rise and shine

Marketwatch: The U.S. economy gained 200,000 jobs in December and the unemployment rate fell to 8.5%, the Labor Department said Friday.

Economists surveyed by MarketWatch had forecast the U.S. would add 150,000 jobs last month, with the jobless rate edging up to 8.7% from an initially reported 8.6% in November.

Subtracting another decline in government jobs, the private sector boosted payrolls by 212,000. Average hourly earnings rose 0.2% last month to $23.24 and hours worked edged up to 34.4. Job gains for November and October were little changed. The U.S. created 1.64 million jobs in 2011.

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Steve Benen: Mitt Romney will probably find today’s jobs report from the Bureau of Labor Statistics very discouraging. The rest of us, though, have reason to smile.

…. when monthly job growth reaches 200,000, that’s genuinely good news, and the drop in the overall unemployment to 8.5% puts the figure at nearly a three-year low, which is also encouraging. Under the circumstances, this is one of the best jobs reports since the recession began four years ago.

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It’s a bad day for Rusty 😥

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TPM

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Reuters: The young men in business suits, gingerly picking their way among the millwrights, machinists and pipefitters at Kansas City’s Worldwide Grinding Systems steel mill…. “They looked like a bunch of high school kids to me. A bunch of Wall Street preppies,” says Jim Linson, an electronics repairman who worked at the plant for 40 years….

Apparently they liked what they saw. Soon after, in October 1993, Bain Capital, co-founded by Mitt Romney, became majority shareholder in a steel mill that had been operating since 1888.

…. Less than a decade later, the mill was padlocked and some 750 people lost their jobs. Workers were denied the severance pay and health insurance they’d been promised, and their pension benefits were cut by as much as $400 a month…..

Full article here

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Paul Krugman: ….. Mr. Romney claims that Mr. Obama has been a job destroyer, while he was a job-creating businessman …. his claims about the Obama record border on dishonesty, and his claims about his own record are well across that border.

….. the president inherited an economy in free fall, and can’t be held responsible for job losses during his first few months, before any of his own policies had time to take effect. So how much of that Obama job loss took place in, say, the first half of 2009?

The answer is: more than all of it. The economy lost 3.1 million jobs between January 2009 and June 2009 and has since gained 1.2 million jobs. That’s not enough, but it’s nothing like Mr. Romney’s portrait of job destruction.

Incidentally, the previous administration’s claims of job growth always started not from Inauguration Day but from August 2003, when Bush-era employment hit its low point. By that standard, Mr. Obama could say that he has created 2.5 million jobs since February 2010.

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Washington Post editorial: ….. Republicans may well be correct that Mr. Obama is playing politics with these appointments …. But so what? Both the consumer bureau and the labor relations board are agencies of the U.S. government, created by Congress, and it is inexcusable that congressional obstructionism would leave them unable to function. If Republicans don’t like the structure or purpose of either agency, they should try to alter them through legislation. Meanwhile their filibustering against qualified nominees to make political points or extort concessions from the White House cripples government and discourages good people from serving. That is the real poisonous practice, in which both parties have engaged. Until there is a de-escalation, the country will continue to pay a high price.

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New York Times: Obama administration officials announced on Friday that they will propose a fix to a notorious snag in immigration law that will spare hundreds of thousands of American citizens from prolonged separations from immigrant spouses and children.

The change that immigration officials are offering would benefit United States citizens who are married to or have children who are illegal immigrants. It would correct a bureaucratic Catch-22 that those Americans now confront when their spouses or children apply to become legal permanent residents.

Full article here

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