Surprise, jobs adjustment all positive after the Nov election
Payrolls rose 157,000 following a revised 196,000 advance in the prior month and a 247,000 surge in November, Labor Department figures showed today in Washington. The revisions added a total of 127,000 jobs to the employment count in November and December. The jobless rate increased to 7.9 percent from 7.8 percent.
“The U.S. labor market has been very resilient in recent months,” said Harm Bandholz, chief U.S. economist at UniCredit Group in New York, who forecast a 160,000 gain in payrolls. “The big story is all the upward revisions to the previous months, which gives the report a real positive spin. All these concerns that the fiscal uncertainty deterred businesses from hiring, they certainly haven’t materialized.”
The Labor Department today also issued its annual benchmark update, which aligned employment data spanning from April 2011 to March 2012 with corporate tax records. The revision showed payrolls grew by an additional 424,000 workers, on an unadjusted basis, in that period.
The economy has recovered 5.51 million of the 8.74 million jobs that were lost as a result of the last recession.
Interesting. So, in his first term Obama has recovered 2/3 of the jobs lost in the Republican recession that he was left to solve. And he has also, in his first term, cut the federal deficit by about 2/3, that same deficit given him by his predecessor. It took his predecessor 2 terms to create this mess, so it's good to see that it will be resolved in less than 2 Obama terms.