Morning Joe | February 04, 2013
>>> what do you have in your hand?
>> i hate thomas roberts .
>> why do you hate thomas roberts ?
>> i hate him.
>> what's going on?
>> he gave me these super bowl napkins and these cookies that i can't stop eating because i knows i'm addicted to them. they're covered with chocolate. he does this all the time. he must want something.
>> he just mocks you. he mocks you. stop doing that. can i have one?
>> no, they're very bad for you.
>> which is why i want them. so steve rattner, you've got charts, and america wants to know, what do those charts say about friday's jobs report?
>> a little more insight into the friday jobs numbers which we all saw, again, modest job increases ran 160,000. employment ticked up. behind those numbers, there are a couple interesting things happening in the economy. the first is that the bls revised backwards its jobs numbers for the past two years. and it increased the number of jobs created. this is monthly job totals for 2012 / 2011 . so they raised 2012 by 28,000 jobs per month. and they raised 2011 by about the same amount. so in fact, 2012 , better than we thought. and the gdp number that we saw the other day, probably not a good indicator. the economy's a bit stronger than we thought. now, inside of that there's some interesting things happening. the most interesting thing happening is that for the first time, you're starting to see a significant drop in the longer-term unemployed. people who have been out of work between six months and three years. their numbers dropped by 16% even though total unemployed on dropped by 6%. now, in the six-month --
>> these are people that we hear are discouraged that don't even look for jobs so they're not counted in these calculations.
>> well, the ones who are still looking are and they're getting more jobs. the people who are unemployed six months, they get jobs quickly. they turn over . and the really discouraged category, the three years or more, and this gets to that baby boomer story if you saw it in "the new york times" over the weekend, they're still in a pretty tough spot. but there is good news on some of the long-term unemployed. and the other piece of good news is in the so-called new claims for unemployment insurance , this is sort of the best forward indicator we have of where unemployment might be going. people applying for unemployment insurance for the first time. and this number has been coming down. and is now at its lowest point since march of 2008 .
>> tell us what we're looking at again here. these are people for the first time?
>> who walked into their unemployment office and asked for unemployment insurance for the first time. so it gives you an indication of what's coming down the road in terms of jobs.
>> it should be a leading indicator .
>> it's a leading indicator . and you can see the way it's dropped. now, finally, amidst all this news, we also had news on friday from the stock market where the dow jones was up, crossed 14,000 for the first time since 2007 . it's within 150 points of its all-time high. the point here i want to make is you've got the stock market at an all-time high. you've still got 3.2 million fewer jobs in this economy than you had in 2008 . and now you can understand better why america is still angry at wall street .
>> i mean, average household income down over the past four years. poverty rates up over the past four years, and yet wall street almost doubles. why is that such a disconnect?
>> companies have been really good at squeezing their labor costs and holding down what they pay people. it's part of globalization. it's part of what's going on in the world. it's one of the things to worry about, joe. along with the deficit.
>> so basically, john, these people out of work, it sounds like that's good for wall street .
>> well, wall street 's managed to, steve said, capitalize on that. whenever i look at those stock market charts, it always makes me wonder, how does barack obama gets characterized as being so anti- wall street ? he must really hate the financial sector ? that stock market table just looks like they've been beat up.
>> the stock market is up 120% since march of 2009 .
>> which, again, makes --
>> -- makes the point that warren buffett 's making. if people have the chance to make money, they're going to make money.
>> they're not going to be sitting there obsessing over, you know, this tax rate or that.
>> thank you, steve .
>> you're welcome.
>> thaw, stenk you, steve .
>> sexy charts.
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