The Jobless Recovery

Weigel
Reporting on Politics and Policy.
Jan. 7 2011 8:38 AM

The Jobless Recovery

How's the new economic data look? It depends if you're an investor or a worker. If you're an investor , Barack Obama's socialism has really backfired.

Technology and industrial companies paved the way for whatmay have been the strongest year for U.S. profits since 2007 andthe best fourth quarter since Bloomberg began keeping the datain 1992. S&P 500 companies have already exceeded the averageanalyst profit estimate for six straight quarters, the longeststreak in Bloomberg data going back to 1993.

Advertisement

That's good. The unemployment numbers mostly aren't. The headline is that unemployment dropped from 9.8 percent to 9.4 percent in December. But that only represents an increase of 103,000 jobs.

        About 2.6 million persons were marginally attached to the labor force in December, little different than a year earlier. (The data are not
        
seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime
in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

Among the marginally attached, there were 1.3 million discouraged workers in December, an increase of 389,000 from December 2009.

Worth remembering at this point that the Democratic response to this is to hire a well-connected WH Chief of Staff and the Republican response is to pas repeal bills as ask businesses what deregulations they need to start creating jobs.

David Weigel is a reporter for Bloomberg Politics

TODAY IN SLATE

Politics

Smash and Grab

Will competitive Senate contests in Kansas and South Dakota lead to more late-breaking races in future elections?

Stop Panicking. America Is Now in Very Good Shape to Respond to the Ebola Crisis.

The 2014 Kansas City Royals Show the Value of Building a Mediocre Baseball Team

The GOP Won’t Win Any Black Votes With Its New “Willie Horton” Ad

Sleater-Kinney Was Once America’s Best Rock Band

Can it be again?

Technocracy

Forget Oculus Rift

This $25 cardboard box turns your phone into an incredibly fun virtual reality experience.

One of Putin’s Favorite Oligarchs Wants to Start an Orthodox Christian Fox News

These Companies in Japan Are More Than 1,000 Years Old

Trending News Channel
Oct. 20 2014 6:17 PM Watch Flashes of Lightning Created in a Lab  
  News & Politics
Politics
Oct. 20 2014 8:14 PM You Should Be Optimistic About Ebola Don’t panic. Here are all the signs that the U.S. is containing the disease.
  Business
Moneybox
Oct. 20 2014 7:23 PM Chipotle’s Magical Burrito Empire Keeps Growing, Might Be Slowing
  Life
Outward
Oct. 20 2014 3:16 PM The Catholic Church Is Changing, and Celibate Gays Are Leading the Way
  Double X
The XX Factor
Oct. 20 2014 6:17 PM I Am 25. I Don't Work at Facebook. My Doctors Want Me to Freeze My Eggs.
  Slate Plus
Tv Club
Oct. 20 2014 7:15 AM The Slate Doctor Who Podcast: Episode 9 A spoiler-filled discussion of "Flatline."
  Arts
Brow Beat
Oct. 20 2014 9:13 PM The Smart, Talented, and Utterly Hilarious Leslie Jones Is SNL’s Newest Cast Member
  Technology
Technocracy
Oct. 20 2014 11:36 PM Forget Oculus Rift This $25 cardboard box turns your phone into an incredibly fun virtual-reality experience.
  Health & Science
Medical Examiner
Oct. 20 2014 11:46 AM Is Anybody Watching My Do-Gooding? The difference between being a hero and being an altruist.
  Sports
Sports Nut
Oct. 20 2014 5:09 PM Keepaway, on Three. Ready—Break! On his record-breaking touchdown pass, Peyton Manning couldn’t even leave the celebration to chance.