Here's my summary of the key news overnight in 90 seconds at 9 am, including news the US unemployment rate fell sharply in September to its lowest level since January 2009, suggesting that summer job growth was stronger than previously thought and providing new fodder for their presidential race that has focused on competing views of the nation's economic health.
This latest data shows a labour market that has perked up somewhat since the spring but is still only growing modestly.
The US unemployment rate slid to 7.8%, falling below 8% for the first time since President Obama's election.
The rate has fallen half a percentage point in theee month; it was 8.3% in July.
Employers there added a seasonally adjusted 114,000 jobs in September, but there were significant data revisions for previous months.
The new figures showed that the US added 181,000 jobs in July and 142,000 jobs in August, and that third-quarter job growth was far higher than in the spring.
In China, Foxconn, the assembler of Apple's iPhones, had to stop production for the second time in as many weeks after factory-line workers at one of its plants protested against the pressure of increased quality-control measures.
In Australia, their building industry shrank in September by the most in 12 months, led by a deepening downturn in residential and commercial construction, according to an industry group survey.
The NZ$ starts this week at 81.8 USc and just under 73 on the TWI. These levels are almost the same as the average rates for September.
No chart with that title exists.
12 Comments
Hey come on PDK, you don't think Key pulls that long bow for all it's worth, if it wasn't for immigration to Aus...these boys would need to employ an army of spin to tweak the stats here....
Being in the business of ' looking for a job' is now considered an occupation, or a form of retraining in the least.
Well you can ignore the error if you take a trend and that trend shows an improvement.
http://krugman.blogs.nytimes.com/2012/10/07/the-payroll-data/
http://krugman.blogs.nytimes.com/2012/10/06/constant-demography-employm…
Its arguably not much but it is positive.
It would be interesting to compare that to change to debt changes and petrol price changes.
regards
The data while suspicious in it's timing, will be a relief for the Democrats, another finger and toe hold for Bernanke, an infusion for the Speculative Markets, and some great manure for the garden if newsprint is still biodegradable.
Ya just rub the lamp and it comes up ...shinning.
I won't Hugh.....their ability to recover though, will be continually hampered by systemic flaws in fiscal policy combined with their willingness to expose their own economy to exterior pressures though Foreign Policy misjudgements. As I said here once before Hugh ,the U.S. dollar economy is now far far bigger than the U.S. economy.....resulting in an inevitable conflict of wellbeing for the smaller of the two. I realize the U.S. has entrenched their position in regard Foreign Policy, but until there is a reduction in Global affairs they are prepared to financially commit to...the local economy will be exposed to outside shocks.
I went to a talk recently given by the US ambassador to NZ. Apparently they have just started to plan Foreign Policy on a four year review basis, like the military already do. They also plan to coordinate their Foreign Policy with the military policy.
The talk gave me a unique insight into why US Foriegn Policy appears so chaotic; because it is chaotic. Scariest talk I've been to in a while.
However texas is apparantly regarded as a low wage state and that attracts companies, which in turn attracts employees. So doing a single city look at and then projecting that State and indeed country wide seems very dubious.
In terms of US recovery I think its a pig in a poke....they dont have enough energy or other materials long term....they have used them mostly up.
The countries likely to do better are the ones left with natural resources...though once they are used up they also face the same problem....
regards
from infowars.com
Looking at job growth another way?
The number of Americans with a job fell by 195,000 in July.
Then it fell by another 119,000 in August.
But somehow in September it miraculously exploded in the other direction and 873,000 jobs were added to the economy?
If you believe that, I have a bridge that I want to sell you.
Somehow, the largest increase in jobs in 29 years happened just when Barack Obama needed it the most.
Nah, that doesn’t sound fishy to me at all.
We are being told that a big reason for the huge increase was the number of Americans working part-time for “economic reasons”. That number surged from 8.0 million in August to 8.6 million in September.
Why the sudden jump?
Nobody can really explain it.
And if you look at the U6 unemployment rate, nothing has really changed at all. U6 is still at 14.7 percent just like it was last month.
But the media is not going to talk about the U6 rate. Instead, all of the headlines are going to be about “7.8 percent”.
According to the survey of employers, the U.S. economy added fewer jobs in September than it did in August, and it added fewer jobs in August than it did in July.
So according to the survey of employers, the employment situation in the United States is getting worse.
But according to the household survey, we just had the greatest month of job creation since the first term of Ronald Reagan.
Something does not add up.
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