The Final Jobs Report Before the Election–What It Says, and What It Means

171,000 new jobs created, but the unemployment rate has gone up to 7.9%–which is actually higher than it was when Barack Obama took office. As the story indicates, the Obama administration promised us that the enactment of the stimulus package in 2009 would bring down unemployment to 5.4% by now. Obviously, we’re not even close to that mark.

Maybe some readers expect a long discussion from me regarding the employment numbers. But I’ll keep my discussion short and write only this: If you think that 7.9% unemployment is the best that we can do, then by all means, vote for Barack Obama.

But if you think that we can do better, there is another major party candidate for the presidency who needs your help and your vote. Giving it to him may not be the world’s worst idea.

  1. James Gawron

    Pejman,

    This does not take into account the millions who have given up looking for work.  Nor the millions who are severely under-employed and barely surviving.  Nor the millions of college grads who are massively in debt and can find no job offers .   Nor the undocumented workers who are slaves of a currupt system.

    The people who built this country want to come roaring in and start expanding but the creature in the White House makes that impossible.

    Regards,

    Jim

  2. Trace
    James Gawron: Pejman,

    This does not take into account the millions who have given up looking for work.  Nor the millions who are severely under-employed and barely surviving.  Nor the millions of college grads who are massively in debt and can find no job offers .   Nor the undocumented workers who are slaves of a currupt system.

    It does in a way Jim because the fact that job creation is modestly accelerating and the unemployment rate went up indicates that more people entered the workforce. This is an optimistic sign. Of course it could be due to Romney’s debate performance. 

    So while its fine for Romney to pound the new higher number and too many previously quit the workforce, this data is actually, truthfully, a positive indicator.

  3. Paul-FB

    A quote from Defining Ideas pretty much explains what is going on in the latest employment report as seen below:

    October 29, 2012

    defining ideas       http://www.hoover.org/publications/defining-ideas/article/133041

    Intro to Romneynomics

    by John B. Taylor (George P. Shultz Senior Fellow in Economics; Chair, Working Group on Economic Policy; and member of the Task Force on Energy Policy)”Why the Obama recovery has failed……The Administration’s new 20-page booklet released last week doesn’t even contain the word “unemployment,” let alone tell how it will be reduced. Some brag that employment has increased, but it has not even increased enough to keep pace with the growing population. For example, since the recession ended in June 2009 employment increased by 2.7 million jobs. That may sound good, but it isn’t: Over that same period the working age population increased by 8.3 million people. In fact, the percentage of the working-age population with jobs has declined since the recent recession ended…..”

  4. James Gawron
    Trace Urdan

    James Gawron: Pejman,

    This does not take into account the millions who have given up looking for work.  Nor the millions who are severely under-employed and barely surviving.  Nor the millions of college grads who are massively in debt and can find no job offers .   Nor the undocumented workers who are slaves of a currupt system.

    It does in a way Jim because the fact that job creation is modestly accelerating and the unemployment rate went up indicates that more people entered the workforce. 

    Sorry but you are not correct.

    Old Unemployment Rate – New Jobs + People No Longer Looking for Work = New Real UnEmployment.  Unfortunately, the released number does not reflect the “People No Longer Looking..” accurately.  Also, if people are getting less than full time work or are taking temporary positions this too clouds the numbers.  You can bet that Obama Administration pressure manipulated all of these numbers to look good.

    The fact that the number is as bad as it is proves how lousy the economy still is.  In the formet Soviet Union they used to paint the grass green, literally!  Obama’s four year plan is now his eight year plan.

    Regards,

    Jim

  5. Pejman Yousefzadeh
    C

    Likely quite a lot of them.

    RightTurn: Christmas decorations are already up in stores. How many of these new jobs are seasonal?  · 1 hour ago

  6. James Gawron
    Arahant: Get the whole story, then, boys: Table A-15: Alternative Measures of Labor Underutilization. · 0 minutes ago

    Arahant,

    Very Interesting!  But I ask you, Arahant, how many employees with advanced degrees do you think the Bureau of Labor Statistics employs?  Or to put it bluntly, why isn’t the “Alternative Measure..” the measure released to the public. 

    Maybe this is rocket science.  Oh I forgot Obama killed NASA too.

    Regards,

    Jim

  7. RightTurn

    Christmas decorations are already up in stores. How many of these new jobs are seasonal?