10-18-2012, 03:19 AM
Lord High Executioner
Join Date: Jan 2009
Location: The Killing Fields
Re: Unemployment Drops Below 8%, Conservatives Cry Conspiracy
Gallup is reporting that the unemployment rate continues to drop, that it is at 7.3% (7.7% adjusted for seasonal employment) in mid October:
Gallup: The Unemployment Rate Is Collapsing
More evidence that the official 7.8% unemployment rate is not the wild outlier people initially thought.
This just in from Gallup:
WASHINGTON, D.C. -- U.S. unemployment, as measured by Gallup without seasonal adjustment, is 7.3% in mid-October, down considerably from 7.9% at the end of September and at a new low since Gallup began collecting employment data in January 2010. Gallup's seasonally adjusted unemployment rate is 7.7%, also down from September. October's adjusted mid-month measure is also more than a percentage point lower than October 2011.
Read more: http://www.businessinsider.com/gallu...#ixzz29d0WSUDO
The recent housing reports also show signs of a recovery (finally):
Housing Starts Jump 15% to Four-Year U.S. High: Economy
Housing starts in the U.S. surged 15 percent in September to the highest level in four years, adding to signs of a revival in the industry at the heart of the financial crisis.
Beginning home construction jumped last month to an 872,000 annual rate, the fastest since July 2008 and exceeding all forecasts in a Bloomberg survey of economists, Commerce Department figures showed today in Washington. An increase in building permits may mean the gains will be sustained.
“It’s no longer a question of whether the industry is rebounding,” Larry Sorsby, chief financial officer of Red Bank, New Jersey-based Hovnanian Enterprises Inc. (HOV), the best-performing homebuilding stock this year, said in a telephone interview today. “There is clear evidence that we have bounced off the bottom and are in the midst of a recovery.”
A pickup in sales stoked by record-low mortgage rates and population growth combined with dwindling supply indicates construction can continue strengthening, contributing more to economic growth. Improving demand may also help revive a part of the job market that’s seen construction employment fall by almost 2 million since the end of 2007.
“This is good news for the labor market,” said Anika Khan, a Charlotte, North Carolina-based senior economist at Wells Fargo & Co., the biggest mortgage lender in the U.S. If single-family starts “continue to show this positive momentum, and we expect they will, we’ll likely start to see some construction jobs come back.”
:Waits for next jobs report to be released and more ridiculous conspiracy theories to emerge: