posted on March 5, 2005 10:39:37 AMJob Growth Rises, to Delight of Investors
Barry Sweet/Bloomberg News
Housing starts, which hit a 21-year high in January, have been a mainstay of the recovery.
By EDUARDO PORTER
Published: March 5, 2005
AThe Labor Picture in February
Video
Page One: Saturday, March 5, 2005
Growth surged in February, the government reported yesterday, providing fresh evidence that the economy remained on a path of robust and sustained growth.
The Labor Department reported that employment grew by 262,000 jobs last month, twice as many as in January and the biggest increase since last October.
The job gains make clear that "the U.S. economy is growing solidly," said Mickey Levy, chief economist at Banc of America Securities. "Businesses are disciplined but obviously confident in the sustainability of product demand."
Investors were delighted by the data, which buttressed the view that inflation pressures remained relatively subdued even as output grew at a substantial pace.
The stock market, by some measures, returned to levels not seen since before the 9/11 terrorist attacks in 2001.
The Standard & Poor's 500-stock index rose 11.65 points, about 1 percent, to 1,222.12, while the Treasury market responded positively to the economic report, with rates falling.
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PLUS the job report also stated [on another NYT link] that 8,000 more jobs were added to January's total too. Good News to all.
posted on March 5, 2005 11:09:18 AM
You know Linda - it was interesting yesterday. I saw four news reports which spoke of the increase in new job creation last month. NBC, Fox, CNN, and BBC all mentioned it. The interesting thing is that only one also mentioned that despite this increase in job creation, unemployment still rose.
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If it's really "common" sense, why do so few people actually have it?
posted on March 5, 2005 11:13:47 AM
Yes, fenix - it went from 5.2 to 5.4. What I read said that was normal when the job market is opening up...those who had previously given up started looking for jobs again....thus raising that particular number.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Four More Years....YES!!!
posted on March 5, 2005 12:05:52 PM
They reported on our Milwaukee news that the national unemployment rate went from 5.2 to 5.0. So I guess it is all in who reports the news.
posted on March 5, 2005 12:17:58 PM
Libra - Are you sure they didn't mean your STATE unemployment rate? Because the 5.4 rate is what the DoL website shows too.
Reason I ask is because you can also look up how the individual states are fairing...like last I looked at the state list...Hawaii had an unemployment level of 3.0. Wow!! Think that's the lowest of all the states.
Anyway....that could have been what they were reporting.
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Four More Years....YES!!!
posted on March 5, 2005 09:03:46 PM
Individual states need to be closely examined. The state of Ohio, for example, is grossly lacking in jobs. This state is in serious financial trouble. I don't blame that all on Bush. I blame a good part of it on Taft who, by the way, is a republican and staunch supporter of Bush and who has the distinct honor of being named the worst governor in the country. I'm so proud. NOT!
One state can have a boom in jobs which will make the stats better. To me, that means nothing unless all the states have a boom in jobs. For example, let's say that the state of Florida has added 10,000 jobs. Great. The stats for new jobs looks better. Now, people from the states lacking in jobs move to Florida and fill those jobs. All you've really done is shuffle things around and we're back to the same problem. You now have states with less people getting less federal aid because of it.
I'm afraid that in order to fix the problem of jobs in this country it will take far more than has been done. You cannot have (for example) five states rich in jobs and the rest lacking in them. Jobs need to be created in each and every state in order for the situation to improve.
IMO, until states like Ohio see improvement, there is no improvement. Until we create a better import/export balance in this country, we'll be in trouble. When there are good, hard working people in this country wanting jobs there is no need to export those jobs to places like India all in the name of saving a few bucks. The exportation of jobs is NOT a good thing for America no matter what anyone (Bush) says. I am all for levying fines on companies that export our jobs and providing incentives to those who don't.
Cheryl
"No drug, not even alcohol, causes the fundamental ills of society. If we're looking for the source of our troubles, we shouldn't test people for drugs, we should test them for stupidity, ignorance, greed and love of power." ~ P.J. O'Rourke
The problem is state-wide. A large portion of Ohio is conservative republican. Cleveland represents a small portion of the state. So, you can't use Cleveland and the democrats on this one.
Cheryl
"No drug, not even alcohol, causes the fundamental ills of society. If we're looking for the source of our troubles, we shouldn't test people for drugs, we should test them for stupidity, ignorance, greed and love of power." ~ P.J. O'Rourke
posted on March 6, 2005 07:14:55 AM
In case you don't understand crowfarm, couples are buying homes that are way above their means and lending houses are letting them. It's the same as boats and expensive cars and SUV's. Those couples are trying to keep up with the Jones's. But little did that couple know that the Jones's could afford that type of house and they couldn't so the best thing to get out of that debt is to have the lending company forclose. Couples nowadays are living way beyond their means.
Houses are inflated. The new housing developments look like tenaments. All the same and every other one the same color. People have to start living within their means.
posted on March 6, 2005 07:52:04 AM
In case you don't understand , libra, not all people are living above their means.
