page] at May 6, 2005 02:48 PM

And, despite that, the market had an excellent day on the whole, so really that doesn't anything relevant to this discussion.

I do hope you realise that if today was October 25th 2004 Um Yeah and the vast majority of the democratic party would be holding their fingers in their ears screaming "NYANYANYANYANYA LALALALA I CANT HEAR YOU LALALALALLA BUSHITLER RUINED OUR ECONOMY LALALALALA"

Posted by MJohnson [TypeKey Profile Page] at May 6, 2005 03:51 PM

You know what would be nice for Republican idiots like yourself to be screaming "Hey maybe we can take a look at this deficit or skyrocketing healthcare or this fucking war" but then all Rush would have to say is "look an evil Librul" *points to Liberal* and you monkeys would be mollified once again.

Posted by Um Yeah [TypeKey Profile Page] at May 6, 2005 04:44 PM

Yes I agree, that would be very nice for you. Unfortunately, many conservatives suffer from a disease which limits there ability to think and communicate to strictly rational and logical methods. It is a horrible affliction, that forces it's sufferers to actually live in reality, rather then a fantasy world full of fluffly pink bunnies and cotton-candy trees.

So until the pharmaceutical industry discovers a legal cure for common sense, I'm afraid you'll have to continue humming protest songs loudly while pretending we don't exist.

Posted by MJohnson [TypeKey Profile Page] at May 6, 2005 04:57 PM

many conservatives suffer from a disease which limits there ability to think and communicate to strictly rational and logical methods.

BWAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

Yeah sure.

The last straw was the thousandth or so time a guy like Steve went after evil libruls for being both Illogical AND not religous/devout enough.

BTW MJ you do KNOW that you arent that bright right?

Everyone else seems to know but you.

Posted by Um Yeah [TypeKey Profile Page] at May 6, 2005 05:05 PM

I am still trying to see something positive here. OK, it's 274,000 jobs. It could be a lot less, so this is positive. Is it worthy of a Hip.... Hip..Hoorah? Not hardly, Bush policy is limping.

http://www.americanprogress.org/site/pp.asp?c=biJRJ8OVF&b=669035

We are still dealing with "sagg economy." Wage increases? With inflation factored...nada..zip!!

Posted by Russ [TypeKey Profile Page] at May 6, 2005 07:16 PM

You still don't believe in commas and apostrophes, do you UY?

Posted by mrs heather, GLOR, DIY goddess [TypeKey Profile Page] at May 8, 2005 10:56 PM

seems to me that if unemployment levels have changed less than 1/10 of 1%, then they really haven't moved a worthwhile amount...

Well, geeee matt....if they're way down as they are (5.2%)....they aren't going to go down much more.....and a change of 274K is a huge amount to those that are among the 274K.....but just because it wasn't big enough to change the UE rate, doesn't mean squat, except to those that want it to be negative. They DO teach math in college these days don't they? Take a look at Europe and see what REAL unemployment numbers look like (France...10+%, Germany 11.8%).

Posted by Sarge [TypeKey Profile Page] at May 9, 2005 11:50 AM

This conversation is great. Numbers are numbers and don't budge just because you'd like to see them budge. Its not being negative, its being accurate.

Yes, if there is one new job in the country and its your's, then it makes all the difference. Whoop-dee-do.

Posted by mattk [TypeKey Profile Page] at May 9, 2005 01:30 PM

I have nothing that I'd "like" to happen concerning the unemployment rate. Just because YOU are partisan and want the numbers to look worse than they are, doesn't mean they ARE worse than they are. The rate didn't change in APRIL because it changed in MARCH to 5.2% and the 274K from last month wasn't enough to change it again (which is sucha non-point that tries to disuade attention from 274,000 fewer jobless claims).

...but, just as the media feels that they have to try to find some bad news when it's nothing but good....so do YOU. It couldn't just be great news that 274K people just found jobs....they have to point out, and YOU have to lap-up, the meaningless tripe that the rate didn't change......of course, that's the rate "as reported by the government BLS" to keep it simple enough for the dimwits to understand. If they reported to the hundredth or thousandth of a percent.....it WOULD have changed.

"Whoop-dee-do"...spoken like a true student.

Posted by Sarge [TypeKey Profile Page] at May 9, 2005 03:32 PM

The double-digit unemployment rates in Europe don't even tell the whole story. LONGTERM unemployment (people who are unemployed for a year or longer) account for 10% of all unemployed people (or .5% of the workforce) in the US, and it's about 12% in Canada, but throughout most of Europe long-term unemployed accounts for 30-50% of all unemployed.

Posted by MJohnson [TypeKey Profile Page] at May 10, 2005 10:30 AM

Mattk, rounding off numbers to the nearest tenth isn't called being accurate, it's called being imprecise.

Posted by MJohnson [TypeKey Profile Page] at May 10, 2005 10:42 AM

Just because YOU are partisan

AHEM and uh you arent?

Posted by Um Yeah [TypeKey Profile Page] at May 10, 2005 11:49 AM

Pathetic little child....show me a single partisan thought I have injected into this thread. Oh wait....I just reread everything I've said and you won't be able to because it's not there....so STFU already. Got nothing to say...then say exactly that.....NOTHING.

Posted by Sarge [TypeKey Profile Page] at May 10, 2005 04:21 PM

show me a single partisan thought I have injected into this thread.

So you are Partisan? Thats why you used the qualifier "into this thread"?

Posted by Um Yeah [TypeKey Profile Page] at May 10, 2005 05:35 PM

EVERYONE is partisan....some choose to not be partisan at times (such as me in this thread)....dickheads like you don't have the choice, because you are not able. STILL have nothing to say?

Posted by Sarge [TypeKey Profile Page] at May 12, 2005 11:51 AM

EVERYONE is partisan.

Then why go after anyone else for being partisan?

Posted by Um Yeah [TypeKey Profile Page] at May 12, 2005 07:03 PM

When someone injects their partisanship into a conversation on the unemployment rate by trying to downplay a gain of 274K jobs....I'm gonna call 'em on it.....not that I need to explain myself to a pathetic little child with nothing to say...

Posted by Sarge [TypeKey Profile Page] at May 13, 2005 10:31 AM