US Added 223K Jobs in Dec. Unemployment Falls to 3.5%

Saturday, January 07, 2023

The US finished out 2022 by with a positive jobs report. The Bureau of Labor Statistics reports that nonfarm payrolls increased by 223,000 and unemployment fell to 3.468%, the lowest point since 1969. For the year, the US added 4.5 million jobs and saw a 5% increase in average hourly earnings.

Posted by johnny_hotsauce at 09:31 AM | 41 COMMENTS | permalink | Comment on This Entry |

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Where's Wulfshtupper to tell us all how high unemployment is?

#1 | Posted by LegallyYourDead at 2023-01-06 10:24 PM | Reply

Biden's Fault(tm)

#2 | Posted by Corky at 2023-01-06 10:27 PM | Reply

Good thing the GOP released all those solid economic plans and policy proposals to fix problems like these.

#3 | Posted by jpw at 2023-01-07 10:09 AM | Reply

Is this good news? Expect more big price increases. Another thing you can blame Biden and Zelenskyy for.

#4 | Posted by wolfdog at 2023-01-07 11:08 AM | Reply | Funny: 3

This article was impossible to find on Google, but was the second one on Bing.

nypost.com

Joe's statistics are lies.

#5 | Posted by visitor_ at 2023-01-07 11:18 AM | Reply | Funny: 1

This is probably a lie. Given the incredible lie before the midterms. Joe Biden is destroying faith in our government one agency at a time

Let's wait a little bit before popping the Champagne!

#6 | Posted by oneironaut at 2023-01-07 11:44 AM | Reply | Funny: 2

This is probably a lie.

#6 | POSTED BY ONEIRONAUT

As are you.

#7 | Posted by Zed at 2023-01-07 11:52 AM | Reply

Joe's statistics are lies.

#5 | POSTED BY VISITOR

I can only attest to what I see around me.

Most everyone is doing great in regard to pocketbooks.

There is no immigration crisis because those folk are getting jobs, too.

In fact, like is damned good.

Except for various fascist skunks in the woodpile, who have no incentive (none) to see good things for this country.

#8 | Posted by Zed at 2023-01-07 11:55 AM | Reply

"Biden administration overstated Q2 job growth by 1 million: Philadelphia Fed"

Joe lies. We've been in a recession for a while now.

You might be lying too Zed, I don't know anyone that has had their income keep pace with Bidenflation.

#9 | Posted by visitor_ at 2023-01-07 12:09 PM | Reply | Funny: 1

I can't stand so much winning.

#10 | Posted by crisisstills1 at 2023-01-07 12:20 PM | Reply

To those claiming the government numbers are false, what basis do you have for your claim? How do you resolve your claim with the fact that the BLS numbers are similar to 3rd party forecasts from business like ADP and Reuters?

#11 | Posted by johnny_hotsauce at 2023-01-07 12:21 PM | Reply

@#5 ... Joe's statistics are lies. ...

Maybe it might be better if you try to understand the Early Benchmarks cited in the nypost article, and how they are used.

A place to start...

Here's the PDF that the NYPost bases its article upon:
www.philadelphiafed.org

And, within that PDF, here's a link that is cited to explain early benchmarks:

Regional Spotlight: Measuring State Employment
www.philadelphiafed.org

#12 | Posted by LampLighter at 2023-01-07 12:24 PM | Reply

I posted a link above which demonstrates the prior trustworthiness of Joes' statistics.

#13 | Posted by visitor_ at 2023-01-07 12:26 PM | Reply | Funny: 2

@#9 ... We've been in a recession for a while now. ...

What is your definition of "recession?"

What data do you have to proffer to substantiate your assertion that we have been in a recession "for a while no?"

How long is "for a while now?"

#14 | Posted by LampLighter at 2023-01-07 12:26 PM | Reply

@#13 ... I posted a link above which demonstrates the prior trustworthiness of Joes' statistics. ...

Yup, and using that link, I posted more information that was cited by the link you posted.

But it seems all your comments are currently doing is echoing a link you found somewhere else, without actually understanding what the link actually demonstrates.

#15 | Posted by LampLighter at 2023-01-07 12:28 PM | Reply

" We've been in a recession for a while now."

Only if you're using Vernon's Calculator, dumfuq.