You won't agree because you haven't changed your mind or learned anything new in 50 years but some people bought houses they could well afford and then, one or both, lost their jobs, inflation went up, the cost of living went up, gas is going up , heating went up, food is going up, college tuition went up, medical insurance went up, taxes for the wealthy were cut so services and fees(like licenses, ambulance calls)) went up.....................wages didn't.
Housing prices were inflated but what do you want people to do...live in tents?
posted on March 6, 2005 10:17:14 AM
The U.S. Labor Department showed that employers cut 97,000 jobs in February. The number of jobless people looking for work has little change.
Don't you question the NeoCon wisdom that CORPORATION$ should be given our hard-earned dollars so that they (after squirreling most of the loot into offshore accounts or Third World wage-Slave sweat shop/WalMart operations) might toss US workers a bone in the form of (generously subsidized) new sub-standard part-time jobs? People who take these jobs should of course have no Liberal illusions that an honest day's work deserves an honest day's pay. The CORPORATE US work ethic is not matched by any Corporate US WAGE ETHIC in the age of Conservatism Rising. Get over it and hustle your buns by mowing lawns on your days off, you lower class scum-of-the-earth
posted on March 7, 2005 11:01:09 AM
cheryl - Here's a 'review' of the states....and it was update back in January of '05. Even Ohio's unemployment rate has come down in Feb. '05.
I think the fact that you live in Cleveland, with a Feb. unemployment rate of 12.8, gives you a very distorted view of what's happening around the Nation, unemployment wise. Ohio's rate as of Feb. '05 is now 5.5.
But here's that 'older' list...couldn't find one for Feb. 05 yet.
The numbers below are for December and were updated on Jan. 25. Numbers for January are expected on March 10.
StateUnemployment Rate
Hawaii 3.0%
North Dakota 3.2%
New Hampshire 3.3%
South Dakota 3.3%
Virginia 3.3%
Wyoming 3.3%
Vermont 3.4%
Nebraska 3.6%
Montana 3.7%
Nevada 3.8%
Idaho 4.0%
Maryland 4.0%
Delaware 4.1%
Arizona 4.2%
New Jersey 4.2%
Oklahoma 4.2%
Connecticut 4.3%
Georgia 4.4%
Minnesota 4.4%
Utah 4.4%
Florida 4.5%
Kentucky 4.5%
Kansas 4.6%
Massachusetts 4.6%
RhodeIsland 4.6%
Wisconsin 4.6%
Iowa 4.7%
Maine 4.7%
WestVirginia 4.9%
Colorado 5.1%
Indiana 5.1%
New Mexico 5.2%
NorthCarolina 5.2%
Tennessee 5.2%
New York 5.3%
Alabama 5.4%
Missouri 5.5%
Arkansas 5.6%
Louisiana 5.6%
Pennsylvania 5.6%
California 5.8%
Illinois 5.8%
Texas 5.8%
Washington 5.8%
Ohio 5.9%
Ohio as of 2-05 5.5
Mississippi 6.4%
SouthCarolina 6.7%
Oregon 6.8%
Alaska 7.3%
Michigan 7.3%
DC 9.0%
[taken from CNN/MONEY]
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Cleveland IS in major trouble, imo....but the state of Ohio, looked at individually as you asked, is doing much better.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Four More Years....YES!!!
posted on March 7, 2005 11:14:07 AM
The U.S. Labor Department showed that employers cut 97,000 jobs in February. The number of jobless people looking for work has little change.
posted on March 7, 2005 11:35:33 AM
The problem that I find Linda is that men and women are not retiring at retirement age. Many work until age 70 or higher. Dan Rather i.e. is 73 years old, CBS is replacing him as anchor this week but he is not leaving CBS therefore not leaving an opportunity for an up and coming reporter. People don't want to retire so therefore the turn around as we saw it is gone and the younger generation loses out. Reggis Philbin not retiring yet and he is 71. I don't begrudge him of that I only used him as an example. With better health care people are living longer and healthier and working longer. I think this is one reason they are trying to up the retirement age. They want to go from 67 to 68 with full benefits. I don't know what the low number is but they don't get full benefits.
posted on March 7, 2005 11:35:41 AM
Deny all you want that according to the DoL 262,000 jobs were added last month - it doesn't change the facts. And that an additional 8,000 were added to January's total.
The sky 'isn't' falling. The doom and gloom club are just unhappy to see the US job market improving....the situation in Iraq improving...ANYTHING that improves under this administration appears to really upset the Bush haters.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Four More Years....YES!!!
posted on March 7, 2005 11:42:09 AM
linduh, are you paid by the bush administration to be the blonde cheerleader in here ...you know, like in the Armstrong Williams payola scandal?
Why would YOU of all people care if someone else had a job or not ?
You can't read or comprehend anything but your own posts (and that's in doubt).....I guess you like bush so much because he ignores all the real problems of this country, too.
posted on March 7, 2005 11:42:46 AM
Yes, Libra, your example is one cause of the problem...it has changed in that way.
