Unemployment ticks up to 7.9%

The Bureau of labor Statistics released their monthly job report. While the workforce participation rate remains at the 30 year low of 63.6%, the economy added 157,000 jobs. The amazing statistic in the report is the huge revisions for November and December. November’s number rose from 161,000 to 247,000 and December went from 155,00 to 196,000.

It’s interesting that in a quarter where the GDP showed the economy contracting, we receive a report adding 127,000 more jobs. More interesting, it just happens that these revisions pushes the average for 2012 monthly job gains to 181,000. A number that, many economists consider to be the threshold for a stabilized job market.

There are those who are trying to say this report is good but all one has to is read this:

In January, the number of long-term unemployed (those jobless for 27 weeks or more) was about unchanged at 4.7 million and accounted for 38.1 percent of the unemployed. (See
table A-12.)

Both the employment-population ratio (58.6 percent) and the civilian labor force participation rate (63.6 percent) were unchanged in January. (See table A-1.)

The number of persons employed part-time for economic reasons, at 8.0 million, changed little in January. These individuals were working part-time because their hours had been cut back or because they were unable to find a full-time job

Sorry, but I’m not doing the happy dance over this report like some over at CNBC and in the Administration.

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