November jobs report brings more good news

The November jobs report released today by the Bureau of Labor Statistics (BLS) indicates the economy added 146,000 jobs. Unemployment dropped to 7.7%.

Immigration reform?

The Republican party seems to have awakened to addressing a reality based immigration policy. It took the crushing reality of an electorate increasingly unfavorable to hard line positions on immigration, but moderation on the issue now seems positively to warn the hearts of reasonable Republicans. Many economists have suggested immigration reform is good for the economy, if not necessary to ensure labor is available to fill the positions which will be created in the 21st century.

Jobs grow while February unemployment remains constant

The Bureau of Labor Statistics (BLS) issued its report on February jobs creation today. The nonfarm payroll employment added a net gain of 227,000  jobs in Frebruary. The unemployment rate remained at 8.3% due to more persons reentering the workforce. December's report also was revised upward from +203,000 to +223,000, and the change for January was revised upward from +243,000 to +284,000.

Unemployment drops to 8.3%

The Bureau of Labor Statistics (BLS) released its January jobs report this morning, and the news is BTE. Private sector jobs grew by 257,000 but declines in public sector employment reduced the non-farm payroll employment gain to 243,000. The report also adjusted upward the gains reported for November and December 2011. The 8.3% rate is the lowest in three years.

Louisiana job growth

Good news on state and local unemployment and job creation. The Bureau of Labor statistics (BLS) reported that the state's seasonally adjusted jobless rate dropped to 6.8% in December. Thats down from 7.7% in December 2010. The Louisiana Workforce Commission announced December marked the 15th consecutive month the state added private sector jobs. Statewide job growth in 2011 was 48,300.

Economy gains 200,000 jobs

The Bureau of Labor Statistics (BLS) issued its report on December jobs creation today. The nonfarm payroll employment added a net gain of 200,000 jobs. The unemployment rate fell to 8.5% (from 8.7% in November).

Ruh Roh

One reason consumers feel so pessimistic may be that income levels have declined more since the recession ended than during the period of recession. This from a study by two former census officials

During the recession, real median annual household income fell by 3.2 percent, from $55,309 in December 2007 to $53,518 in June 2009. During the economic recovery, real median annual household income fell by an additional 6.7 percent, from $53,518 in June 2009 to $49,909 in June 2011.

Just sayin'

Warren Buffett on taxes and job creation:

"I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation."

Seems that as long as the discussion is diverted by illogical assumptions, the problem will continue.

Worst job creation decade

Its now official, the first decade of the 22nd century has been an economic disaster for many Americans. Earnings for middle class Americans have been been lagging since the 1970's, but since 2000, income has actually declined while inflation adjusted prices have risen. The Economic Policy Institute (EPI) has a more detailed report. Despite the lowest tax rates in 50 years, the United States is hemorrhaging good jobs, and the rate of job creation (any job creation) lags the loss. Where are the job creators? Over taxed they are not. Over regulated? Perhaps, but I tend to think job creation originates with demand. The engine for demand is the 95% of the population that either has nothing to spend or is too scared to spend it. A millionaire tax is too little to erase the deficit, and correspondingly, lowering taxes (again) for millionaires wont liberate job creators sufficient to make a dent in unemployment.