Archive for December, 2012

Pronk Pops Show 94, December 7, 2012, Segment 1: Jumping off the fiscal cliff and bouncing back towards peace and prosperity with bungee budgets!–Videos

Posted on December 7, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, Government, Government Spending, History, Investments, Labor Economics, Law, Media, Monetary Policy, Philosophy, Politics, Polls, Regulation, Tax Policy, Videos, Violence, Wisdom | Tags: , , , , , |

Pronk Pops Show 94: December 7, 2012

Pronk Pops Show 93: November 30, 2012

Pronk Pops Show 92: November 10, 2012

Pronk Pops Show 91: November 5, 2012

Listen To Pronk Pops Podcast or Download Shows 94

Listen To Pronk Pops Podcast or Download Shows 92

Listen To Pronk Pops Podcast or Download Shows 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-09 and 93

Segment 1: Jumping off the fiscal cliff and bouncing back towards peace and prosperity with bungee budgets!–Videos

bungee_jumping_off_fiscal_cliff

World’s Tallest Bungee Jump HD (Backwards)

Aussie tourist’s bungee cord snaps

Fiscal Cliff: What Republicans, Democrats Agree on So Far

Grover Norquist: Obama “Thinks Somebody Made Him King”

“Grover Norquist confident Republicans will abide by no tax pledge” Grover Scares The GOP

Fiscal Cliff GOP Plan Offered by John Boehner White House Rejects Plan

Obama – Finally An Aggressive Progressive?!

White House ‘Reluctantly’ Willing to Go Off Fiscal Cliff?

Obama On Rejecting GOP Plan: It’s Just A Matter Of Math’

Sen. Hatch: Obama’s “fiscal cliff” plan a “bait and switch”

Joe Scarborough Hammers Fiscal Cliff Offer: Was It Necessary For Obama ‘To Be So Provocative?’

Charles Krauthammer Fiscal Cliff Analogy: Obama Offer Worse Than Appomattox

Timothy Geithner ‘This Week’ Interview: Fiscal Cliff is in the GOP’s Court

Dr. Coburn on OUTFRONT with Erin Burnett Regarding Speaker Boehner’s Offer and Fiscal Cliff

The Engineered Fiscal Cliff

Jumping off the fiscal cliff and bouncing back towards peace and prosperity with bungee budgets!

By Raymond Thomas Pronk

The year-end fiscal cliff time bomb of massive tax increases and huge spending cuts is ticking louder and louder.

On Nov. 29, President Barack Obama sent Treasury Secretary Tim Geithner to Congress to present his opening proposal to increase tax revenues by $1.6 trillion over the next 10 years, a possible extension of the temporary Social Security payroll tax cut and increased presidential power to raise the national debt without limit. Obama would support $600 billion in spending cuts including $350 billion from Medicare and other health programs.

However, Obama wants an additional $200 billion in new spending outlays for jobless benefits, aid for struggling homeowners and at least $50 billion for public works infrastructure projects—another stimulus package. In summary, Obama wants four times as much in tax increases as spending cuts. Obama’s so-called balanced approach offer was dead on arrival in the Republican-controlled House..

House Speaker John Boehner, R-Ohio, and other Republican leaders responded by sending Obama the GOP plan in a Dec. 3 letter that includes $800 billion in higher tax revenues over the next decade. The letter pointed out that Erskine Bowles, co-chair of Obama’s debt commission, recommended a balanced middle ground approach that included significant spending cuts as well as $800 billion in new tax revenue.

However, the GOP plan would keep the Bush marginal tax rates for all brackets, including those for higher income earners in place. The Republican letter pointedly said,

“The new revenue in the Bowles plan would not be achieved through higher tax rates, which we continue to oppose and will not agree to in order to protect small businesses and our economy.”

The Republican plan would also cut over ten years $600 billion from costly health care programs including Medicare, $300 billion from national defense and domestic programs and another $300 billion from other proposals including forcing federal workers to contribute toward their pension plans. The Republican plan would produce an estimated $2.2 trillion in savings over 10 years.

Neither the Democratic nor Republican proposals to avoid the year-end fiscal cliff would balance the budget in the next ten years. The Republicans as much as admitted this in their letter by stating, “This is by no means an adequate long-term solution, as resolving our long-term fiscal crisis will require fundamental entitlement reform. Indeed, the Bowles’ plan is exactly the kind of imperfect but fair middle ground that allows us to avert the fiscal cliff without hurting our economy and destroying jobs.”

