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2007 Review -- Job Markets

Unemployment Rates

Dec. 1997 - 9.9 - blacks
Dec. 2007 - 9.0 - blacks

Dec. 1997 - 7.5 - Latinos
Dec. 2007 - 6.3 - Latinos

Dec. 1997 - 3.9 - whites
Dec. 2007 - 4.4 - whites

Overall Unemployment Rates

6.4 - Dec. 1977
5.7 - Dec. 1987
4.7 - Dec. 1997
5.0 - Dec. 2007

For obvious reasons the chances the media will report those facts to the general public nearly are the same as a young liberal-bot's chances of grasping reality: zero.point.zero.

Net Job Growth

Established employers in 2007 created the net sum total of 1,328,000 payroll jobs. Established private-sector employers added the net sum total of 1,054,000 workers to their payrolls.

Payroll employment by the federal government in 2007 declined. In fact, the federal government has reduced its total payrolls in four of the past seven years. Go figure. For obvious reasons that information won't be reported, much less featured, on conservative talk radio.

Overall employment in 2007 increased by the net sum total of 262,000 jobs. That muted job gain includes net changes in 1099 contractor employment and in self-employment. Obviously a large number of non-payroll workers in real estate and mortgage lending quit or were jettisoned.

As for 2008, time will tell.


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Comments (15)

I remember unemployment bei... (Below threshold)

I remember unemployment being much higher between 1977 and 1987. I thought it was well over 10% at one point.

Well it would be a frickin'... (Below threshold)

Well it would be a frickin' miracle if they could make the connection between Payroll employment by the federal government in 2007 declined and taxes.

How many of these jobs were... (Below threshold)
nogo war:

How many of these jobs were in the "service" industry. Ya all think lots of homes will be built in 2008? What sector do you see paying more than $30,000 a year do you see a rise?
Ya think the average debt of Americans will SHRINK in 2008 because "it's working"?
But hey, any Republican running for office would be a fool not to stress how great the Republican Tax cuts and job growth is working...right?
The Dow(Rupert's now)down just above 12800 is only a correction....Jump in before it is too late!

Even if people are not old ... (Below threshold)
nogo war:

Even if people are not old enough to remember Levittown.
How does this mean we are doing well

nogo war-Ghee allo... (Below threshold)

nogo war-

Ghee allow me to make a baseless claim the DOW would not be down to 12,800 today because the two populists won Iowa?

If you could alert Wizbang when it hits 12,000 from your cell phone while your waitng in the breadline that would be great.


I do not have a cell phone.... (Below threshold)
nogo war:

I do not have a cell phone..
I am just saying...if everything is sooo good
than Republican candidates will run on the positive economy.
If enough folks truly believe by November the Republican view of the economy since 2001 is working for them..a landslide.

The reason the Dow dropped..had nothing to do with Iowa..the Bush/Republican answer is not working. At least for those earning less than $100,000 a year.
Hey...put your home for sale right now..
After all it is a sellers market. If not? Why not?
If it is not a sellers market..how are the Dems at fault? How about taking a second mortgage on your house right now,,,even if you have a good job and made all your payments?
Seriously...Bush with a republican majority for years raised our deficient.
One of the determining factors in 2008 will be
"Are you better off now than you were 4 years ago"
Maybe the majority of Americans will say "yes".
If so no doubt a republican landslide.

Down 265.24 (2.03%)... (Below threshold)
nogo war:

Down 265.24 (2.03%)
Please find one reputable post that says this fall is a result of Iowa...
No..it is not a drop..a correction...
Jump in now!

nogo war,I did put... (Below threshold)

nogo war,

I did put my home up for sale. It sold in November. I purchased my home in June of 2003 for $312,000.00 I sold my home in November of 2007 for $399,000.00.

Everyone wants to focus on the fact that a guy in my neighborhood sold the same home as mine (With some additional upgrades) for $450,000.00. He made a killing, that's for sure.

But what they fail to realize is that everything drops from its inflated peak. Even though I didn't make as much as he did, I still made a lot of money for only owning the property for 4 years.

