Friday October 5, 2012, 10:56 am
Also: Jack Welch says unemployment numbers are cooked!

The Labor Department reported today that U.S. employers added 114,000 jobs in September. The unemployment rate fell to 7.8 percent – where it was when Barack Obama took office and not at the 5.8 his administration forecasted.

No doubt, the top headline of a dropping unemployment rate is helpful for the president. Democrats are celebrating. While this is certainly better news than we’ve been getting – which tells us more the sad expectations we have in the Obama era – the new unemployment rate reflects deep economic stagnation and maybe a new normal.

Let’s review:

The 114,000 jobs created in September is below the average created this year, which was 146,000.
The 114,000 jobs created in September is below the average created last year, which was 153,000.
The U-6 unemployment number, which reflects the entire labor situation, was basically unchanged at 14.7 percent.
If labor participation was where Obama had inherited it from George W. Bush, the unemployment rate would be closer to 11 percent.
Part-time people employment jumped from 582,000 to 8,613,000, the most since October 2011, and the largest one month jump since February 2009. That means the quality of jobs people are finding is dropping.
And a comparison: During the Ronald Reagan recovery the country average around 275,000 new jobs a month.

Updated:

A 7.8 percent today ties Bush’s worst unemployment month.
Although previous job growth revised up by 126,000, job growth in private sector was revised down by 4,000.
August 2010: 58.5 percent of working age Americans had jobs. August 2012: 58.3 percent of working age Americans had jobs.
38,000 manufacturing jobs lost since August
Black unemployment January 2009: 12.6 percent … Sept 2012: 13.4 percent

If bringing the unemployment rate back to the 7.8 percent (with fewer people working at lousier jobs) is what a stimulus plan, three rounds of quantitative easing and endless spending gets us, this presidency can be safely categorized as one of the worst investments in history.

Friday October 5, 2012, 10:58 am
Also: Jack Welch says unemployment numbers are cooked!

The Labor Department reported today that U.S. employers added 114,000 jobs in September. The unemployment rate fell to 7.8 percent – where it was when Barack Obama took office and not at the 5.8 his administration forecasted.

No doubt, the top headline of a dropping unemployment rate is helpful for the president. Democrats are celebrating. While this is certainly better news than we’ve been getting – which tells us more the sad expectations we have in the Obama era – the new unemployment rate reflects deep economic stagnation and maybe a new normal.

Let’s review:

The 114,000 jobs created in September is below the average created this year, which was 146,000.
The 114,000 jobs created in September is below the average created last year, which was 153,000.
The U-6 unemployment number, which reflects the entire labor situation, was basically unchanged at 14.7 percent.
If labor participation was where Obama had inherited it from George W. Bush, the unemployment rate would be closer to 11 percent.
Part-time people employment jumped from 582,000 to 8,613,000, the most since October 2011, and the largest one month jump since February 2009. That means the quality of jobs people are finding is dropping.
And a comparison: During the Ronald Reagan recovery the country average around 275,000 new jobs a month.

Updated:

A 7.8 percent today ties Bush’s worst unemployment month.
Although previous job growth revised up by 126,000, job growth in private sector was revised down by 4,000.
August 2010: 58.5 percent of working age Americans had jobs. August 2012: 58.3 percent of working age Americans had jobs.
38,000 manufacturing jobs lost since August
Black unemployment January 2009: 12.6 percent … Sept 2012: 13.4 percent

If bringing the unemployment rate back to the 7.8 percent (with fewer people working at lousier jobs) is what a stimulus plan, three rounds of quantitative easing and endless spending gets us, this presidency can be safely categorized as one of the worst investments in history.

Friday October 5, 2012, 11:07 am
Sorry for the double post. Not sure how that happened

Friday October 5, 2012, 12:13 pm
the ugly truth about the jobs report is Obama had no help from the republian/tea party did everthing they could to keep jobs and unemployment as high as they could and Obama had to work extra hard to get it down. But we still have alot to do. This is not the time to celebrate but a time to see how far we have come and how far we must go

Friday October 5, 2012, 12:15 pm
Obama/Biden 2012

Friday October 5, 2012, 2:32 pm
Ugly truth for rightwingers ..but for the rest of us it's good news...Imagine what it would be by now had the GOP in Congress not have been obstructionist for the last four years !

Friday October 5, 2012, 2:47 pm
mamabear...Dig your head deeper!!

Jae...Again believe the lies!!!

Friday October 5, 2012, 9:30 pm
It's all they have Carol

Saturday October 6, 2012, 5:37 pm
Jae, it's good news to you because you don't seem to understand what is going on. You are pro Obama and for the life of me I don't understand why. You stated that you are gay. Is it because when elected Obama stated that he believed "marriage is between one man and woman" and then he switched and said, "No, I believe in same sex marriage." I mean, what is it that you even remotely good about what Obama has done over the past four years.

And to Mamabear, you bet Obama had no help from the republicans to further bankrupt our country. There was a tsunami vote in November 2010 and the American people threw the spending democrats out and brought the no spending republicans in to take their seats. That was America talking to us and they are powerful.

President Obama had a supreme opportunity to turn our country around early in 2009. He would've looked like a super star turning immediately to our small businesses. Do you know that 53% of Americans work for small businesses? Obama didn't do it. He turned, instead, to his legacy healthcare bill and spent a year with his head buried in it meanwhile our small businesses were going out of business or shedding jobs with no hope for growth over the past four years. That's WHO Obama is and yet you liberals continue to support a man who is not qualified to run a company much less a country.

The tide has turned and all of those dumb Americans Obama thought he was talking to with all his now failed promises are now on their feet. A large majority of Americans polled said they believed the country was going in the wrong direction. That's powerful. This is why the swing state numbers, and Romney's brilliant debate this week, has Romney even in the polls. It can only get better between now and November IMO.