The president after reading the Republican proposal letter, rejected the GOP plan out of hand because it did not increase the marginal tax rates on those earning more than $250,000, the majority of whom are successful business owners who create wealth, income and jobs.

The table below summarizes the failed 10 year record of both political parties in controlling government spending that have produced massive fiscal-year deficits and an ever increasing national debt.

Summary of Tax Receipts and Spending Outlays of the

United States Government for Fiscal Years 2002-2012

[in million of dollars]

Fiscal Year Tax Receipts Spending Outlays Deficits (+) or Surplus (-)

2002

1,853,225 2,011,016 157,791
2003 1,782,108 2,159,246 377,139
2004 1,879,783 2,292,628 412,845
2005 2,153,350 2,472,095 318,746
2006 2,406,675 2,654,873 248,197
2007 2,567,672 2,729,199 161,527
2008 2,523,642 2,978,440 454,798
2009 2,104,358 3,520,082 1,415,724
2010 2,161,728 3,455,931 1,294,204
2011 2,302,495 3,601,109 1,298,614
2012 2,449,093 3,538,446 1,089,353
Source: Department of the Treasury, Final Monthly Treasury Statements of Receipts and Outlays of the United States Government for Fiscal Years 2002-2012, table 1.

Neither the Democratic Party led by President Obama, Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi nor the Republican Party led by House Speaker Boehner, House Majority Leader Eric Cantor and Senate Minority Leader Mitch McConnell, are capable of balancing the budget of the U.S. government.

U.S. government budget deficits are financed or paid for by the issuing of debt in the form of Treasury bills, notes or bonds by the Department of the Treasury. The sale of Treasury securities results in an increase in the national debt and an increase in the interest that must be paid by the American people to those who purchase the Treasury securities.

The Federal Reserve, the central bank of the United States, has been artificially suppressing interest rates for more than four years, to near zero rates (.25 percent) for federal funds, money loaned overnight by commercial banks to each other. Once inflation or a rise in the general price level hits the economy, interest rates will quickly rise to market levels. The interest paid by the federal government on its Treasury securities will quickly double and triple to more than $750 billion per year.

Until the U.S. government lives within the means of the American people by balancing its budget, the economy:

(1) will grow at relatively low rates between 1 and 2 percent per year,

(2) have persistently high unemployment rates in the 8 to 10 percent range,

(3) and inflation or price increases will exceed 3 to 6 percent or more per year.

Economists describe such a situation as stagflation, a portmanteau of stagnation and inflation

Forget about the fiscal cliff. Focus on economic growth and job creation. Balance the budget.

A balanced budget is one in which total spending outlays equal total tax receipts. A budget deficit is one in which total spending outlays exceed total tax receipts. A budget surplus is one in which total tax receipts exceed total spending outlays.

Balance the U.S. government’s budget by Sept. 30, 2016, the end of fiscal year 2016, by cutting total government spending $250 billion or about 7 percent per year for four years until the budget is balanced or in surplus.

Federal government spending outlays would be capped at the following fiscal-year levels:

The Bungee Budgets

Balancing The United States Government Budget

By Sept. 30, 2016

Estimated Tax Receipts, Spending Outlays, Deficits, and Surpluses

[in million of dollars]

Fiscal Year Estimated Tax Receipts* Estimated Spending Outlays** Estimated Deficits (+) or Surplus(-)
2013 2,475,000 3,288,000 813,000
2014 2,500,000 3,038,000 538,000
2015 2,525,000 2,788,000 263,000
2016 2,550,000 2,538,000 -12,000
*Estimated tax receipts are based on the current Internal Revenue Code being extended for four years and increasing tax receipts of $25 billion per fiscal year.**Spending outlays are reduced $250 billion from the previous fiscal year.

Extend the so-called Bush marginal tax rates for four years or until the current complex Internal Revenue Code and regulations are replaced by either a single flat income tax or a broad-based national consumption retail sales tax—the FairTax. The proposed bungee budgets for fiscal years 2013-2016 require leaders with courage, vision and wisdom to pass and implement them. The possibility of the above proposal being passed by Congress and signed into law by the president are slim and none.