Also, my neighbor is selling her home, again identical to mine, for $420,000.00. The reason I sold my for 20k cheaper is because I didn't have to pay a realtor, I sold mine over Craigs List.

Also, I sold my home in Southern California, one of the supposedly worst markets in the nation. Riverside County.

nogo war-err, I wa... (Below threshold)

nogo war-

err, I was being kind of ironic. I think yo make some baseless claims so I thought you might allow me one.

Although the market is allowed to be irrational and people do buy and sell on emotional bases-such as fear.

Fear is usually a good jump in sign. It's called being contrarian.


nogo war-

A few questions for you and they are trick questions so you might have to look a few things up.

Who has more of the controls to "regulate" the economy?

The President?


The Fed Chair?

When Hillary or Obama wins-when will they fire Bernanke and who will they appoint? [heh]

Oh hell here is a hint to the trick question-

How long is the the tenure of the Fed Chair?

The Fed Board?

"As for 2008, time will tel... (Below threshold)

"As for 2008, time will tell."

Well JJ, according to some leading Economists, as reported in the WSJ, this is a sign of bad news to come. Here are some quotes:

The rise in the unemployment rate is very disturbing.

This data shows an economy slowing sharply..

December's bleak jobs report represents the siren call that this business cycle is just about over.

The rise in unemployment hit blacks and Hispanic workers especially hard

I sure hope the MSM is all over this.

As everyone should know...t... (Below threshold)
nogo war:

As everyone should know...the Pres says here is my guy..
then it requires Senate approval..as for "how long?'
I don't know, if anyone can link..cool

as for control..the Fed chair..which as everyone should know represents Banks not the United States Govt..I am sure many here have a deeper understanding of the history of the Federal Reserve Board than I do.
Bush did not just say cut taxes during a time of war and taxes were cut..our elected folks in both Parties said "sure"
I do not blame Bush for what is coming in 2008.
But those who are for deregulation, let the market decide, etc...
"If you plant ice you're gonna harvest wind."

I am sure many her... (Below threshold)
I am sure many here have a deeper understanding of the history of the Federal Reserve Board than I do.

That's an understatement, nogo war. Your ignorance is unmatched.

BarneyG2000 -I'm n... (Below threshold)

BarneyG2000 -

I'm noticing something. If the markets go up, it's a sign of impending doom. If the markets go down, it's a sign of impending doom.

If the job numbers go up, it's a sign of impending doom. If the unemployment numbers go down, it's a sign of impending doom because people are giving up looking for jobs.

A 1/10th percent rise in any index spells doom. A 1/10th percent drop spells doom.

You see anything resembling, oh, a trend in reporting styles?

Aside from them always being able to find SOMEONE to declare we're doomed and it's all about to collapse? (Everything from the economy to the Antarctic ice shelf?) If it's coming from the msm - they're going to present it as a friggin' catastrophe. There is NO reason for them to report good news. Good news will not get the readers to check back to see how good things might be getting - but reporting something as BAD will get them checking back often.

Old-time radio and movie serials ended on cliffhanger notes. If the hero wasn't in danger - why come back the next week to catch the next episode? We're not seeing the reporting being used to present factual information in a clear context - we're seeing writers making sure they've got a job next week by keeping the viewer/reader numbers up, to justify what they're charging the advertisers.

So any time any article says something's completely FUBAR - it's likely nowhere near as bad as it's presented. After all - they want you to keep checking back.

I'm noticing something. ... (Below threshold)

I'm noticing something. If the markets go up, it's a sign of impending doom. If the markets go down, it's a sign of impending doom.

Ha! This sounds like Jayson himself. If the markets go up, it's good. If the markets go down, it's good (because they're correcting).

You live in a glass house. You shouldn't throw stones.

"... If you could alert Wiz... (Below threshold)

"... If you could alert Wizbang when it hits 12,000 from your cell phone while your waitng in the breadline that would be great."

The Dow closed today, Jan. 22, 2008, at 11,971.19.






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