And that also ties in with what I've been reading too. Starting in 2008 it's projected that large numbers of those retiring will be opening up jobs for those searching for work now. AND with the 'baby boomers' retirement the health care industry is growing quicky. That's one of the hottest fields to be training for right now. As we age our health changes and we will need more to care for that 'elderly' group.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Four More Years....YES!!!
posted on March 7, 2005 12:30:35 PMPeople don't want to retire so therefore the turn around as we saw it is gone and the younger generation loses out.
I don't think it is a matter of not wanting to retire. I think most people do not retire at 65 because they simply can not afford to.
I bet if people could stop working at the 35 or 40 and have a happy retirement most people would.
Absolute faith has been shown, consistently, to breed intolerance. And intolerance, history teaches us, again and again, begets violence.
---------------------------------- Bush will fix Social Security just like he has fixed Osama Bin Laden and Iraq. Bush can't be trusted to run this country and you want to trust him with your retirement?
posted on March 7, 2005 01:31:20 PM
Well here is an example of someone wanting to retire. I can tell you the people I associate with are mostly retired and did so at the age 62. Few stayed around until 65 because benefits are higher. I have no friends that stayed after 65. I would not have retired at 30 or 40 because I enjoyed what I was doing and I think most would not unless they had a boat load of money.
I did take a small part time job 2 afternoons a week just to get out with the main stream. Believe me I didn't take the job because of the money $5.50 an hour.
School Teachers usually retire at 55 because of their great benefits. They usually retire with SS at age 65 because teachers benefits pay until that age.
posted on March 7, 2005 01:48:35 PM
Just reading some different links on this subject, Libra, and stats show that 49% of people are now retiring at age 62...the earliest they can draw SS.
What surprise me however was that one thing I read said our 'boomer' generation is changing a lot of things, one being the job market. It basically said that if the US passed a mandatory retirement age of 65....most seniors would not like that. What it appears they would like is to work part time, just as you stated.
I also was VERY surprised at the number of citizens who have saved for their retirement....close to 76%.
Here's just one quesion put to people:
What percentage of eligible Americans begin collecting reduced Social Security benefits at age 62?
a. 29 percent b. 39 percent c. 49 percent d. 59 percent
Answer: C. Almost half of workers grab Social Security at 62, the earliest age at which benefits are available.
posted on March 7, 2005 02:08:08 PM
Another interesting survey:
Americans lead the world in preparing for their retirement.
Nearly 80 percent of Americans surveyed have a plan for where they want to live, what they want to do, and how much money they'll need in retirement. Most people started planning for retirement early, in their 30's.
- Americans are taking responsibility and making themselves more knowledgeable about retirement issues, with 90 percent of respondents saying funding retirement is primarily their individual responsibility--not the government's or their employer's.
- Americans are the most likely to seek information about retirement from outside sources. Financial advisors, employers, banks and insurance companies are their leading sources for retirement planning, cited by nearly 70 percent of U.S. workers.
- Retirees, on average, say they are retiring at 58 years old. American workers, however, say they would like to retire at 55, but, in reality, don't expect to retire until they are 63.
Not too bad.
And more interesting comparisons can be found by clicking here:
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Libra - If you get a chance....read this one...
[url]
"As the large baby boom generation moves toward retirement, a smaller pool of workers will be left to fill their positions," said Potter, president of the Employment Policy Foundation (EPF), an industry research organization in Washington, D.C.
EPF research shows that by 2006, the demand for labor in the United States will exceed the supply, and by 2012, "the labor shortage may grow in excess of 6 million qualified workers."
Aging Today's version of Boomers To Redefine Workplace
Tyler CohenPotter, who spoke at a hearing titled "Breaking the Silver Ceiling: A Generation of Older Americans Redefining the New Rules of the Workplace" on Sept. 20, 2004, said that unless something is done to increase labor participation, by 2030 the U.S. labor shortage could reach 35 million people--a $2.8 trillion loss to the nation's economy. He added, "With the transformation of the workplace to increasingly higher-skill jobs requiring post–high school education, we estimate that 80% of the labor shortage will be a skill shortage."
In spite of this growing need by employers to maintain their employee levels and despite the desire of older workers to remain on the job at least part time beyond the usual retirement age, outmoded policy barriers are restraining companies from offering phased retirement options, Potter said.
A recent AARP survey of 1,200 boomers found that more than 80% expect to work at least partly in their retirement years, Douglas C. Holbrook testified at the Senate hearing.
Over half of boomers said they expect to work part time, and 15% said they plan to start a business, he said. Holbrook, vice president and secretary-treasurer of the AARP board of directors, said, "Our surveys tell us that older workers would value retirement jobs that provide them flexibility, meaningful work, health benefits, the ability to learn new skills, and that also enable them to keep mentally and physically active and to interact with others."
The retired chief financial officer of the American Postal Worker Union also noted, "Like many younger workers, they seek work-life balance."
Good News to all.
The doom and gloom club are just unhappy to see the US job market improving....the situation in Iraq improving...ANYTHING that improves under this administration appears to really upset the Bush haters.
