Friday, October 05, 2012

Urgent: Employment report carries a silver lining: despite anemic growth, jobless rate falls to 7.8%

The most important government report on the economy disclosed moments ago that the nation generated a lackluster 114,000 jobs in September, but the unemployment rate unexpectedly fell to 7.8% from 8.1% -- the lowest level since January 2009.

Economists expected a 110,000 increase in jobs, according to MarketWatch, based on the Labor Department's survey of businesses.

The unemployment rate, which is drawn from a separate survey of households, was forecast to rise to 8.2% from 8.1%. Yet the jobless rate fell sharply after the biggest increase in employment as measured by the household survey since 1983.

Some 873,000 people in the household survey said they found jobs. Employment gains for August and July, meanwhile, were revised higher by a combined 86,000. The number of new jobs created in August was revised up to 142,000 from an original estimate of 96,000. July's figure was revised up to 181,000 from 141,000.

The Labor Department's employment report, published the first Friday of each month, is watched closely by consumers, investors and businesses as the key barometer of the nation's economic health. In pre-market trading this morning, Gannett's stock was up 6 cents at $18.39 a share. GCI's trading high for the year: $19.99, on Sept. 24.

The jobs report is also a major driver in voter opinion as we draw closer to the presidential election the first Tuesday in November. There is now one more report to be released before the election.


  1. This comment has been removed by a blog administrator.

  2. 9:13's politically partisan comment has nothing to do with Gannett; indeed, it doesn't make so much as a gratuitous reference to the company.

    I remove all such comments.

    In the past, I tried to encourage intelligent, adult discussion about coverage of politics by Gannett properties.

    But those always devolved into angry discussions that had nothing specifically to do with Gannett. So, I've given up.

  3. To be honest Jim, this post has nothing to do with Gannett either. There's no context to connect Gannett with employment numbers, and no relevance to Gannett's stock price.

    Your blog, your rules. And I agree that off-topic, repetitive or flaming posts should be deleted out of hand. But it would have been better to tie the furlough announcement to this story rather than the stock price.

  4. Many months, I write about the employment report because I know it's studied at Corporate, as well as at other companies across the company -- and because I hope readers will use it as a jumping off point to talk about Gannett's financial health.

    That includes, as you suggest, decisions such as the furloughs just imposed on Gannett Government Media.

    I referenced the employment report's impact on the election with reluctance, because it might lead to political sniping. But it's role is too obvious to ignore.

  5. So you post a thread that has nothing to do with Gannett, and then remove a comment on it that has nothing to do with Gannett?

    Are you trying to get a job as a Gannett manager now by showing that you too can make illogical decisions?

  6. Where’s any mention of the U6 number which remains unchanged at 14.7%?

    For that matter, commentary about how 114,000 “new” jobs is still well short of what’s needed to stay even with our growing population, let alone recent CBO projections about how the current trajectory predicts the number Jim cites as going over 95 next year.

    Sorry, but I have to agree a bit with 9:57 as while Jim does routinely report this number, he’s made it clear that his “opinion” of what's reported rules.


    Some states still have 99 weeks of unemployment, with tens of millions unemployed/under-employed -- and we're supposed to be happy?

    Alice, Mad Hatter, White Rabbit -- they're all here. Jack Ryan, Jeri Ryan's ex-husband, was only the first.

    Refuse to be a sap for this kind of ridiculous, surreal neo-Gannettoid-istic insanity. In the real world, you get fired these kinds of results, fair or unfair. And if you can't take it, all the more reason for your dismissal.

  8. This comment has been removed by a blog administrator.

  9. many of the 99ers were former Gannett employees. Gannett is a major contributor to the unemployment number.

  10. 11:52, we could argue a long time about the 99ers, but this is clear --

    in today's work-world, you are your best friend. Don't rely on others to "help" you - help yourself.

    Max your skills. Learn new ones. Have a plan. Look at ol' Jim - he found a new niche.

    Is the worst over for newspapers? No one - nobody - can say for sure. But it is stopped, in one scary place, that's for certain. Ask anyone at the Army Times, et. al.

    Wake the F up - the world's changed. The freakin' writing has been on the wall for years.

  11. No one believes it dropped
    to 7.8% !


Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."

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