Examining latest jobs report numbers
Is economy moving in right direction?
- Duration 4:05
- Date Feb 1, 2013
Is economy moving in right direction?
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Of more about a look at this seven point 9% unemployment rates.
We're gonna take a look a little bit at how these numbers really affect the average American right now the Labor Department says.
There are nearly twelve and a half million unemployed Americans in this country.
That doesn't include the so called marginally attached there's nearly two and a half million people.
Who are unemployed who have stopped looking for a new job that's the number that represents them.
For -- eight million people were forced to work part time.
Because they simply can't find full time work overall the jobless problem is affecting close to 23 million people.
And that's -- number that we've reference quite frankly consistently over the last several years joining me now for more on -- -- -- Marketplace editor and columnist at the Wall Street Journal -- Dennis you're taking a look at the markets yet right.
Right at fourteen panels and their mark.
Loves the -- and -- 15100 S of Dow Jones above 141000.
Well the revisions in those last few months in the 2012 really give people confidence.
That there isn't -- -- momentum building the job market construction jobs in particular 20000.
That -- been lagging for so long tennis so the numbers are not great right we know they're not great but again it's all about expectations.
At this point we're better than sort of that the bad expectations we were sort of -- into the in 2012.
You mentioned the revisions as something we should clarify for our viewers to that we get the initial number but then the next month we'll get a revision in the next month after that we'll get another revision so -- hopefully the numbers are giving us.
A more accurate picture of what's really going on in the job market how do you think this is setting the tone.
For the year ahead as far as what -- To -- -- well -- at least in the beginning for the stock market has been a stellar year for 2013.
Equity markets up about 5%.
This certainly giving some some some -- out there I think right now people are feeling that.
No it's not great that it's a slow growth returned says sort of some sense of normalcy but.
-- we won it create that TV sound bites and tidbits about how the economy's doing this and that interest tonight at that aren't as we keep I have now I don't know but.
Said that the economy of 300 million people just moves a little more slowly than that and at least right now I'd say at this tour tortoise is moving he's he's he's moving in the right to.
Earmarking your -- take away is not fabulous but -- that we're still seeing some sort of job growth in the economy right.
Now one thing that is happening and a secular basis is.
That companies are are really still not in the mood to hire.
And and and forget about what's happening on employment of financial crisis in the past few years technology computers software.
All these things are frankly more efficient and more costs less costly.
And putting people into business is not I think it's sort of the bigger question we're gonna have to answer as as a country is where is that role of automation -- and personal.
Value comments already put a machine which a person -- companies are saying right now we rather put in machines you know interesting you.
You mention that because you look at that labor force and the number of the labor force we've seen that number -- drop the senate thirty year low -- had the same amount of people that were in the labor force.
Yes 34 years ago right our unemployment rate would be about 10% -- -- our week in a place where the people that have -- out of labor force.
Simply will never return and I never.
A lot of economists -- work on this I think that's a fair point for for a large number of these so what happens this only.
Well that's that's the tough part and and that's that.
The price of you might call -- progress sort of the cost of progress because.
Computers really are getting so much better doing so many of the things that that humans -- to do and so in some ways the financial crisis and then the credit boom.
That's kind of a distraction from the bigger changes in how computers are changing their lives and and and that -- -- -- -- out of love to hear.
The president talk about that -- all the people who took making the decisions said this this new economy that we're entering new economy we talk about the wealth of FaceBook and Twitter but.
A lot of ways that's putting people to work to period just thanks so growth may be positive but often negative at the same time that was sort this they tag it hey thank you and audition and --