If the latest unemployment figures had come out Friday, Nov. 2, instead of last Friday, Democrats would have flooded us with dismissive rationalizations and Republicans would have crowed that the numbers proved President Barack Obama’s economic policies were a failure.
The jobless figures, showing unemployment rising to 7.9 percent in January from 7.8 percent in December, were ignored by the politicians, who have moved on to occupy themselves with sequestration, “fiscal cliffs” and debt ceilings.
Although the jobless rate was basically unchanged since last September — nationally and for specific categories of workers, for example, 7.3 percent for adult men and women and 23.4 percent for teenagers — employers were adding jobs at a fairly healthy rate. A jobs recovery is under way; the reason why rates don’t seem to be changing much is because more people are seeking those jobs.
The fourth quarter showed a slight economic contraction of 0.1 percent, caused largely by decreased government spending, especially in defense. Private employers, meanwhile, stepped up their hiring at a better-than-expected pace. The forecast is for the economy to begin growing again — though only 1 percent for the January-to-March quarter.
Companies added 157,000 jobs in January, and the Department of Labor significantly revised upward its estimates of end-of-the-year hiring: from 161,000 to 247,000 jobs in November and from 155,000 to 196,000 in December.
The department’s revisions also showed that in 2011 and 2012, the economy was adding 180,000 jobs a month, well above estimates at the time of 150,000. Evidently, we were doing a lot better than we thought.
The high Social Security tax that took effect in January didn’t do terrible damage to consumer spending, which remained high along with business investment. And these new figures show bellwether industries — like construction, retail and hotels and restaurants — adding jobs.
The stock market thought all of this was promising news and the Dow Jones industrial average closed above 14,000 on Friday for the first time in more than five years. But the short-term outlook is not terribly promising, in part because of uncertainty over what Congress will do.
The monthly jobless rate now seems to have eased out of the political spotlight, at least until the congressional midterms. We would like to be able to chronicle a steady statistical march to full employment.
Nursery burns near Oxnard
Baseball: Marina 11, Thousand Oaks ...
Island foxes
Oxnard Powers Past Righetti
Camarillo Opens Spring Practice
Oxnard celebrates Bike to Work ...
Camarillo's postseason push
Boys Volleyball: Westlake 3, Saugus ...
Baseball: Agoura 2, Simi Valley ...
Springs fire reaches Hidden Valley
Ventura County's Most Wanted May 16th
James Stathis, dentist to homless
Ms. Senior Conejo Valley Pageant
Scripps Interactive Newspapers Group
Comments » 30
Mina writes:
What a stupid editorial, as though all that counts is the numbers and the toll on people and families is meaningless.
There is no recovery without jobs.
It doesn't matter what the stock market does if there are no jobs. It doesn't matter that some people have money to spend if misery is so widespread that many more will loose their homes this year, if kids are idle, with nothing to hope for and nothing better to do than get in trouble, and if the elderly who worked hard all their lives to build this world we live in are now destitute and afraid.
The Republicans cheer at the chance to blame Obama for the sluggish economy, as though they have no responsibility to work towards a solution, as though none of us can see how they fight against every measure that would help the middle class.
They ridicule "hope and change" because the most important aspect of their plan to destroy the middle class and return to the days where the rich can do anything and everyone else is powerless, is for all of us to believe we are powerless.
Congress is not going to help us, but we are not helpless. Don't sit there thinking there's nothing you can do. We can put things back they way they were before the Republicans destroyed the economy. The first step is to believe it can be done.
Lets_Be_Truthful writes:
Not sure about you but I'm going to continue to blame Bush. It seems to work at making our economy better.
RIGHTisRIGHT writes:
It does not go unnoticed how the left wing editorial praise Obama for the job growth when in reality,Obamas policies do not create jobs, Private enterprise and capitalism creates jobs. Notice how the job numbers got better due to Obama extending the Bush tax cuts and lowering the capital gains tax.
The best thing Obama can do to help the job market is do nothing and get out of the way.
Anyone to keeps up on the driving forces of the economy have seen increases in U.S. manufacturing due to rising labor cost in China and the lowering of labor costs in the U.S.
U.S. auto industry is bouncing back after their near disaster due to excessive union demands and high labor cost. Auto management are even giving the auto employees cash bonuses.
