November 4, 2005

WHAT A DIFFERENCE A YEAR MAKES:

Payrolls Grow in Oct.; Jobless Rate Dips (Jeannine Aversa, 11/04/05, AP)


Importantly, job losses in September turned out to be just 8,000, according to revised figures. That was smaller than the 35,000 decline in jobs that was reported a month ago, suggesting the damage to the job market from Katrina wasn't as terrible as many had feared. Still, the storm was certainly felt: The drop in payrolls in September was the first nationwide employment decline in two years.

The unemployment rate, meanwhile, edged down to 5 percent in October as some people opted to leave the civilian labor force for any number of reasons. The jobless rate in September had crept up to 5.1 percent.

"The United States' economy is strong. It's healthy," President Bush proclaimed Friday while attending the Summit of the Americas in Argentina.

12 months ago, we dupes had just re-elected the guy who gave us the " Worst Economy Since Hooverâ„¢ ". Since then, the deficit has dropped 23% and the Treasury's taking in more money than ever in history. Time to crank up the Inflation Fears stories. To that end, Disney has already scooped the rest of the media on the next most pressing poll question.

Posted by John Resnick at November 4, 2005 1:42 PM
Comments

And Ray Fair has updated his model, predicting 4.6% unemployment by the end of 2006.

inflation's up tho. See Econopundit.

Posted by: Sandy P at November 4, 2005 3:10 PM

I thought it was the worst economy since Buchanan.

Or maybe the worst since Barbara Ehrenreich, I can't remember.

Posted by: ratbert at November 4, 2005 4:10 PM

The official unemployment rate among those aged 20 - 65, of all races, was a seasonally-adjusted 4.4% for Oct. '05, and the number of people holding part-time jobs, but who want to work full-time, decreased by 330,000 to 4.3 million.

So, lookin' good.

Posted by: Michael Herdegen at November 4, 2005 6:07 PM

Despite surging prices at the gasoline pumps, the report showed that so-called core inflation, which exempts food and energy from its calculation, declined in the third quarter. A price gauge favored by Federal Reserve Chairman Alan Greenspan -- personal consumption expenditures excluding food and energy -- increased at a 1.3 percent annual rate compared with 1.7 percent in the second quarter. That marks the mildest rate of core price rises since the second quarter of 2003.

Posted by: oj at November 4, 2005 6:26 PM

Also:

October 2005: 142,646,000 Americans employed
October 2004: 139,827,000 Americans employed

~2,820,000 jobs added over the past twelve months.

Posted by: Michael Herdegen at November 5, 2005 3:51 AM
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