As it is, you're employing the Republican Math equation: 1 + 1 = Whatever number I need for my talking point.

Trouble is, recession already has a definition.

#16 | Posted by Danforth at 2023-01-07 12:31 PM | Reply | Newsworthy 3

It demonstrates that instead of Joe creating 1,010,000 jobs only 10,000 were created.

Two quarters of negative growth has been the rule of thumb until it was inconvenient. Not even accounting for the fact that most of the positive economic activity is actually inflationary government spending. Talk to farmers, truckers etc.

#17 | Posted by visitor_ at 2023-01-07 12:39 PM | Reply | Funny: 1

"most of the positive economic activity is actually inflationary government spending"

2001-2009 called, they want their George W. Bush economy back.

#18 | Posted by snoofy at 2023-01-07 12:47 PM | Reply

@#17 ... Two quarters of negative growth has been the rule of thumb ...

"Rule of thumb" is not a definition.

Try again.

... It demonstrates that instead of Joe creating 1,010,000 jobs only 10,000 were created. ...

Did you read the articles referenced by the nypost article, those articles are further reading that explain how the Early Breakdowns you cite work and what they actually represent?

fwiw, my view on the current economic numbers...

While they look good, I still look at the three month rolling averages, not any one month. I've been saying that for well over a year when these reports are released. The three month rolling average shows good employment, outside the tech sector.

Also, imo, given the holiday time period, with stores gearing up for the holidays, employment numbers for December are to be taken less seriously than other months.

#19 | Posted by LampLighter at 2023-01-07 12:53 PM | Reply

Good point, by working two jobs over the holidays I was inadvertently helping Joe's gin up the employment numbers.

#20 | Posted by visitor_ at 2023-01-07 12:59 PM | Reply | Funny: 1

"Joe lies. We've been in a recession for a while now."

If you're going by that two negative quarters thing, then we've been out of a recession for a while now too.

#21 | Posted by snoofy at 2023-01-07 01:02 PM | Reply

@#20 ... by working two jobs over the holidays ...

Yup. That is why I tend to look askance at December numbers by themselves.

Even taking that into account, however, the employment numbers look strong, much to the dismay of Fed Chmn Powell who needs wage growth to slow down in order to get inflation under control. So, now my current thought is another 50 basis points at the next meeting...

#22 | Posted by LampLighter at 2023-01-07 01:14 PM | Reply

"Two quarters of negative growth has been the rule of thumb ... "

No, two consecutive quarters of negative growth.

Which were the two?

#23 | Posted by Danforth at 2023-01-07 01:25 PM | Reply

#23 Q1 2022 and Q2 2022 were negative.
Q1 was -1.6. Q2 was -0.5. If I can read the graph right. (Or you can just mouse over it.)
www.stlouisfed.org

#24 | Posted by snoofy at 2023-01-07 01:27 PM | Reply

Note that right below the graph we find

Indeed, there has been only one episode in the post-World War II period"the second and third quarters of 1947"in which two consecutive quarters of negative real GDP growth was not associated with a recession [as defined by the National Bureau of Economic Research, or NBER Business Cycle Dating Committee (NBER)].1

#25 | Posted by snoofy at 2023-01-07 01:28 PM | Reply

@#5 ... This article was impossible to find on Google, but was the second one on Bing. ...

Possibly because the NYPost article cited by your comment seems to cherry-pick data in order to justify the conclusion the author wanted to reach.

#26 | Posted by LampLighter at 2023-01-07 01:29 PM | Reply

"Q1 was -1.6. Q2 was -0.5."

So does Biden get credit for a swift recovery from recession?!?

#27 | Posted by Danforth at 2023-01-07 01:32 PM | Reply

Yes that's the reason Google suppresses information that reflects negatively on the state and party.

#28 | Posted by visitor_ at 2023-01-07 01:33 PM | Reply

@#28 ... Yes that's the reason Google suppresses information that reflects negatively on the state and party. ...

Huh?

Please elaborate, with evidence, including the search terms you used.

thx.

#29 | Posted by LampLighter at 2023-01-07 01:57 PM | Reply

You might be lying too Zed, I don't know anyone that has had their income keep pace with Bidenflation.

#9 | POSTED BY VISITOR

Inflation is a bear, of course. But I'm going to be doing a lot of pleasure traveling this year.

