Friday, February 7, 2014

Hanging is too good

The official count of jobs created in January was 113,000. Half in construction, the rest divided among manufacturing, wholesale and mining jobs. These are employment sectors whose growth point to long term growth. This is about double the current rate of growth from young people and immigrants entering the workforce.

This is just the first estimate of new jobs and is subject to several revisions. November and December numbers together were revised upward by 34,000. This has been typical as growth in the job market tends to be under reported by employer surveys.

New unemployment claims declined by 31,000 from the previous week to 331,000. This has become a more or less the normal number indicating the job market is experiencing moderate growth.

The Household Survey done by the Bureau of Labor Statistics shows 837,000 so-called discouraged workers, about the same as a year ago. These are people who don't look for work because they don't believe that there is work for them, such as in their job is now in China.

The US is now technically in excess of the debt ceiling but the Treasury Dept expects to be able to juggle the books through the end of February.

According to documents released through Freedom of Information Act requests, it appears that Obama wasn't really pooh-poohing the idea of the Trillion Dollar Platinum Coin after all. Administration lawyers did craft the legal mumble jumble to make it possible to go ahead with simply minting coins to keep the Government running. So it's unlikely the Tea Party seditionists who tried to destroy America and western civilization by refusing to pay for spending Congress has previously authorized will try it again.

Twitter @BruceEnberg - where Seditionists wish that they had been hanged instead.