There was an unsettling pattern for much of the spring and early summer when it came to monthly job totals. Expectations were relatively high, which made the disappointing figures in April, May, and June that much more brutal.
This month, we saw the opposite: expectations were generally pessimistic, making this morning's good news that much more of a relief.
The new report from the Bureau of Labor Statistics shows the U.S. economy added 163,000 jobs in July, more than double the figures from the previous three months, and nearly double the predictions from economists going into this morning. The unemployment rate inched higher, from 8.2% to 8.3%, but as we've discussed many times, the figure can be misleading -- the rate sometimes goes up when more people reenter the job market.
As is nearly always the case, there was a gap in the public vs. private sectors -- American businesses added 172,000 jobs last month, while the government shed 9,000 jobs. In terms of revisions, May's totals were revised up a little, while June's totals were down a little.
It's worth emphasizing that 163,000 new jobs in a month is not evidence of a strong, robust recovery, but given the severity of the Great Recession, the figures are relative -- today's report is good news because it's evidence of real progress. July's totals are the best we've seen since February, and reverse the deeply disappointing trend of the last few months.
For context, note that so far in 2012, the economy has created over 1.12 million private-sector jobs, which is underwhelming, but is already better than five of the eight years of the Bush/Cheney era.
Above you'll find the chart I run on the first Friday of every month, showing monthly job losses since the start of the Great Recession. The image makes a distinction -- red columns point to monthly job totals under the Bush administration, while blue columns point to job totals under the Obama administration.
Update: Here's another chart, this one showing monthly job losses/gains in just the private sector since the start of the Great Recession.
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We could put lots of people to work on our infrastructure if the republicans and tea partiers would would do what they are paid to do and what the people want them to do instead of being so intent on getting Obama out of office. Everyone complains about the high unemployment but look at how much better off we are compared to 3 years ago. Bush had 8 years to get us in this mess don't you think Obama should have equal time to try and get us out of it? If Romney is elected we will have 4 more years of the Bush era or worse.
Iowa senior~ Are you in Dumbass King's district? If you are, please, please, please vote that idiot out of office. And we all need to get Branstad out!
Love the spin in this place. Too bad nobody else believes it. Double digit real unemployment, the 5.5 trillion in new debt, and the lowest workforce participation rate since 1982.
I actually don't blame Obama. I think much of the is a function of an economic cycle that is outside of Obama's control or ability to correct/influence. I just think the spin of these abysmal jobs numbers is pretty funny. The job situation is a disaster, and this report just confirms it.
You're right. NO ONE believes the spin you put on ANYTHING. Let your daughter post from now on.
Rachel, I just found this today and forgot to note the source. Had NEVER heard it but love it.
Christian leaders, stand on our soil and claim:
"gay marriage" has never occurred here. Over 130 tribes in every region
of North America performed millions of same-sex marriages for hundreds of years.
Their statements are both hateful and ignorant. Your "homosexual",
was our "Two Spirit" people...and we considered them sacred.
I am so very upset by Sarah Palin and Ann Coulter's words against our President!
I should "consider the source", I guess but I'd rather shout like the Queen in Alice in Wonderland, "OFF WITH THEIR HEADS!" Seriously, it is so very offensive. And what's with that dim bulb Donald Trump wanting the President's grades. The President has more INTELLIGENCE, INTEGRITY, WISDOM, WIT, CHARM in his little finger than DT has under his wig.