The beginning of the demise? Employment today...

[JeremyD]

Essentially unchanged - no new jobs created - no jobs lost (although more job loss cuts announced)

http://www.bls.gov/news.release/pdf/empsit.pdf

THE EMPLOYMENT SITUATION: DECEMBER 2007

The unemployment rate rose to 5.0 percent in December, while nonfarm payroll
employment was essentially unchanged (+18,000), the Bureau of Labor Statistics of
the U.S. Department of Labor reported today. Job growth in several service-pro-
viding industries, including professional and technical services, health care, and
food services, was largely offset by job losses in construction and manufacturing.
Average hourly earnings rose by 7 cents, or 0.4 percent.

Unemployment (Household Survey Data)

The number of unemployed persons increased by 474,000 to 7.7 million in
December and the unemployment rate rose by 0.3 percentage point to 5.0 percent.
A year earlier, the number of unemployed persons was 6.8 million, and the
jobless rate was 4.4 percent. (See table A-1.)

In December, unemployment rates rose for several major worker groups--adult
men (to 4.4 percent), adult women (4.4 percent), whites (4.4 percent), and
Hispanics (6.3 percent). The unemployment rates for teenagers (17.1 percent)
and blacks (9.0 percent) were little changed. The unemployment rate for Asians
was 3.7 percent, not seasonally adjusted. Most major worker groups experienced
increases in their jobless rates over the year. (See tables A-1, A-2, and A-3.)

Total Employment and the Labor Force (Household Survey Data)

Both total employment, at 146.2 million, and the employment-population ratio,
at 62.7 percent, decreased in December following increases in November. Total
employment was essentially unchanged over the year, while the employment-
population ratio declined by 0.7 percentage point over the same period. The
civilian labor force was essentially unchanged in December at 153.9 million.
The labor force participation rate, at 66.0 percent, was unchanged over the
month, but was 0.4 percentage point lower than a year earlier. (See table A-1.)

The number of persons who worked part time for economic reasons, at 4.7 million
in December, was little changed over the month but was up by 456,000 over the year.
This category includes persons who indicated that they would like to work full
time but were working part time because their hours had been cut back or because
they were unable to find full-time jobs. (See table A-5.)

[Moneyguy1]

I hope this is just a blip on the screen.

[MRM]

Unemployment is a lagging indicator. It tells us where we've been; not so much where we're goin.

[Moneyguy1]

That it is a lagging indicator is the problem. People fear what is happening now and some will feel the trend is still downward.

It will be interesting to see the effect of the devalued dollar on the economy, particularly domestic manufacturing.

[JeremyD]

Temp help has always been a leading indicator (first ones to lose their jobs, first to be hired back)

This month - unchanged - last month - up - for the year - down.

[Moneyguy1]

Seasonal temp hiring is always an interesting indicator on the health on the retail side.

[charleskieffner]

beer purchases and porsche part purchases are fine at my house.................

THE ECONOMY IS FINE!

[Superman]

Originally Posted by JeremyD

Job growth in several service-pro-
viding industries, including professional and technical services, health care, and
food services, was largely offset by job losses in construction and manufacturing.

While this may seem like a new development, it's not. Family wage jobs in manufacturing have shifted to minimum wage jobs in "service" industries for quite some time. These low-unemployment stats we've been seeing......I wonder if anybody was fooled by those stats into assuming our economy was healthy. Oh waitm, now I remember. Some folks were.

[Moneyguy1]

Aww, Supe...

Let 'em eat cake.....

Oops..someone else said that.....

[Joeaksa]

Excuse me? It the end of the year, every company is out of funds waiting for the new year to roll around and turn on the taps for more money. The last 2-3 months of any year is the worst time to find a job.

Anything else you can find to talk about for doom and gloom?

[Porsche-O-Phile]

I think the Q4 earnings reports that come out over the next few weeks are going to be overall pretty good and help to quell a bit of the fear. My outlook for Q2 and Q3 of this year are considerably darker.

[the]

This is of course no blip on the screen.

How in the world is employment going to not go down, significantly, given what is going on????

Our economic growth has been built on a foundation of sand for the past half decade. The party is over, now it's time to pay.

[Moneyguy1]

Gloom and doom are always in fashion, Joe.....

The economy is ALWAYS a local issue. People perceive things from a very narrow point of view. Your neighbor loses his job: recession. You lose your job: depression.

[stevepaa]

I don't understand that Joe. Most businesses have fiscal years not asscociated with Jan 1.

Ours starts Oct 1.

[JeremyD]

These numbers are seasonally adjusted too -

[onewhippedpuppy]

I can tell you one thing. Anyone in Wichita that wants a job, has one right now. Unemployment is limited to those too lazy to work, and companies are begging for help.

[WI wide body]

Originally Posted by MRM

Unemployment is a lagging indicator. It tells us where we've been; not so much where we're goin.

Obviously the Wall Street whiz-bangs have not yet figured that out since unemployment was the big reason given for the current drop.

[sammyg2]

5%? We're getting excited about a 5% unemployment rate? I got news for ya, at least 5% of our population DOES NOT WANT TO WORK!

5% is nothing. If it hits 8% we need to start worrying.

[sammyg2]

On second thought, I just recieved a 16" long rubber hose in the mail for my porsche that cost me $48, maybe we should be worried about inflation!
J/K Wayne, thanks for the fast delivery

[jyl]

The way the statistics are expressed, 5% unemployment does not mean 5% of the population.

It means 5% of the population that is in the workforce and is actively seeking work.

I don't recall the exact definition, but the point is, don't interpret the "5%" literally.

Originally Posted by sammyg2

5%? We're getting excited about a 5% unemployment rate? I got news for ya, at least 5% of our population DOES NOT WANT TO WORK!

5% is nothing. If it hits 8% we need to start worrying.