Hairbrained attacks and sample-loaded polls cannot insulate the president from economic reality. The "good" news in today's breaking jobs report is that the US economy added 163,000 jobs in July -- the most in five months, but still not enough to keep up with population growth. The bad news:
(1) U3 unemployment ticked up to 8.3 percent. We have now witnessed 42 consecutive months of eight percent-plus unemployment in America, despite the president's promise that his $825 Billion "stimulus" program would prevent that statistic from eclipsing the eight percent mark. The White House projected that unemployment would now be at 5.6 percent, thanks to the stimulus.
(2) 155,000 Americans gave up seeking work and dropped out of the labor force in July, nearly as many as the jobs gained. Overall, according to CNBC: "The report showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments."
(3) The U-6 "real" unemployment figure crept up to a full 15 percent. The U-3 number (8.3 percent) would be 11 percent if Obama had maintained the workforce participation rate he inherited. Instead, it has slipped to a three-decade low, perversely "helping" the unemployment rate. The U-3 number among Hispanics and African Americans remains in double-digits (10.3 and 14.1 percent, respectively).
(4) June's paltry 'jobs added' number has been revised down from 80,000 to 64,000.
(5) The media and the White House (I repeat myself) will try to spin this as promising jobs data because of the 163,000 number, ignoring everything else you've just read.
Quote: "We tried our plan, and it worked."
UPDATE - Mitt Romney weighs in (statement via his campaign):
Today's increase in the unemployment rate is a hammer blow to struggling middle-class families. Yesterday I launched my Plan for a Stronger Middle Class that will bring more jobs and more take home pay. My plan will turn things around and bring the economy roaring back, with twelve million new jobs created by the end of my first term. President Obama doesn’t have a plan and believes that the private sector is ‘doing fine.’ Obviously, that is not the case. We’ve now gone 42 consecutive months with the unemployment rate above eight percent. Middle class Americans deserve better, and I believe America can do better.”
UPDATE II - Time to break out the infamous White House "stimulus" graph, adjusted for reality:
UPDATE III - More wonderful news, via Zero Hedge:
In July the number of part-time jobs added was 31K, bringing the total to 27,925, just shy of the all time record of 28,038. Full time jobs? Down 228,000 to 114,345, lower than the February full-time jobs print of 114,408.
Media and Democrats on Twitter are chattering about the upbeat jobs report.
UPDATE IV - This man was a top economic adviser to Obama. "Measly:"
Join the conversation as a VIP Member