U.S. Adds Fewer New Jobs Than Expected; Jobless Rate Falls | NYT

[Ediacara]

U.S. Adds Fewer New Jobs Than Expected; Jobless Rate Falls
By KENNETH N. GILPIN

Published: February 6, 2004

The American economy added just 112,000 new jobs in January, the Labor Department reported today, while the nation's unemployment rate fell to its lowest level in two years.

Analysts said the employment report, which showed a decline in the unemployment rate to 5.6 percent from 5.7 percent in December, marked a continuation of tepid increases in payroll employment outside the farming sector. At this stage of an economic recovery, they said monthly job gains of 300,000 or more is the historic norm.

In advance of today's report, the consensus forecast among Wall Street economists called for an increase of 135,000 to 200,000 jobs.

More at the New York Times

[mhr]

1. Jobless Rate Is A Misnomer, What About the 300,000 Plus That Lost

unemployment benefits in January alone.

Close to two million people will run out of their unemployment benefits by June.

Will the economy create two million jobs by then, I don't think so.

What about the remaining eight million or more people who have already exhausted their benefits. They are not counted in the unemployment rate. Will the economy create eight million jobs this year. I don't think so.

The job creation numbers are abysmal.

[daleo]

2. Jobless rate will soon be 0.0

If the economy continues to add very few jobs?

[madrchsod]

3. but there is one company that is hiring

but you have to work in iraq or kuwait. i was at my local unemployment office and there`s a listing of jobs for those brave enough to work over there. this wasn`t an official listing thru the state but a notice ,like some others placed on the job listing board.