Archive for unemployment

U.S. budget surplus biggest in 5 years; federal deficit is down 32% so far this fiscal year

chart budget deficit shrinks 4 year low Steve Benen Maddow Blog Oct 2012

If Fox Biz says it, it must be true. Via an email alert:

The U.S. federal budget surplus came in at $112.9 billion in April, up from $59 billion in the same month in 2012. The government is running a $488 billion deficit for fiscal 2013, down from $720 billion in a comparable period in fiscal 2012.

And via Market Watch:

It was the first monthly surplus since January and the biggest monthly surplus since the $159 billion budget surplus of April 2008.

Tax receipts were $407 billion, up 28% versus April 2012 [...]

Some see the government’s improving finances as affecting a potential debt deal between President Barack Obama and Republicans. “With the deficit plunging, support for entitlement reform — which looked so promising in early April — has clearly faded,” wrote Greg Valliere, chief political strategist at Potomac Research Group in a note on Friday.

Gee, taxes were raised, unemployment is down, and the world didn’t end.

bikini graph May 2013 private sector

Everybody say it with me now: Blame Obama.

blame obama Bush's fault

Quickie- US jobless aid applications fall to 5-year low

goodnews

Imagine what the economy would be like without Republican obstructionism,

WASHINGTON (AP) — The number of Americans who applied for unemployment benefits fell by 4,000 last week to a seasonally adjusted 323,000, a five-year low. Layoffs have returned to pre-recession levels, a trend that could lead to more hiring.

The Labor Department said Thursday that the less volatile four-week average dropped 6,250 to 336,750. That the fewest since November 2007, one month before the Great Recession began.

Applications are a proxy for layoffs. Weekly applications have fallen about 9 percent since November and are now at a level consistent with a healthy economy. The last time weekly applications were lower was in January 2008, when they were 321,000.

Economists were largely encouraged by the decline.

Bikini Graph time! Jobs added, unemployment rate down to 7.5%, lowest in 4/12 years

bikini itsy bitsy

It’s time to bring back the Bikini Graph! As always, red columns point to monthly job totals under the Bush administration, while blue columns point to job totals under the Obama administration:

bikini graph May 2013 overallbikini graph May 2013 private sector

Paddy gave us the quickie version here, but as always, the wonderful Steve Benen at The Maddow Blog has provided the Bikini Graphs and more, including more details you can find at the links here and here. A couple of excerpts from both links:

For most of President Obama’s first term, one of the more common Republican talking points focused on the overall unemployment rate: it was stuck above 8%, a fact they blamed on the president who inherited a global economic crisis.

You may have noticed that this GOP talking point has since vanished.

As of today, the unemployment rate is down to 7.5%, which is not only the lowest point of the Obama presidency, but also the lowest since late 2008. It’s dropped a full point in the last year and a half, a 2.5 points since its October 2010 high.

It’s also one of the fastest improvements in the jobless rate in the last 30 years

He goes on to say that, since President Obama took office, the net jobs gain is over 1.5 million overall and over 2.2 million in the private sector.

And:

As is usually the case, there was a gap between the two major sectors — America’s private sector added 176,000 jobs last month, while spending cuts caused the public sector lose 11,000 jobs.Of course, these are preliminary totals that will be updated in the coming months, and therein lies the key importance to this new jobs report: the revisions… Also note, the February job totals, the best in eight years, came after January’s tax hikes, but before the sequester. [...]

[W]ere it not for Congress and sequestration cuts, the nation’s economic recovery would likely be quite strong right now. Were it not for the lawmakers Americans elect to represent our interests, and their ongoing efforts to take capital out the economy and slash public investments, job growth would probably be very robust.

graph benen Maddow blog unemployment under ObamaOh, and there’s this via a Fox Biz email alert:

The blue-chip average topped the 15000 mark for the first time ever as traders cheer a round of strong data on the U.S. labor market. The broader S&P 500 also hit a milestone, surpassing the 1600 threshold for the first time. The two market barometers are up more than 1% on the day and 13% for the year.

Quickie- Economy adds 165,000 jobs in April, unemployment down

thumbsup

Nice way to start the day, even if it’s followed by a doctor’s visit.

(CNN) – The U.S. economy added 165,000 jobs in April, the Labor Department said Friday. Unemployment rate slipped to 7.5% from 7.6% in March.

Jobless Claims Fall to Lowest Level Since January 2008 #BlameObama

blame obamablame obama Bush's fault

This news comes via an email alert from fair and balanced Fox Biz:

New claims for unemployment benefits fell to 324,000 last week from an upwardly revised 342,000 the week prior. Claims were expected to fall to 345,000 from an initially reported 339,000.

Employers announced plans to cut 38,121 jobs in April, representing a 23% drop from March, and a 6% decline from the year prior, according to Challenger, Gray & Christmas.

And there’s this from Steve Benen at The Maddow Blog:

graph maddow blog unemployment 2007-2013 lowest in 5 years

Above you’ll find the chart showing weekly, initial unemployment claims going back to the beginning of 2007. (Remember, unlike the monthly jobs chart, a lower number is good news.) For context, I’ve added an arrow to show the point at which President Obama’s Recovery Act began spending money.

VIDEO– PA Gov. Tom “You Just Have to Close Your Eyes” Corbett: Most unemployed people are on drugs

blame game smaller

Why, it seems like only yesterday that I posted PA Gov. Tom Corbett trailed all challengers by 9-plus points.

Oh wait. It was yesterday.

And now it’s today, and Tom “You Just Have to Close Your Eyes” Corbett is right back in the news, apparently making a perverse effort to widen those poll numbers even more.

When it came to his state’s unemployment numbers, Gov. Blamey McLowPolls pointed the finger at all those icky jobless Takers being on drugs:

“The other area is, there are many employers that say we’re looking for people but we can’t find anybody that has passed a drug test, a lot of them. And that’s a concern for me because we’re having a serious problem with that.”

Via Think Progress, where they note that out of all the people they drug tested in 19 Pennsylvania counties, only two people have failed:

During an appearance on a local radio show this week, Corbett sought to explain away Pennsylvania’s less than stellar performance, arguing that the state gained 111,000 private sector jobs since he took office and is “doing better than other states.” 

At least he didn’t blame Obama. How novel.

In other news, new claims for unemployment benefits fell

in other news

Fox Biz sent me an email alert, and with all the nauseating attention to GW Bush and his new (un)presidential Lie-Bury, the ongoing Boston Marathon bombing story, and the breaking news on Syria’s chemical weapons, this good news has yet to be mentioned:

New claims for unemployment benefits fell to 339,000 last week from an upwardly revised 355,000 the week prior. Claims were expected to fall to 351,000 from an initially reported 352,000.

If Fox Biz says it, it must be true. Right?

Oh, but I kid.

The Monterey Herald has more:

[M]ost economists were encouraged by Thursday’s report on unemployment benefits, though some cautioned against reading too much into one week’s data.

“The downtrend in unemployment remains on track,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics.

Of course, the sequester will likely have a negative effect as time goes on. Go Congress!