The December 2012 Unemployment Numbers are out, and the Unemployment Rate moved up to 7.8%. The Obama water-carriers are saying it remained “unchanged” because they revised the November number up from 7.7% to 7.8%, after having trumpeted by drop in unemployment to 7.7%!
Speaking in an interview on CNBC yesterday, GOP Vice-Presidential Candidate Paul Ryan reacted to the terrible August Jobs Report by saying, “This is not even close to what a recovery looks like.” Ryan pointed out that the U.S. needs to create 150,000 jobs a month just to keep up with population growth. Only 96,000 new jobs were created in August, with 368,000 people dropping out of the workforce altogether.
Here is video of Gov. Mitt Romney today reacting to the August Jobs Report, saying “Americans are tired of being tired.” The report contained much more bad news, with 368,000 people dropping out of the workforce.
Here is video of Gov. Mitt Romney this morning reacting to the dismal August 2012 Jobs Report, showing anemic job creation numbers, and even worse, showing that 368,000 Americans just dropped out of the workforce last month – people who gave up looking for work.
Romney said the report is a continuation of the “bad news,” and it shows “we are going in the wrong direction.”
The Unemployment Numbers are out for August 2012, and they are uniformly considered to be terrible. Only 96,000 private sector jobs were created, well below the expected 125,000. Even worse, the workforce shrank, with some 300,000 people leaving the workforce. The Unemployment Rate remains above 8% for a 43rd consecutive month at 8.1%, down slightly from 8.3% due to the shrinking of the workforce itself.
REUTERS: Jobs growth slowed more than expected in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Obama as he seeks reelection in November.
Nonfarm payrolls increased only 96,000 last month, the Labor Department said on Friday. While the unemployment rate dropped to 8.1 percent from 8.3 percent in July, it was largely due to Americans giving up the search for work.
The report’s weak tenor was also underscored by revisions to June and July data to show 41,000 fewer jobs created than previously reported. The labor force participation rate, or the percentage of Americans who either have a job or are looking for one, fell to 63.5 percent — the lowest since September 1981.
The lackluster report keeps the pressure on Obama ahead of the November vote in which the health of the economy looms large.
Economists polled by Reuters had expected payrolls to rise 125,000 last month, but some had pushed their forecasts higher after upbeat data on Thursday. . . Read More
Workforce participation rate hits new three-decade low.
You really can’t make this stuff up! But then, the economy is so bad, you have to grasp at whatever you can find to try and make it look better:
USA TODAY: The White House is really getting specific when it comes to the unemployment rate.
Rather than 8.3% — the rounded-up figure — Obama economic adviser Alan Krueger writes on the White House website that the real jobless rate is 8.254%.
“The household survey showed that the unemployment rate ticked up to 8.3% in July (or, more precisely, the rate rose from 8.217% in June to 8.254% in July),” wrote Krueger, chairman of the Council of Economic Advisers. . . . Read More
George Will sums up where we are in the Obama Economy. If it were not for “7 million people” leaving the workforce by going on disability or just giving up looking for work, unemployment would be “10.9%” rather than already dreadful 8.2%. But Obama wants four more years to keep doing the same thing.
Democrat National Committee Chair Debbie Wasserman Schultz is at something of a loss today when Fox News’ John Roberts presses her on her statement she’s “pretty happy” with the job creation record of Barack Obama. Roberts was filling in for Chris Wallace on “Fox News Sunday.”
Well, if you had presided over 41 straight months of more than 8% Unemployment, you also would only spend 26 seconds out of a 40-minute speech talking about the latest Jobs Report!
Obama called the dismal jobs report “a step in the right direction.” The 80,000 jobs created does not even begin to come close to what is needed to really turn things around. It fell well below the already depressed expectations of 100,000 jobs.
Here is video of Democrat Rep. Chaka Fattah saying what Democrats are counting on to keep the White House – the votes of people getting Government checks. In attacking the Paul Ryan Budget on MSNBC, Fattah told the always fair and impartial Rev. Al Sharpton:
“Those people who are unemployed are not going to be voting for the party that wants to cut their benefits, cut access to Food Stamps, cut Job Training.”
Let’s hope more people still would rather have a good paying job than have Food Stamps.
The New York Times has an article with a chilling forecast from one private Economic forecasting firm, predicting the U.S. Economy is going to get worse, including unemployment that very well may return to double-digit levels:
NEW YORK TIMES: . . . But at least one organization with an exceptionally good track record says another recession may already be here. That is the Economic Cycle Research Institute, a private forecasting firm based in Manhattan. It was founded by Geoffrey H. Moore, an economist who helped originate the practice of using leading indicators to predict business cycles. Mr. Moore died in 2000, but the team he trained is still at work.
Relying on a series of proprietary indexes, the institute correctly predicted the beginning and the end of the last recession. Over the last 15 years, it has gotten all of its recession calls right, while issuing no false alarms.
That’s why it’s worth paying attention to its current forecast. It’s chilling: as bad as the economy has been, it’s about to get worse.
In the institute’s view, the United States, which is struggling to recover from the last downturn, is lurching into a new one. “If the United States isn’t already in a recession now it’s about to enter one,” says Lakshman Achuthan, the institute’s chief operations officer. . . .
More pain is coming, says Mr. Achuthan. He thinks the unemployment rate will certainly go higher. “I wouldn’t be surprised if it goes back up into double digits,” he says. . . . Read More