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« The Speech | Main | Second Day in a Row, 49-45 »
September 03, 2004

Jobs Report: Fair to Cowbell

Economy Adds 144,000 Jobs in August; Unemployment Rate Falls to 5.4 Percent

Josh Marshall "Questions the Timing" of the Long-Scheduled Report, Calling it "Just a Little Too Convenient, Don't You Think?"

Pretty good. July's pitiable 32,000 jobs revised upwards to 73,000 -- not good, yet, but better.

America's payrolls picked up in August, with the economy adding 144,000 jobs, slightly less than economists were forecasting and highlighting the slow and uneven recovery in the labor market that jobseekers have braved.

The unemployment rate dipped to 5.4 percent last month from 5.5 percent in July. But the drop in the jobless rate in August came as people left the work force for any number of reasons, the Labor Department reported Friday. Economists were predicting the jobless rate to hold steady in August.

The gain in payrolls was short of the 150,000 net jobs that economists were calling for. However, it represented the biggest jobs gain since May and marked the 12th month in a row that payrolls grew.

"As far as employment growth goes, it was okay. Nothing good, but nothing terrible," said economist Joel Naroff, president of Naroff Economic Advisors. "For jobseekers, it's an environment that provides them with some opportunities but finding jobs is still not going to be that easy yet."

Job gains for July were revised up to 73,000, still a lackluster number but an improvement from the 32,000 advance first estimated. Payrolls for June also were revised up to show a larger gain than first reported.

Also added 22,000 manufacturing jobs, which is pretty good.


I got the fevah.


posted by Ace at 11:08 AM
Comments



I'd spell it "fevah." "Feveh" looks like a kosher delicacy.

Posted by: Ryan on September 3, 2004 11:24 AM

Yes, you're right. "Fevah" doesn't look right to me either, though.

(But I did change it to that.)

Posted by: ace on September 3, 2004 12:48 PM

Ace,

LOL.

"For jobseekers, it's an environment that provides them with some opportunities but finding jobs is still not going to be that easy yet."

Does this make any sense?

Are jobs supposed to be easy to find?

Hey, I think I need a job today, I'll just run out to the free job place and get one right away.

5.4 % unemployed.

5.4%

What is the unemployment rate in France? Germany?
Russia? Spain? Egypt? Jordan? Syria?

How about the unemployment rate during the Glorious Cater Years?

Any takers?

Posted by: MeTooThen on September 3, 2004 01:06 PM

You're right. How about "FEE-vah," or is that too over the top?

Posted by: Ryan on September 3, 2004 01:22 PM

"More Cowbell" Hee hee!

Posted by: George on September 3, 2004 01:28 PM

MeTooThen,

French unemployment hovers around 10%.

German unemployment is around 12%.

The best I found on Russia is around 8%. A lot of the Russian stories come from Pravda and I simply do not believe them.

In 1994, Spain had unemployment of 25% but the most recent numbers I could find were 2000 and they read 10%.

With Egypt, Jordan, and Syria, I doubt there is conclusive data, as the governments are all opaque and corrupt. Egypt supposedly hovers in the 15%-25% range. Syria is probably close. Jordan seems a little more together so they may be better (a complete assumption on my part), but I doubt less than 10%.

So, our unemployment is half the unemployment of most countries and our work force dwarfs theirs (~138 million people).

Posted by: addison on September 3, 2004 02:07 PM

Oh, unemployment in the Carter administration was 7.9%-6% (in that order) but got worse into the Reagan administration until the tax cuts and inflation reduction took effect (link).

Posted by: addison on September 3, 2004 02:11 PM

Addison,

Wow.

You're a man amongst men.

And I don't even know if you're a man.

Posted by: MeTooThen on September 3, 2004 08:10 PM

MeTooThen,

Oh, this site kind of plays on what I was writing about the opaque Middle Eastern governments. The link goes to Jordan and says that they say 16% while the actual is around 30%. They have Syria at 20% and Egypt at 9.9%.

Posted by: addison on September 3, 2004 08:23 PM
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