http://www.forbes.com/markets/newswire/2004/01/09/rtr1204742.html WASHINGTON, Jan 9 (Reuters) - American employers barely took on any new workers in December, a disappointing government report on Friday showed, indicating the economic recovery has yet to translate into sustained jobs growth. The unemployment rate fell to 5.7 percent, the lowest level in over a year and down from 5.9 percent in November. But this was largely due to people leaving the workforce, according to the Labor Department's report.
On the same note: http://moneycentral.msn.com/content/CNBCTV/Articles/Dispatches/P71569.asp Here's a message for everyone who was worried about the job market -- you were right. The government this morning said the economy added just 1,000 jobs last month, far below the 150,000 figure economists were expecting. The unemployment rate fell to 5.7% from 5.9% in November. But CNBC's Hampton Pearson explained that it did so because the labor force declined last month. Bill Sullivan, Morgan Stanley's senior economist, said on CNBC's "Squawk Box" that structural impediments to job growth remain, including high productivity, which allows companies to hold off on hiring, and the move toward outsourcing jobs. Joe
I believe I read in the NY Times, Paul Klugman, that the US economy adds 125K new workers a month to the job pool. So if 1K jobs were created, 124K people ineligible for unemployment ( not counted in the 5.7% statistic ) hit the street in December. To make real progress on unemployment the economy must add 250K jobs. [ January 09, 2004: Message edited by: Rufus BugleWeed ]
That 1K-vs-150K disparity was a stunner. When I looked in the local newspaper yesterday, there were 3 employers advertising for "computer jobs" and none in software development and design. It's been a long time since I've seen traditional ads - even the infamously vaporous recruiter ones. I'm beginning to think that the software industry in my town has died already and I'm just beginning to notice. I do not envy the local 1055 professionals who had to hit the streets last week.
"privilege" comes from the Latin words for "private" and "law" (legal) and dates to feudal times. To "claim privilege" meant that you were above the laws that applied to the common people.