WH says weakest employment report in more than four years is 'good news'

[bigtree]

White House spokesman says job growth 'good news,' too soon for stimulus call

01.04.08, 12:49 PM ET

WASHINGTON (Thomson Financial) - The weakest employment report in more than four years is 'good news' for the US economy because it shows the economy is continuing to create jobs, despite a rising unemployment rate, which is still historically low, White House spokesman Tony Fratto said today.

'Anytime that you have more Americans working than you previously had, that is good news and certainly good news for those who have jobs,' Fratto told reporters at the White House when asked about the latest jobs report from the government.

Earlier in the day, the Labor Department said the US economy added 18,000 new jobs in December, the weakest payroll growth since 2003. It also said the unemployment rate ticked up 0.3 percentage points to 5.0 pct, the highest level since November 2005. Fratto noted that the economy has added jobs every month since it lost 42,000 jobs in August 2003, a record string of job gains.

'I'm not trying to paint the uptick in the rate of unemployment with rosy colors. You know we'd rather not see it go up to 5.0 pct but I think you have to take a step back and look at the broader picture,' he said, pointing out the 5.0 pct is historically low and still below the 6.0 pct line, which economists consider the 'natural' rate of unemployment.

http://www.forbes.com/markets/feeds/afx/2008/01/04/afx4495773.html


What's a few hundred thousand less available American jobs to the privileged republicans in power?

[The_Casual_Observer]

1. In the good old days "White House spokesman Tony Fratto"

would be fired immediately for making such patently false/absurd
remarks. However, the level of communication has been reduced to and is expected to be that of the bleating of a stuck pig.

[HughMoran]

2. down is up

dontchaknow?

[Lone_Star_Dem]

3. Sure, we all know that white is black, up is down and poverty is the new "rich"

Wait, is it just me or does that make no sense at all?

[roseBudd]

4. Population growth dictates we need to add about 150,000 ajobs a month to stay the same

[rooboy]

5. What drug can possibly be available that makes one so delusional?

They must be able to get they're hands on some REALLY good stuff in Pennsylvania Avenue!

[AdHocSolver]

6. The official government employment statistics are total fiction.

Unemployed people who have run out of unemployment benefits are no longer counted as unemployed, even if they have NOT found a job. A person who seeks full-time employment is no longer considered unemployed if they get a part-time job. A person who holds two jobs, because neither job that they have pays a living wage, is counted as two employed people. People who have given up looking for work, for example older people who are told by employers that they are "over-qualified", are no longer counted as unemployed.

A person is considered employed if they hold at least a minimum-wage, part-time job. They are considered unemployed only if they are seeking work AND still entitled to receive unemployment compensation. That is it.

Those people who would like a full-time job, but are unable to obtain one, are not considered unemployed if they have a part-time job, or are no longer entitled to unemployment compensation.

Labor economists have done studies to determine the "true" unemployment rate. They invariably come up with double-digit figures. This is the case even when they allow for "structural unemployment", the people unemployed who are between jobs by choice, or because of seasonal fluctuations in work, such as construction workers in the winter time in cold climates.

The expression, "There are lies, damn lies, and statistics!", was never more true than when referring to employment/unemployment statistics furnished by our government.