U.S. unemployment rate tumbles

Canada’s edged up

The U.S. economy added 243,000 jobs in January, as the national jobless rate fell to a three-year low. The numbers, released on Friday morning, were likely the best news for Obama’s White House since Newt Gingrich won South Carolina.

With Americans heading to the ballot box in just nine months, a continued economic recovery will be key to Obama’s re-election bid. The New York Times’ Nate Silver suggested on Thursday the economy would need to add about 150,000 a month between now and next November for the president to have a solid re-election election chance.

It’s not an entirely rosy picture, however. Long-term unemployment remains intractable and the number of underemployed, scratching by with part-time work, continues to be alarmingly high.

In Canada, meanwhile, the economy added a mere 2,300 jobs last month as the unemployment rate edged up from 7.5 to 7.6 per cent. Job growth, robust only six months ago, has since slowed. The number of full-time jobs actually fell last month, with the slack being taken up by part-time work.

Problems may also loom in the housing market. The Economist warned on Friday that Canadians housing prices may not be sustainable, especially in Toronto and Vancouver. (To which Vancouverites, waking in their 7-figure bachelor condos, responded: “Poppycock!”)

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U.S. unemployment rate tumbles

  1. The reason US unemployment fell and Canadian unemployment rose, is that the Canadians are not in the middle of an election. The numbers released by the Administration are straight out of “Alice in Wonderland.” There is not one shred of truth or honesty to the Obama regime. You can not believe ANYTHING this Administration releases to the press or any way the MSM will spin it to Obama’s benefit.These idiots and goons will stop at nothing to retain power.

    • So…everything is continuing as usual in the USA, eh?

  2. The “utter failure” of our agenda driven media continues.  Media ignores the denomiator in the fraction.

    The CNBC report on this at least has a hint of reality noting the drastic drop in “labor participation” – the lowest number of people in the workforce since 1983.  CNBC reluctantly advises midway through the article that low labor participation can “skew” the unemployment rate.

    Actually no.  It doesn’t “skew” it.  It is a basic function of it. Let us examine the simple reality being ignored:

    A percentage is a numerical form which is a function of a numerator and a denominator.  In this case the denominator (the number of those in the work force) drasctically tumbled.  When the denominator goes down, the percentage goes up.

    In fact, this is very disturbing news.  Those participating in the workforce dropped to levels not seen since 1983????   I suspect if getting Obama elected meant proclaiming the earth was flat, we would have headlines warning ships to be careful to avoid falling off the edge of earth.

    Long ago our (almost exclusively leftist/socialist)  media conciously dropped their role of being purveyors of fact, to being agents of “making a difference” – the difference of course to create a leftist/socialist “progessive” world.  Today that means portraying the ecomony in a positive light.  Obama’s state of the Union was Orwellian in how he described the improving economy.  The media is now following suit.  Shameful.

  3. Gingrich won South Carolina, not North Carolina..

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