Most economist predict the trend will reverse when the full impact of the burden of Obamacare takes effect.
raylaw43#321876 writes:
Name the "most economists". Paul Krugman and Joseph Stiglitz disagree with you, but what do they know; they only won Nobel prizes in Economics.
All economists, whether Liberal or Conservative, agree that we must have a healthy public sector jobs market, which has been shrinking. We need cops and fire and teachers, but that requires state and local spending.
jjohnjj writes:
The U.S. auto industry is bouncing back because the Democrats stepped in with loans to General Motors.
The Republicans would have allowed GM to go into bankruptcy. Sure, that would have broken the union contracts, but it also would have destroyed the third-party supply chain that sustains local economies across the Midwest.
Wall Street was on life support in 2009. There simply was not enough private capital available refinance General Motors... only the vultures at Bain Capital were waiting to pick over the carcass and sell the choice bits to China.
We still need more jobs, but employment is up in the private sector and down in the public sector. Taxes and interest rates are still at historically low rates, and the stock market has returned to historically high values.
I'd say that makes President Obama the Worst Socialist Ever.
RIGHTisRIGHT writes:
Paul Krugman and Joseph Stiglitz disagree? Really,post where they disagree .
That we must have a healthy public sector jobs market, which has been shrinking. We need cops and fire and teachers, but that requires state and local spending is not the issue, The issue is the impact on the bussiness that must implament Obamacre
By 2014, employers with the equivalent of at least 50 or more full-time workers will be required to provide health care for those who work 30 or more hours a week. If they don’t, they’ll have to pay a $2,000 penalty per employee after the first 30 workers.ObamaCare’s employer mandate will discourage business development and growth. Small firms with 50 or fewer workers will have very strong disincentives to expand. These businesses can avoid the new penalties by staying small; growth will simply add new costs and burdens. Many businesses with low profit margins are unable to pay the substantial cost of providing comprehensive insurance to all of their employees or the new taxes under ObamaCare’s employer mandate. Once companies reach 50 employees, they are likely to turn to contractors and outsource work to evade the new mandate, even if such arrangements are less efficient than directly hiring new workers.
How does Paul Krugman and Joseph Stiglitz address those issues?
Lets_Be_Truthful writes:
Sure is good that Obama bailed out the auto industry. :)
Huskerfan writes:
Does winning a Nobel make you infallible? I wonder, given some of the Peace Prize winners lately.
And how many employees does Krugman have, exactly? Saturday's story here in the Star featured real-world employers struggling with the full impact the health care act will have.
http://www.vcstar.com/news/2013/feb/0...
bionox writes:
RightisWrong, again. Remember this from 1-3-13? "BTW this the comment section of the VCS,the rules do not say the person posting must prove the validity of their comments."
How about this gem from 1-29-12? "Your guy you put in the front office aim is to undermine our nation's economy."
James Madison, father of the Constitution, "I have no doubt but that the misery of the lower classes will be found to abate whenever the Government assumes a freer aspect and the laws favor a subdivision of Property."
Hmmm, I wonder what he meant by that?
raylaw43#321876 writes:
I guess that your TV is broken, stuck on only Fox, but if you Google the Sunday political shows YESTERDAY, you will see both, along with other economists.
You are obsessing on Obamacare, but you know nothing about insurance or small businesses. I will wait for your response before I unload on you.
JohnInSimi writes:
LOL, good one!
Chilibreath writes:
Don't celebrate the success of The Great Divider just yet, the Dow just went backwards:
http://www.vcstar.com/news/2013/feb/0...
PS: some of you lefties sure sound like you want a one-party government going forward. Really, is that what you'd like to see, a single left leaning party and a single ideology government? I'll be on the side here waiting for a cogent response.
RIGHTisRIGHT writes:
What you guess really does not matter, My TV is not broken, I watch many news media's besides Fox.That is stll not the issue. and I can't possibly see what that has to do with what I posted
I do know small businesses. Go ahead and unload about what Paul Krugman and Joseph Stiglitz say about Obamacares financial impact on small business
waynes-world writes:
Why continue to blame the Republicans? This is Obama's economy, he owns it. Keep in mind this is his second term, blaming Bush is getting old. He had both houses his first two years, what did we get? A trillion dollar failed stimulus and Obamacare.
Tomcat_Driver writes:
Yes it is. Imagine what would have happen if a 100 dollar part went out on your car. The supplier who originally made it would most likely have gone out of business to. Then your car would have been useless and worthless and you would have had to go out and buy a new one.
