Friday, November 04, 2011

October 2011 Jobless News - 80K Jobs Added, Unemployment Rate Dips To 9 Percent

Such anemic job growth, yet the Lapdog Media calls it "an encouraging sign," because job number one for them is getting Obama re-elected (Associated with Obama Press).

The American economy added 80,000 jobs in October, and job growth in the two previous months was much stronger than first thought, an encouraging sign as the nation searches for a way out of the jobs crisis.

The unemployment rate dropped to 9 percent from 9.1 percent, the first time it has fallen since July, the government said Friday.

"Those are pretty good signs," said Michael Hanson, senior economist at Bank of America Merrill Lynch. "We're hanging in there."

Economists surveyed by FactSet, a provider of financial data, had expected a gain of 100,000 jobs. It takes a gain of about 125,000 jobs a month to keep up with population growth, more to bring down the unemployment rate.

Are you kidding? That's like saying a Hummer gets great gas mileage.

Compare the job growth under Hopey Change to that of Ronald Reagan, as the US was climbing out of the Carter recession, which is comparable to Obama's Recession (Ace of Spades).

As Jim Pethokoukis points out, in October of 1983 the Reagan Recovery produced 271,000 jobs. We should also note that was in an economy with far, far fewer workers.

In September 1983, 1.1 million workers were added to payrolls. But that was because we had a President who encouraged the private sector, instead of threatening them with more taxes, regulations.

The stock market isn't liking the new numbers. And 9.0 percent? Come on? Of course those numbers don't tell you the number of people who have given up looking for work. I heard an investment banker on a radio show Sunday who said no one believes the numbers coming out of Washington, because it doesn't jive with the reality they see every day.

No comments: