November 2, 2007
MAYBE WE COULD THINK OF IT THIS WAY...:
Payrolls Grow by Strong 166,000 in Oct. (JEANNINE AVERSA, 11/02/07, The Associated Press)
Employers boosted payrolls by a surprisingly strong 166,000 in October, the most in five months, an encouraging sign that the nation's employment climate is holding up relatively well against the strains of a housing collapse and credit crunch.
...there's something almost admirable in the sense of security that allows the economic pundits and press to express surprise everytime the news has been good for 25 straight years. Posted by Orrin Judd at November 2, 2007 8:37 AM
Whether the surprise was justified or not, this is a good number for payroll jobs. Most commentators were expecting under 100,000.
The unemployment rate stayed at 4.7%, which is also good. The odd result was the household survey, which picks up self-employed, independent contractors, small business people and so on. This is also the survey that determines the unemployment number. In any case, household employment fell by 250,000. It has fallen in three out of the last four months and that, unfortunately, is not a good sign.
Posted by: Kurt Brouwer at November 2, 2007 1:40 PMWhen did people that economic cycles run 8-10 years between recessions. It's only persistent
stupidity like Smoot Hawley, cutting foreign
capital flow; along with stigmaitzationof business that led to a 12 year depression
There are some issues with the payroll report that may be a bit statistical for this forum. I still think it is a very good report, but it may get revised downward a bit in the next month or two.
Posted by: Kurt Brouwer at November 2, 2007 8:06 PM