Friday, September 07, 2012

To Cap Off A Bad Acceptance Speech, Obama's Economy Has Lowest Labor Rate In 30 Years

A disaster of an acceptance speech last night gave way to even worse economic news today.

While the unemployment numbers have been jerry-rigged (fall from 8.3 to 8.1), it's because more people gave up looking for work (

GOP nominee Mitt Romney probably put it best in a statement released just after this morning's jobs numbers were released: "If last night was the party, this morning is the hangover."

At 8:30 am ET this morning, we might have received the news that explained President Obama's startlingly bad performance last night. If there was a single moment Democrats thought they could count on to hit a convention grand slam, it was their clean-up hitter, Barack Obama, who would undoubtedly close the convention on a triumphant note. Instead, what we got was a wan, uninspiring speech from a president who seemed tired and even defeated.

When Obama gave that speech, he already knew the numbers that were just released a few minutes ago. So it's not hard to imagine that his performance was affected, knowing that in just a few hours a bomb was about drop on his parade.

And what a bomb it is. Expectations for the new jobs numbers ranged from 150,000 to 210,000. Instead, only 96,000 new private sector jobs were created -- a brutal number, even worse than last month's.

The President was given a bit of window dressing in the form of the unemployment rate, which dipped from 8.3% to 8.1%. But even the Obama-worshipping media isn't attempting to spin this into good news. The reason the number dropped was only due to a staggering number of people, 368,000, giving up the search for work and leaving the workforce.

Romney again: "For every net new job created, nearly four Americans gave up looking for work entirely."

Hope indeed.

Overall, the labor participation rate also hit a new low, falling to 63.5%, the lowest number since the third quarter of 1981.

Areas of special importance to Obama also went backwards: 15,000 manufacturing jobs were lost last month and automakers cut 7,500 jobs.

In worse news, the meager job gains in June and July were revised down as was the average number of jobs the economy is creating when compared to last year:

The government also said Friday that 41,000 fewer jobs were created in July and June than first estimated. The economy has added just 139,000 jobs a month since the start of the year, below 2011's average of 153,000.

And he wants another four years?

Sorry, That One, you've had enough time. Remember the "One Term Proposition?"

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