Today the U.S. has a national debt exceeding $16 trillion and unfunded liabilities for Social Security and Medicare exceeding $63 trillion according to the latest report of the trustees of both programs. The unfunded liability is the amount the government has promised in benefits looking indefinitely into the future less the payroll taxes and premiums the government expects to collect.

The U.S. government’s national debt and unfunded liabilities now exceed $80 trillion or more than five times the total estimated U.S. real gross domestic product for 2012. The U.S. warfare and welfare state has already fallen off the fiscal cliff and is accelerating toward a default on its Treasury debt.

Yet the political theater in Washington, D.C., over the phony fiscal cliff crisis will continue into 2013. The American people deserve the leadership they voted for in November. Now the American people will pay the price as the economy heads toward another recession. The party is over. Happy New Year!

Raymond Thomas Pronk is host of the Pronk Pops Show on KDUX web radio from 3-5 p.m. Fridays and author of the companion blog http://www.pronkpops.wordpress.com.

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Pronk Pops Show 94, December 7, 2012: Segment 0: How Did U-3 Official Unemployment Rate Decline from 7.9% to 7.7% In November When 600,000 New Jobs Are Needed To Reduce Unemployment Rate By .2% and Only 146,000 Jobs Were Created–542,000 Americans Left The Labor Force In November!–Videos

Posted on December 7, 2012. Filed under: American History, Budgetary Policy, Business, Economics, Employment, Federal Government, Fiscal Policy, Government, History, Labor Economics, Media, Philosophy, Politics, Polls, Pro Life, Public Sector Unions, Radio, Regulation, Social Science, Unions, Videos, War, Wisdom | Tags: , |

Pronk Pops Show 94: December 7, 2012

Pronk Pops Show 93: November 30, 2012

Pronk Pops Show 92: November 10, 2012

Pronk Pops Show 91: November 5, 2012

Listen To Pronk Pops Podcast or Download Show 94

Listen To Pronk Pops Podcast or Download Show 93

Listen To Pronk Pops Podcast or Download Show 92

Listen To Pronk Pops Podcast or Download Show 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-09

Segment 0: How Did U-3 Official Unemployment Rate Decline from 7.9% to 7.7% In November When 600,000 New Jobs Are Needed To Reduce Unemployment Rate By .2% and Only 146,000 Jobs Were Created–542,000 Americans Left The Labor Force In November!–Videos

sgs-emp

Fmr. Obama Economist Jared Bernstein: Unemployment Drop Due To Labor Force

U.S. Adds 146,000 Jobs; Jobless Rate Falls to 7.7%

Rick Santelli Epic Rant on November Jobs Report & Soak The Rich: They Love to Fib About Statistics

Breaking Down the November Jobs Report

The Unemployment Game Show: Are You *Really* Unemployed? from Mint.com

U.S. Unadjusted Unemployment Shoots Back Up

Unemployment situation best for college grads, whites, men, and older workers

U.S. unemployment, as measured by Gallup without seasonal adjustment, was 7.8% for the month of November, up significantly from 7.0% for October. Gallup’s seasonally adjusted unemployment rate is 8.3%, nearly a one-point increase over October’s rate.

gallup_unemployment_rate

Although the increase in the unadjusted rate in November is a sharp contrast to the 0.9-point decline seen in October, November’s 7.8% rate is still tied for the second-best unadjusted unemployment monthly reading of 2012. However, on an adjusted basis, November’s rate is the highest reading in six months. Looking at year-to-year comparisons, seasonally adjusted unemployment is down from 8.9% in November 2011.

Underemployment, as measured without seasonal adjustment, was 17.2% in November, a 1.3-point increase since the end of October. The uptick in November also puts an end to the six-month trend of improvements or no change. Still, underemployment has improved 0.9 points since November 2011.

Gallup’s U.S. underemployment measure combines the percentage who are unemployed with the percentage of those working part time but looking for full-time work. Gallup does not apply a seasonal adjustment to underemployment.

Gallup_Underemployment_Rate

http://www.gallup.com/poll/159104/unadjusted-unemployment-shoots-back.aspx

US Unemployment Rate Dropped in December 2012 – What’s the Good and the

Employment Situation Summary Table A. Household data, seasonally adjusted

Household Data Summary Table A. Household Data, Seasonally adjusted

[Numbers in thousands]

Category Nov. 2011 Sept. 2012 Oct. 2012 Nov. 2012 Change from: Oct. 2012- Nov. 2012
Employment status
Civilian noninstitutional population 240,441 243,772 243,983 244,174 191
Civilian labor force 153,937 155,063 155,641 155,291 -350
Participation rate 64.0 63.6 63.8 63.6 -0.2
Employed 140,614 142,974 143,384 143,262 -122
Employment-population ratio 58.5 58.7 58.8 58.7 -0.1
Unemployed 13,323 12,088 12,258 12,029 -229
Unemployment rate 8.7 7.8 7.9 7.7 -0.2
Not in labor force 86,503 88,710 88,341 88,883 542

http://bls.gov/news.release/empsit.a.htm

ESTABLISHMENT DATA Summary table B. Establishment data, seasonally adjusted
Category Nov. 2011 Sept. 2012 Oct. 2012(p) Nov. 2012(p)
EMPLOYMENT BY SELECTED INDUSTRY (Over-the-month change, in thousands)
Total nonfarm 157 132 138 146
Total private 178 122 189 147
Goods-producing 8 -17 18 -22
Mining and logging 4 0 -7 5
Construction 1 -1 15 -20
Manufacturing 3 -16 10 -7
Durable goods(1) 14 -14 7 11
Motor vehicles and parts 1.4 -1.4 -2.5 9.7
Nondurable goods -11 -2 3 -18
Private service-providing(1) 170 139 171 169
Wholesale trade 6.9 -0.5 8.0 13.1
Retail trade 33.8 36.6 50.9 52.6
Transportation and warehousing 9.9 3.7 9.2 3.5
Information -2 -8 -5 12
Financial activities 11 14 5 1
Professional and business services(1) 39 8 55 43
Temporary help services 19.7 -10.0 13.9 18.0
Education and health services(1) 20 45 24 18
Health care and social assistance 6.2 37.3 38.2 22.0
Leisure and hospitality 42 28 20 23
Other services 8 11 5 3
Government -21 10 -51 -1

Employment Level

143,262,000

Series Id: LNS12000000
Seasonally Adjusted
Series title: (Seas) Employment Level
Labor force status: Employed
Type of data: Number in thousands
Age: 16 years and over

employment_level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146397(1) 146157 146108 146130 145929 145738 145530 145196 145059 144792 144078 143328
2009 142187(1) 141660 140754 140654 140294 140003 139891 139458 138775 138401 138607 137968
2010 138500(1) 138665 138836 139306 139340 139137 139139 139338 139344 139072 138937 139220
2011 139330(1) 139551 139764 139628 139808 139385 139450 139754 140107 140297 140614 140790
2012 141637(1) 142065 142034 141865 142287 142415 142220 142101 142974 143384 143262
1 : Data affected by changes in population controls.

Civilian Labor Force Level

155,291,000

Series Id: LNS11000000
Seasonally Adjusted
Series title: (Seas) Civilian Labor Force Level
Labor force status: Civilian labor force
Type of data: Number in thousands
Age: 16 years and over

Civilian_Labor_Force_Level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154075(1) 153648 153925 153761 154325 154316 154480 154646 154559 154875 154622 154626
2009 154236(1) 154521 154143 154450 154800 154730 154538 154319 153786 153822 153833 153091
2010 153454(1) 153704 153964 154528 154216 153653 153748 154073 153918 153709 154041 153613
2011 153250(1) 153302 153392 153420 153700 153409 153358 153674 154004 154057 153937 153887
2012 154395(1) 154871 154707 154365 155007 155163 155013 154645 155063 155641 155291
1 : Data affected by changes in population controls.

Labor Force Participation Rate

63.6 %

Series Id: LNS11300000
Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over

civilian_labor_force_participation_rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 65.9 66.0 65.8 65.8
2009 65.7 65.8 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.1 64.9 64.6 64.6 64.7 64.6 64.4 64.5 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.1 64.0 64.1 64.1 64.1 64.0 64.0
2012 63.7 63.9 63.8 63.6 63.8 63.8 63.7 63.5 63.6 63.8 63.6

Unemployment Level

12,029,000

Series Id: LNS13000000 Seasonally Adjusted Series title: (Seas) Unemployment Level Labor force status: Unemployed Type of data: Number in thousands Age: 16 years and over

Unemployment_Level

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Annual
570858585733548157585651574758535625553456395634
602360896141627162266484658370427142769480038258
818282158304859983998393839083048251830785208640
852086188588884289579266901188968921873285768317
837081678491817082128286813679907927806179327934
778479807737767276517524740673457553745375667279
706471847072712069807001717570916847672768726762
711669276731685067666979714970677170723772407645
767874917816763183958578895094509501100831054411299
120491286013389137961450514727146461486115012154211522715124
149531503915128152211487614517146091473514574146361510414393
139191375113628137921389214024139081392013897137591332313097
1275812806126731250012720127491279412544120881225812029

Year
2000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Unemployment Rate U-3

7.7%

Series Id: LNS14000000 Seasonally Adjusted Series title: (Seas) Unemployment Rate Labor force status: Unemployment rate Type of data: Percent or rate Age: 16 years and over

unemployment_Rate

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Annual
4.04.14.03.84.04.04.04.13.93.93.93.9
4.24.24.34.44.34.54.64.95.05.35.55.7
5.75.75.75.95.85.85.85.75.75.75.96.0
5.85.95.96.06.16.36.26.16.16.05.85.7
5.75.65.85.65.65.65.55.45.45.55.45.4
5.35.45.25.25.15.05.04.95.05.05.04.9
4.74.84.74.74.64.64.74.74.54.44.54.4
4.64.54.44.54.44.64.74.64.74.74.75.0
5.04.95.15.05.45.65.86.16.16.56.87.3
7.88.38.78.99.49.59.59.69.810.09.99.9
9.79.89.89.99.69.49.59.69.59.59.89.4
9.19.08.99.09.09.19.19.19.08.98.78.5
8.38.38.28.18.28.28.38.17.87.97.7

Year
2000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Unemployment Rate U-6

Series Id: LNS13327709 Seasonally Adjusted Series title: (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers Labor force status: Aggregated totals unemployed Type of data: Percent or rate Age: 16 years and over Percent/rates: Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached U_3_unemployment_rate
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Annual
7.17.27.16.97.17.07.07.17.06.87.16.9
7.37.47.37.47.57.97.88.18.79.39.49.6
9.59.59.49.79.59.59.69.69.69.69.79.8
10.010.210.010.210.110.310.310.110.410.210.09.8
9.99.710.09.69.69.59.59.49.49.79.49.2
9.39.39.18.98.99.08.88.99.08.78.78.6
8.48.48.28.18.28.48.58.48.08.28.17.9
8.48.28.08.28.28.38.48.48.48.48.48.8
9.29.09.19.29.710.110.510.811.111.812.713.5
14.215.115.715.816.416.516.516.716.817.217.117.1
16.716.916.917.016.616.516.516.616.916.816.916.6
16.115.915.715.915.816.216.116.216.416.015.615.2
15.114.914.514.514.814.915.014.714.714.614.4

