A month ago, the jobs report for July exceeded expectations are generated a new round of economic optimism. This morning, the jobs report is largely the opposite, falling short of expectations and offering another sober reminder about the long slog.
The new figures from the Bureau of Labor Statistics shows the U.S. economy added 96,000 jobs in August, short of the 125,000 expected. The unemployment rate dropped from 8.3% to 8.1%, and while that may seem encouraging, the figure is misleading -- the "improvement" isn't the result of more jobs; it's the result of fewer people in the workforce.
As is nearly always the case, there was a gap in the public vs. private sectors -- American businesses added 103,000 jobs last month, while the government shed another 7,000 jobs. In terms of revisions, what makes today's figures especially disappointing is that both June and July totals were revised in the wrong direction.
For context, I'd note that so far in 2012, the economy has created 1.11 million jobs -- 1.2 million in the private sector -- which isn't even close to being good enough, but the total 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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The American people need to give credit where credit is due! The Republican Obstructionists Party deserves the credit for the high unemployment rate, the lower credit rate, and the slow economy rate. Not one jobs bill has been passed by these hate filled neo-cons, just countless bills against women and repealing the Affordable Healthcare Act, The Republican Party today, taken over by Tea Party crazies, is not the Republican Party of days past. Republicans have always been the "closed" party, with goals only toward helping the wealthy. Republicans have never been a "big tent" party and they never will be, that is why in the future there will be no Republican Party. The "new" Republican Party will be as it is today, only on steroids. White men making all the decisions for women, African Americans,and Hispanics, and everybody else that are not white men. Look at the leadership in that party today, all white, all hate spewing war mongers, all secret racists and bigots. The RNC this year was disgraceful, filled with lies, hate and prejudice. Romney/Ryan would be the worst two people in the world to take over this country, it would not be an exaggeration to say these two would destroy America. Republicans have always been such a closed out of touch party, but they are now more than ever out of touch with most Americans. Reasonable thinking, honest Americans, of any and all party persuasions, should vote for the re-election of President Obama if they want America to remain the America we know and love.
Romney/Ryan could never come close to winning this election without hundreds of millions of dollars, voter suppression, and tons of lies. Think about it, if you have to tell countless lies, allow yourself to be bought by millionaires and billionaires, and suppress the rights of Americans to vote-do you really deserve to be running for the highest office in the world? Even Romney's own party doesn't like him, McCain picked ditzy Palin over Romney as his V.P., and even business people that worked with him, for him or got their jobs outsourced by him do not like him. Seems his only real admirers are related to him! Ryan is such a liar, so cruel in his Ayn Rand thinking, and such a hypocrite, how can anyone think he is worthy of consideration? President Obama has brought this country threw the worst economic time in history, he has ended one war, killed Bin Laden, lowered middle class taxes, his policies have created jobs every single month since he took office, he saved the auto industry, he has helped women, the poor, our military and their families more than any other President ever, and did it all without one single vote from the Republican Congress. This obstructionist Republican Congress has fought him at every turn, mind boggling hatred as their guide this Congress has nearly brought down the American economy and the American people with it. Out of their selfish political hatred, and barely legal tactics,they have tried to defeat everything the President has tried to do for the American people. These hateful politicians do not give the majority of the American people a thought, their efforts are all for the wealthy and Corporations. It astounds me that there is even a close race between Romney and the President! The President should win by 98% to 2% for Romney. Romney/Ryan are a joke, but not a funny joke, a scary joke on America. I hope and pray the American people, those that want the American Dream to survive, that want education for students a priority, that want Medicare to continue as always, that see the need for Medicaid for our children and elderly in Nursing Homes, that want to see Social Security continue for the future as in the past, and want peace instead of more wars, that want respect abroad, that want a safe America, and that believe we are a fair and caring people that want to share responsibility with a fair shared agenda for all Americans, then you MUST vote to re-elect President Obama. Should he not win re-election because voter suppression, lies and money defeat him, the American people will suffer, at least 98% of them will for sure.
100K jobs gain is better than loosing 100K jobs. In addition, the unemployment rate is down to 8.1% and that is good news. Patients is the key and the economy is coming along, we are at 4.6 million job gains and that is very good.
HD...According to various websites and news outlets, there are less people working today than there were at the time that Obama took office. If that is true, how is that good?
just saying...
The main reason the rate went down is due to the fact that over 300,000 people gave up on finding a job.....That is not a good thing.
Look at it this way......if every unemployed person gave up on looking for work the rate would fall to Zero.....
I wonder how many jobs would be created if congress cared about the American people and not just making sure the President was in office one term?