That is one example of how following conservative policies could have been disastrous.
RIGHTisRIGHT writes:
Knowledgeable people know,after market auto parts are quality parts at a better price then the original manufacture. You can buy parts for cars that are ten years old, rarely is the replacement part made by the original manufacture. Fact is many people prefer after market auto parts.As usual,left wing comments don't pass the true test.
bionox writes:
"Don't celebrate the success of The Great Divider just yet, the Dow just went backwards . . . "
Best January for Dow in almost 20 years, http://www.masslive.com/business-news...
Never let facts get in the way of a biased opinion . . .
Lets_Be_Truthful writes:
A single left leaning party would not work as once all the objectors are removed from the equation the party left standing will only turn on itself. They will always come up with something to go after no matter how invalid.
Lets_Be_Truthful writes:
ROTFLMFAO! Simple supply and demand dictates that there is more than one supplier! For instance, take a battery, starter, or alternator. Parts that generally run $100.00 to $130.00. I could get on from AC Delco but O'Reilly's Gold Line (taiwan) has a 999 month warranty on their alternators. Much better than the AC Delco and it lasts longer. You know, my friend Bob knows that Bush actually initiated the bailout. I do not think he would spin such a thing for the Dems propaganda.
Tomcat_Driver writes:
Garbage from a technical incompetent. MANY MANY parts are not available aftermarket. Auto experts KNOW that.
Tomcat_Driver writes:
You obviously have not done much car repair. frequently parts are only available from one manufacturer, the one who made it for GM or ford in the first place.
We are not talking alternators or water pumps here.
Lets_Be_Truthful writes:
You stated $100.00 parts. Batteries, water pumps and alternators run around $100.00. When was the last time you did any auto repair? Note, parts from the manufacturer are only limited for the first couple years then the after market field can start making them unless it is something very specialized. But of course specialized parts are not low in price either. You do realize that most auto manufacturers that companies to make the parts for them also sell to other companies? Does Honda make their own radiators or condensers? No. GM's sheet metal comes from Mexico & Canada. Their wheels come from Taiwan. Electronic throughout Asia. Where do you think the parts to fix your car after an accident are going to come from? You better look at your USAA or Geico policy a little more carefully.
RIGHTisRIGHT writes:
Those with the technical competence know there are millions of after market auto parts available. Auto experts KNOW that.
RIGHTisRIGHT writes:
Left wing incompetence has no bounds.
Go on line there are web sites with complete selection of discount aftermarket auto parts and accessories for virtually all vehicle makes and models.
Tomcat_Driver writes:
BULL. Over the years I have often needed to go to a dealer to get a part. Try getting an electronic dash part over the internet. Or a computer control component.
Tomcat_Driver writes:
As an example I had my Corvette in for a repair recently. The shop had to go to the dealer to order a 55 dollar part to fix a trouble code. Not available anywhere else I was told.
Almost any electronic, fuel injection, dash instrumentation etc part is not available anywhere except through a dealer.
Had those damn right wingers got there way I would have had to junk my beautiful car.
Lets_Be_Truthful writes:
Care to inform me of what the part is and model of the car? I am willing to say the repair facility you went to was based on price. You do realize the shop would not have to "go" to the dealer as a parts truck from the dealership would deliver the part. $55.00 & "trouble" code sounds almost like you are talking about a tire sensor. Once again, if there is a need, someone is going to make it. You do realize that parts are no longer made by Ford for a 65 Mustang but yet they still available? There goes that theory. I will wait to hear from you on what special part it was you needed as maybe I could help.
Lets_Be_Truthful writes:
A computer control component such as a timing control module for the LS1 engine? Edelbrock has them online. A navigation/entertainment unit for 2012 Lexus ES350? Now that, if you can not find used, would be dealer only. Just depends on what you need. The majority of parts you can get outside the dealer. Just be careful of the source.
RIGHTisRIGHT writes:
Interesting how raylaw43#321876 magically disappeared when he was challenged to verify his statement.
He must have unloaded some place else,possibly the men's room.
Lets_Be_Truthful writes:
Btw, had that right winger president not done what he did, you would have had to wait for replacement parts on that junker. I am still waiting to help you regarding the car if you can inform me of the part.
Want to participate in the conversation? Become a subscriber today. Subscribers can read and comment on any story, anytime. Non-subscribers will only be able to view comments on select stories.