Year
2000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

U.S. Adds 146,000 Jobs; Jobless Rate Falls to 7.7%

By NELSON D. SCHWARTZ

“…Shaking off the effects of Hurricane Sandy and the looming fiscal impasse in Washington, the economy created 146,000 jobs in November, well above the level economists had been expecting. The report released Friday by the Labor Department also showed the unemployment rate fell to 7.7 percent, the lowest level in four years. But the drop came largely from a decline in the number of people seeking work and counted as officially unemployed. Among specific industries, the retail sector was especially healthy, adding 53,000 jobs as the holiday shopping season approached. In the last three months, retail employment has increased by 140,000. One notable point of weakness was the manufacturing sector, which lost 7,000 jobs in the month. Demand from Europe and other overseas markets has weakened recently, while some manufacturing companies have held off on spending as political leaders square off in Washington over how to cut the deficit. Highlighting just how vulnerable to shocks the economy remains, one widely followed index of consumer sentiment showed a marked drop in early December. The Thomson Reuters/University of Michigan’s index of consumer confidence, released Friday, fell to 74.5, down from 82.7 in November. That was the lowest it has been since August – a decline that Bricklin Dwyer, an economist with BNP Paribas, attributed to the showdown in Washington over the budget. “The deterioration in consumers’ future expectations was probably related to increased concerns relating to the political theater surrounding the ‘fiscal cliff’ negotiations,” he wrote in a report Friday. The Labor Department revised job growth in previous months downward somewhat. October growth fell to 138,000 from an initial estimate 171,000, and September’s declined to 132,000 from 148,000. Average hourly earnings in November rose 0.2 percent, the report showed. By the widest measure of joblessness, unemployment also eased slightly: after factoring in people looking for work as well as those forced to take part-time positions because full-time work wasn’t available, the total unemployed fell to 14.4 percent in November from 14.6 percent in October. The report for November was relatively strong, economists said, and showed fewer effects from Hurricane Sandy that had been expected. In Friday’s announcement, the Bureau of Labor Statistics said the storm did “not substantively impact the national employment and unemployment estimates for November.” Ethan Harris, co-head of global economics at Bank of America of Merrill Lynch, said, “It’s a pretty solid report. It’s consistent with a slow recovery in the job market.” “It’s encouraging that with the fiscal cliff looming, the corporate sector seems willing to hire even with the worries about what’s going in Washington,” Mr. Harris said. If the budget impasse can’t be resolved this month, however, it’s likely that jobs growth will weaken early next year, he added. “The fiscal cliff is a very dangerous game,” he said. Indeed, other economists remained cautious about the jobs outlook. “It’s not something to get too excited about,” said Nigel Gault, chief United States economist for IHS Global Insight. “The number is 146,000 and the average so far this year is 151,000. We’re pretty much in line with what we’ve been doing.” Mr. Gault said Hurricane Sandy’s impact may have been seen in construction, where the number of jobs fell by 20,000, as well as in manufacturing. The labor participation rate, which represents the proportion of the adult population that is either employed or actively looking for work, remains very low by historical standards. At 63.6 percent in November, Mr. Gault said, it was just 0.1 percent above the low point for the current economic cycle, which was reached in August 2012. “We’re not at the point in which the jobs market is strong enough to pull discouraged workers back into the labor market,” he said. …” http://www.nytimes.com/2012/12/08/business/economy/us-creates-146000-new-jobs-as-unemployment-rate-falls-to-7-7.html?hp&_r=0 Employment Situation Summary

Transmission of material in this release is embargoed                         USDL-12-2366
until 8:30 a.m. (EDT) Friday, December 7, 2012

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                         THE EMPLOYMENT SITUATION -- NOVEMBER 2012

Total nonfarm payroll employment rose by 146,000 in November, and the unemployment
rate edged down to 7.7 percent, the U.S. Bureau of Labor Statistics reported today.
Employment increased in retail trade, professional and business services, and health
care.

  -------------------------------------------------------------------------------------
 |                                                                                     |
 |                                Hurricane Sandy                                      |
 |                                                                                     |
 |Hurricane Sandy made landfall on the Northeast coast on October 29th, causing severe |
 |damage in some states. Nevertheless, our survey response rates in the affected       |
 |states were within normal ranges. Our analysis suggests that Hurricane Sandy did not |
 |substantively impact the national employment and unemployment estimates for November.|
 |BLS will release the regional and state estimates on December 21st. For additional   |
 |information on how severe weather affects employment and unemployment data, see      |
 |Question 8 in the Frequently Asked Questions section of this release.                |
 |                                                                                     |
  ------------------------------------------------------------------------------------- 

Household Survey Data

The unemployment rate edged down to 7.7 percent in November. The number of unemployed
persons, at 12.0 million, changed little. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (7.2 percent), adult
women (7.0 percent), teenagers (23.5 percent), whites (6.8 percent), and Hispanics (10.0
percent) showed little or no change in November. The unemployment rate for blacks (13.2
percent) declined over the month. The jobless rate for Asians was 6.4 percent (not
seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) was little
changed at 4.8 million in November. These individuals accounted for 40.1 percent of
the unemployed. (See table A-12.)

The civilian labor force participation rate declined by 0.2 percentage point to 63.6 percent
in November, offsetting an increase of the same amount in October. Total employment was
about unchanged in November, following a combined increase of 1.3 million over the prior
2 months. The employment-population ratio, at 58.7 percent, changed little
in November. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as
involuntary part-time workers), at 8.2 million in November, was little changed over the
month. These individuals were working part time because their hours had been cut back or
because they were unable to find a full-time job. (See table A-8.)

