Unemployment At Lowest Point In 5 1/2 Years

Posted by: Brian on November 3, 2006 at 4:20 pm

You probably won’t see this on the nightly news, and you sure as heck won’t hear it from any Democrat:

The U.S. unemployment rate dropped to its lowest in nearly 5-1/2 years during October as 92,000 more jobs were added and hiring in each of the two prior months was revised up, a government report on Friday showed.

The October new-jobs figure was below Wall Street economists’ expectations for 125,000 but the Labor Department said a total 139,000 more jobs were created in August and September than it had previously thought. It revised up September’s job-creation total to 148,000, or nearly three times the 51,000 it reported a month ago, and said there were 230,000 new jobs in August instead of 188,000.

The unemployment rate fell in October to 4.4 percent from 4.6 percent in September. It was the lowest unemployment rate since 4.3 percent in May 2001 and was likely to fan concerns that labor markets are growing tight and could contribute to inflation pressures.

Average hourly earnings rose 0.4 percent to $16.91 – higher than the 0.3 percent that analysts had anticipated – while the average work week edged up to 33.9 hours from 33.8. Over the year, average hourly earnings have risen by 3.9 percent, the department said.

Most of the new hiring in October was in service industries, where 152,000 new jobs were created, while goods-producing industries shed 60,000 jobs.

It just kills the media to have to report on how the economy is in such great shape, so they have to throw in those other figures, despite the positives they just mentioned.

“Oh, it’s all burger-flipping jobs” is what they’re trying to say. Nevermind that earnings are up and have been going up for some time. Nevermind that we’re nearing a point that could be considered “full employment”. Nevermind that the stock market is at an all-time high. That all means nothing. It goes against the Democrat’s meme, that the economy is terrible and people are hurting, selling their bodily fluids to pay their gas bills, what have you.

The fact is that the tax cuts worked, the economy is humming along, and everyone, regardless of politics, should be happy about that.

Brian runs the website Iowa Voice, and is filling in for ST for a few days.

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8 Responses to “Unemployment At Lowest Point In 5 1/2 Years”

Comments

  1. Baklava says:

    According to Ken this nation is impoverished. Ken you out there? More income (more workers) are being taxed than ever creating more revenues into the government than every before. More than 11% revenue into the government last year because of the higher numbers of people being taxed because the economy is doing well.

    This quote will not be reported widely by the drive-by legacy media:
    Over the year, average hourly earnings have risen by 3.9 percent

    Why? Because the drive-by legacy media has an agenda and proves it daily.

    Thank the Lord for alternative media and common sense conservativism being appealing…

  2. sanity says:

    Over the year, average hourly earnings have risen by 3.9 percent…

    So in Democrat thinking, since there was a raise in hourly earnings, they should be able to raise taxes at the very least 3.9 percent…….

  3. MrGone says:

    Wait for it folks. Let’s talk after the election. You will hopefully, finally see the man behind the curtain. All, and I mean ALL economic indicators are down and showing an impending recession. Gas prices down, HAH! DOW at a record, HAH! November 8th and into ’07 will show you the truth.

    Red pill or blue pill? Your choice.

  4. Baklava says:

    I’ll take the pill that knows economics. Democrats do NOT understand economics (in general). They think tax increases some how create prosperity.

    How about MrGone, do tax increases create prosperity?

    Come on. Make my point!!! :d

  5. MrGone says:

    No baklava,

    I fully believe in paygo, smaller govt, and less govt interference. This is unfortunately 180 degrees away from the present republican party position. To say the dem party is for tax increases while the repubs are setting us up for the largest increase in generations is nothing more than a fairy tale. But then, isn’t that what the republicans are all about – fairies?

  6. Baklava says:

    I’ll agree with you with regards to smaller government and less government interference. That won’t be what you vote for if you vote for Democrats generally. Both Republicans and Democrats govern/legislate to the left of center with the Republicans less left of center than the Democrats…

    I’m sorry you are sold on Paygo though. It is a mechanism for Democrats to raise tax rates and blame it on “the system” and say it’s needed to pay for “x” program that’ll benefit the poor/elderly/kids/environment/everyone. Well intentions are great but this government is full of good intentions and blaming one party for cutting benefits to veterans/poor/education programs/health programs etc when none of that poppycock is true. Spending for health, veterans, education, environment has gone up EVERY year for over 6 decades. The accusations of cutting are lies and paygo will make the extra spending increase even more.. and dependancy on government go up more.

    Thanks for saying we are about fairies… I’ll take the joke…

    But who is the party who cut tax rates for all income earners even those who paid no taxes (rebate checks) and who is the party who rails against tax cuts and act like they are the reason for defecits when the reason for the defecits is the additional spending while Democrats accuse and attack and act like we aren’t spending enough.

    It’s a sickness I say. Liberalism is a mental disease (joking) hey maybe it is….

  7. KeithH says:

    For kicks I charted unemployment rates going back to before the Carter administration… including all those years when the MSM proclaimed the US was at the theoretical “full employment levels”. You may find it interesting… right now it’s the second most recent post on my site (right below a discussion of waterboarding).

  8. Marshall Art says:

    Off topic:

    I thought the waterboarding piece was enlightening. I encourage everyone to check it out that hasn’t already seen an example. An umpleasant experience to be sure, but if that’s torture, I vote yes.

    On topic:

    The unemployment piece was also enlightening. Thanks for both, Keith.