The only thing that scares me economically is the GOP. I can't tell that you people give a damn if the entire thing slides into the sea.

#30 | Posted by Zed at 2023-01-07 02:27 PM | Reply

#28 | POSTED BY VISITOR_ AT 2023-01-07 01:33 PM | FLAG: TRIGGERED SNOWFLAKE

#31 | Posted by LegallyYourDead at 2023-01-07 02:38 PM | Reply

You might be lying too Zed, I don't know anyone that has had their income keep pace with Bidenflation.

#9 | POSTED BY VISITOR

I am with Zed. My wages have kept pace with inflation and I didn't change employers. Last year I made more than 10% more than I made in 2021. I am looking at another raise in the 8-10% ballpark too this month. My wife is up about 20% in the last 2 years - at the same employer.

But let's get it straight. It's Trumpflation. If Trump would have done a better job with COVID and been a leader, the economic impact could have been much better. Instead the scoffed at it and made disease and medicine a political weapon.

#32 | Posted by GalaxiePete at 2023-01-07 03:06 PM | Reply

The Putin-loving deplorables on this thread are trying to deflect from the fact that Biden continues to dunk on the bankruptcy-prone pedo's putrid 15% unemployment rate.

#33 | Posted by reinheitsgebot at 2023-01-07 09:39 PM | Reply

Sitting by New River yesterday as a boat passed with F... Biden flag. Somehow I doubt that fool in the boat could tell you the unemployment numbers or anything else to justify his hate.

#34 | Posted by danni at 2023-01-08 08:37 AM | Reply

Let me wise you up comrades. Most of you are too young to remember the awful recessions the USA went though from the 70s to the present day. There is no such thing as a soft landing. Biden has insured that prices will continue to skyrocket with the millions of immigrants let into the USA. Infrastructure costs, pollution controls, commodity increases, etc. you can expect to worsen under this capitalist bourgeoisie favored system. There are now so many immigrants out west that the underground water farmers use is running dry. The salt lake will soon be gone. Of course the USA capitalist rich are well off on their yachts. But you will soon bear the brunt of the developing financial storm.

#35 | Posted by wolfdog at 2023-01-08 12:09 PM | Reply

"There are now so many immigrants out west that the underground water farmers use is running dry."

Dumbest sentence ever posted on this site, Totally laughable post. There has been a drought for about 10 years and immigrants aren"t responsible for it, it's ridiculous to pretend they are. Fortunately weather patterns seem to be changing which is causing floods and heavy snow in the mountains.

"But you will soon bear the brunt of the developing financial storm."

Biden has been taking steps to avoid that. This isn't 2007, energy prices are falling.

#36 | Posted by danni at 2023-01-08 02:30 PM | Reply | Newsworthy 1

"Most of you are too young to remember the awful recessions the USA went though from the 70s to the present day."

#35 | POSTED BY WOLFDOG

---- off, douche-bag. Your mom bobs on Putin's mushroom.

#37 | Posted by LegallyYourDead at 2023-01-08 06:26 PM | Reply | Funny: 1

Recessions are a feature of capitalism, not a bug
March 13th, 2020 " 2 minute read

www.dillonforsberg.com

#38 | Posted by Corky at 2023-01-08 06:54 PM | Reply

"Let me wise you up comrades."

That's frickin hilarious comrade. Coming from a guy who uses Pravda as his primary source for information.

GFY and your feeble attempts at spreading Pootins propaganda.

#39 | Posted by donnerboy at 2023-01-08 07:22 PM | Reply

Two quarters of negative growth has been the rule of thumb until it was inconvenient.

It was a rule of thumb because usually by the time two quarters of GDP contraction (hate the term negative growth...is braking going to be called negatively accelerating?) occurred, other indicators like employment, consumer sentiment, markets ect were already moving or moved into typical recession territory.

The reason why "duhhh two QuArTerS!!" wasn't used this time (or in 2020 during the COVID crash) is because life is more nuanced than "rules of thumb," and things are assessed based on what reality is, not what some -------- internet troll says based on their own stupidity and ignorance.

#40 | Posted by jpw at 2023-01-08 08:28 PM | Reply

They never can answer that question about why the government numbers and the private sector forecasts are so similar. They just ignore it and continue with their baseless claims.

#41 | Posted by johnny_hotsauce at 2023-01-09 02:28 PM | Reply