In November, 2.5 million persons were marginally attached to the labor force, essentially
unchanged from a year earlier. (These data are not seasonally adjusted.) These individuals
were not in the labor force, wanted and were available for work, and had looked for a job
sometime in the prior 12 months. They were not counted as unemployed because they had not
searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 979,000 discouraged workers in November, little
changed from a year earlier. (These data are not seasonally adjusted.) Discouraged workers
are persons not currently looking for work because they believe no jobs are available for
them. The remaining 1.5 million persons marginally attached to the labor force in November
had not searched for work in the 4 weeks preceding the survey for reasons such as school
attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 146,000 in November. Since the beginning
of this year, employment growth has averaged 151,000 per month, about the same as the 
average monthly job gain of 153,000 in 2011. In November, employment rose in retail
trade, professional and business services, and health care. (See table B-1.)

Retail trade employment rose by 53,000 in November and has increased by 140,000 over the
past 3 months. Over the month, job gains occurred in clothing and clothing accessory stores 
(+33,000), in general merchandise stores (+10,000), and in electronics and appliance stores
(+9,000). Employment in miscellaneous store retailers decreased by 13,000.

In November, employment in professional and business services rose by 43,000. Employment
continued to increase in computer systems design and related services.

Health care employment continued to increase in November (+20,000), with gains in hospitals
(+8,000) and in nursing care facilities (+5,000). Health care has added an average of 26,000
jobs per month this year.

Employment in wholesale trade edged up over the month (+13,000). Since reaching an employment
trough in May 2010, the industry has added 228,000 jobs.

Information employment also edged up in November (+12,000), with the increase concentrated
in motion picture and sound recording (+15,000). On net, information employment has changed
little over the past 12 months.

In November, leisure and hospitality employment continued to trend up (+23,000). Over the
past 12 months, the industry has added 305,000 jobs.

Employment in construction declined by 20,000 in November, with much of the loss occurring
in construction of buildings (-11,000). Since early 2010, employment in construction has
shown no clear trend.

Manufacturing employment changed little over the month. Within the industry, job losses
in food manufacturing (-12,000) and chemicals (-9,000) more than offset gains in motor
vehicles and parts (+10,000) and wood products (+3,000). On net, manufacturing employment
has changed little since this past spring.

Employment in other major industries, including mining and logging, transportation and
warehousing, financial activities, and government, showed little change in November.

The average workweek for all employees on private nonfarm payrolls remained at 34.4
hours in November. The manufacturing workweek edged up by 0.1 hour to 40.6 hours, and
factory overtime was unchanged at 3.2 hours. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls edged up 0.1 hour to 33.7 hours.
(See tables B-2 and B-7.)

In November, average hourly earnings for all employees on private nonfarm payrolls rose
by 4 cents to $23.63. Over the past 12 months, average hourly earnings have risen by
1.7 percent. In November, average hourly earnings of private-sector production and
nonsupervisory employees edged up by 3 cents to $19.84. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for September was revised from +148,000
to +132,000, and the change for October was revised from +171,000 to +138,000.

_____________
The Employment Situation for December is scheduled to be released on Friday,
January 4, 2013, at 8:30 a.m. (EST).

  ----------------------------------------------------------------------------------------
 |                                                                                        |
 |                   Revision of Seasonally Adjusted Household Survey Data                |
 |                                                                                        |
 |In accordance with usual practice, The Employment Situation release for December 2012,  |
 |scheduled for January 4, 2013, will incorporate annual revisions in seasonally adjusted |
 |unemployment and other labor force series from the household survey. Seasonally adjusted|
 |data for the most recent 5 years are subject to revision.                               |
 |                                                                                        |
  ----------------------------------------------------------------------------------------

   ---------------------------------------------------------------------------------------
  |                                                                                       |
  |                         Household Survey Reference Period                             |
  |                                                                                       |
  |In the household survey, the reference period for November 2012 was the calendar week  |
  |that included the 5th of the month. Typically, the reference period for the household  |
  |survey is the calendar week that includes the 12th of the month. In accordance with our|
  |usual practice for November, the reference and survey periods were a week earlier this |
  |year so that household survey interviews would not be conducted during the Thanksgiving|
  |holiday.                                                                               |
  |                                                                                       |
   ---------------------------------------------------------------------------------------

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