WASHINGTON (CNNMoney) -- Hiring accelerated in November, and the unemployment rate unexpectedly plummeted to its lowest rate in nearly three years.
Employers added 120,000 jobs in November, the Labor Department reported Friday, marking a pick-up in hiring from October.
Meanwhile, the unemployment rate fell to 8.6%, the lowest rate since March 2009 and a significant decline from 9% just a month before...
Well, the report does mention that the real reason for the drop in the unemployment number as far more people leaving the workforce altogether than those who actually got jobs. The report itself is plenty accurate, the headlines tend to be where the critical details are left out.CitadelGrad wrote:Funny that the report didn't mention the 350k who have left the workforce.
). I don't know if the full report would discuss breakdowns of people "leaving the workforce" but, it would be interesting to see. They are seasonally adjustedAZGrizFan wrote:Yeah, it's called "holiday hiring"....
Good try, though. A for effort.Because the Labor Department adjusts its numbers to account for seasonal trends, job growth in those industries is not necessarily because of holiday hiring alone.
Skjellyfetti wrote:Baby Boomers are just starting to hit retirement age. People will be "leaving the workforce" in droves in the coming years. People leaving the workforce isn't necessarily a bad thing (especially if you're young like me and want their jobs
how dare you!!! how dare you attack CHRISTMAS! how dare you use that damn word "holiday" BLASPHEMER!AZGrizFan wrote:Yeah, it's called "holiday hiring"....and the rate will go right back up in January after they're all let go again.
I did see one article that mentioned that. Part of the unemployment drop was people getting discouraged and no longer looking for work.GannonFan wrote:Well, the report does mention that the real reason for the drop in the unemployment number as far more people leaving the workforce altogether than those who actually got jobs. The report itself is plenty accurate, the headlines tend to be where the critical details are left out.CitadelGrad wrote:Funny that the report didn't mention the 350k who have left the workforce.
That sucks. Very sorry to hear that.danefan wrote:Aye - my mom got laid off today after 34 years at her firm (legal secretary). Now both my parents have been laid off fro their jobs within the last year (my Dad had 35 years for his company).
What do you tell your 57 year old unemployed parents who don't have college degrees and really only have the skills that were relevant to the only jobs either have had in their adult lives? They certainly can't retire yet and there are not many positions available for them to apply for.
Luckily they paid off their house a long time ago and didn't borrow against it for a boat or vacation house in 2006 like so many other people did. But man I can't even imagine what it must feel like.
sounds a lot like what happened to my mom... 30+ years at Target working in checks, and later in hr... then... out on her ass (there is a class-action age discrimination lawsuit looking for a place with Target btw... if you're over 40, they want you out)danefan wrote:Aye - my mom got laid off today after 34 years at her firm (legal secretary). Now both my parents have been laid off fro their jobs within the last year (my Dad had 35 years for his company).
What do you tell your 57 year old unemployed parents who don't have college degrees and really only have the skills that were relevant to the only jobs either have had in their adult lives? They certainly can't retire yet and there are not many positions available for them to apply for.
Luckily they paid off their house a long time ago and didn't borrow against it for a boat or vacation house in 2006 like so many other people did. But man I can't even imagine what it must feel like.
awesome. thanks for the info. was curious about the breakdown.death dealer wrote:Report I read said 40% of those dropping out of the workforce were discouraged workers, 60% were "other reasons" such as retirement, starting a business/self employment, etc.
Its called last Fri I was driving from MSP to Fargo for the Sat game. I had more relevant things on my mind that the Fri jobs report. I wasn't even on here last Thur-Sun.93henfan wrote:Wow, BDKJMU must be slipping. He usually gets the monthly jobs report up within seconds of its release. What gives?
http://money.cnn.com/2011/12/02/news/ec ... ?hpt=hp_t1
WASHINGTON (CNNMoney) -- Hiring accelerated in November, and the unemployment rate unexpectedly plummeted to its lowest rate in nearly three years.
Employers added 120,000 jobs in November, the Labor Department reported Friday, marking a pick-up in hiring from October.
Meanwhile, the unemployment rate fell to 8.6%, the lowest rate since March 2009 and a significant decline from 9% just a month before...
That's no excuse.BDKJMU wrote:Its called last Fri I was driving from MSP to Fargo for the Sat game. I had more relevant things on my mind that the Fri jobs report. I wasn't even on here last Thur-Sun.93henfan wrote:Wow, BDKJMU must be slipping. He usually gets the monthly jobs report up within seconds of its release. What gives?
http://money.cnn.com/2011/12/02/news/ec ... ?hpt=hp_t1
