TODAY, the Bureau of Labour Statistics released the last set of American employment numbers to come ahead of the November Congressional elections. If the Democrats were looking for a boost from the numbers, they're sure to be disappointed—and then some. For the fourth month in a row, nonfarm payroll employment declined in September, by a total of 95,000 jobs. The unemployment rate held steady at 9.6%.
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There is little to be positive about elsewhere in the report. The number of people working part-time for economic reasons jumped in September, and nearly 10 million Americans now fall into that category. Partially as a result, the statistic known as U-6, considered a more complete indicator of un- and under-employment, rose from 16.7% in August to 17.1% in September. The previously reported jobless figures for July and August were both revised down slightly. Aside from government employment, payrolls in good producing sectors had a rough month, and construction in particular was hard hit, shedding 21,000 jobs. Private services did better across the board, especially the leisure and hospitality sector, which added 38,000 employees. There is indeed a lot more leisure to go around in America these days.
The Obama administration predicted unemployment would top out at 9% without the stimulus.
The administration predicted unemployment would top out at 7.9% if the stimulus was passed.
As you can see from the report above, the unemployment rate has held steady at 9.6%.
The underemployment rate, a much more accurate picture of the labor market, increased to 17.1%.
To put it simply, the Obama administration has NOT added value to the employment market.
Dems in the Congress and the Senate will pay a price for that miserable record next month.
Obama will have to wait for his accountability moment for a few years.
But it's coming:
A new CNN/Opinion Research survey shows that Americans are now divided on their preference for Barack Obama or George W. Bush, with 47% saying Obama has done a better job as president than Bush and 45% saying Bush did a better job.
It's a marked change from the same time last year. When asked the same question late last year, 57% of Americans picked Obama, and 34% picked Bush.
Oh, yeah - that accountability moment is coming.
Somehow, Obama has managed to erase from the memories of Americans just how bad Bush was.
Heckuva job, Barack!!!!
Heckuva job.
I keep seeing bumper stickers with pictures of GW asking, "Miss me yet?"
ReplyDeleteI have to say no, GW, it's like you never left.