Poor Mitt: Obama the job creator and economy saver

[Ravi]

The Bureau of Labor Statistics on Thursday released an early look at its annual “benchmark revision” of its payroll data. When the preliminary revisions become final early next year, the official data should show that 386,000 more Americans were working in March than previously believed. The private sector did even better, adding 453,000 jobs versus previous estimates.

Barclays Capital has noted that the revisions tend to follow the broader cyclical patterns of the economy — that is, when the job market is improving, the revisions tend to be positive, and when the economy is getting worse, the revisions tend to be negative. Back in 2009 and 2010, the BLS revisions erased nearly 1.3 million jobs, making an already brutal recession look even worse. The upward revision this year supports other data that suggest the job market is improving, albeit slowly.

There was one symbolic significance to the revision: If the preliminary figures hold, they would suggest that more Americans are now working than when President Obama took office. That doesn’t mean much for the broader economy — there are still more than 4 million fewer Americans working today than before the recession began — but it could carry political weight heading into the November presidential election.

Nearly 400,000 More Jobs Added Than First Thought - Real Time Economics - WSJ

 

[The Rabbi]

The Left is totally unhinged.

 

[Sinjorri]

Biden : The 6th summer of recovery PEOPLE

People: ummm nooooo try again VP.

 

[techieny]

Ravi. Go have your stomach pumped. Drink lots of water and rest!

 

[Ravi]

I love this election!

 

[OKTexas]

Your clearly dilusional, there are fewer people working today than when he took office, there are fewer people participating in the work force so unemployment should be around 11%. Campbells soup a company that is usually recession proof, announced they are closing a plant in CA and laying off 1100 people. So try again with truth instead of manipulated numbers.

 

[buckeye45_73]

But somehow the GDP was revised down

Revised Q2 GDP - Business Insider

hmmmmmmmm

 

[Claudette]

Oh its a grand recovery.

Ask anyone without a job just how grand it is.

 

[Ravi]

Oh its a grand recovery.

Ask anyone without a job just how grand it is.

No, it's a slow recovery but it is a recovery.

Sad for you.

 

[DiamondDave]

I will take the actual numbers (and not some 'saved' number that is pulled out of the air) over a blog claim any day

 

[PLYMCO_PILGRIM]

The Bureau of Labor Statistics on Thursday released an early look at its annual “benchmark revision” of its payroll data. When the preliminary revisions become final early next year, the official data should show that 386,000 more Americans were working in March than previously believed. The private sector did even better, adding 453,000 jobs versus previous estimates.

Barclays Capital has noted that the revisions tend to follow the broader cyclical patterns of the economy — that is, when the job market is improving, the revisions tend to be positive, and when the economy is getting worse, the revisions tend to be negative. Back in 2009 and 2010, the BLS revisions erased nearly 1.3 million jobs, making an already brutal recession look even worse. The upward revision this year supports other data that suggest the job market is improving, albeit slowly.

There was one symbolic significance to the revision: If the preliminary figures hold, they would suggest that more Americans are now working than when President Obama took office. That doesn’t mean much for the broader economy — there are still more than 4 million fewer Americans working today than before the recession began — but it could carry political weight heading into the November presidential election.

Nearly 400,000 More Jobs Added Than First Thought - Real Time Economics - WSJ

Now subtract the population growth and number of jobs lost. Hey look Obama isn't helping a higher percentage of americans get employment than when he took office. Its actually a lower percentage of americans working today.

We are doing a little better than we were when obama took over, I'm not denying that, but we are no where near doing as well as we need to be to keep up with population growth and job loss.

 

[jillian]

The Bureau of Labor Statistics on Thursday released an early look at its annual “benchmark revision” of its payroll data. When the preliminary revisions become final early next year, the official data should show that 386,000 more Americans were working in March than previously believed. The private sector did even better, adding 453,000 jobs versus previous estimates.

Barclays Capital has noted that the revisions tend to follow the broader cyclical patterns of the economy — that is, when the job market is improving, the revisions tend to be positive, and when the economy is getting worse, the revisions tend to be negative. Back in 2009 and 2010, the BLS revisions erased nearly 1.3 million jobs, making an already brutal recession look even worse. The upward revision this year supports other data that suggest the job market is improving, albeit slowly.

There was one symbolic significance to the revision: If the preliminary figures hold, they would suggest that more Americans are now working than when President Obama took office. That doesn’t mean much for the broader economy — there are still more than 4 million fewer Americans working today than before the recession began — but it could carry political weight heading into the November presidential election.

Nearly 400,000 More Jobs Added Than First Thought - Real Time Economics - WSJ

Now subtract the population growth and number of jobs lost. Hey look Obama isn't helping a higher percentage of americans get employment than when he took office. Its actually a lower percentage of americans working today.

We are doing a little better than we were when obama took over, I'm not denying that, but we are no where near doing as well as we need to be to keep up with population growth and job loss.

you're right... but it's kind of hard to create jobs when you have government cutting a job for every job created in the private sector...

 

[CrusaderFrank]

Summer of Recovery, Part 4.

After bank ATM's and airport kiosks stomped out the green shoots of Summer of recovery, Part 2, team Obama sprung into action! Declaring unemployment and food stamps as "Stimulating the economy" they handed a cell phone to every fucking ignoramus they could find...

 

[buckeye45_73]

Nearly 400,000 More Jobs Added Than First Thought - Real Time Economics - WSJ

Now subtract the population growth and number of jobs lost. Hey look Obama isn't helping a higher percentage of americans get employment than when he took office. Its actually a lower percentage of americans working today.

We are doing a little better than we were when obama took over, I'm not denying that, but we are no where near doing as well as we need to be to keep up with population growth and job loss.

you're right... but it's kind of hard to create jobs when you have government cutting a job for every job created in the private sector...

government jobs arent real jobs....if that's the case lets just hire everyone, but that would be an issue....

 

[Stephanie]

WHOA...300,000 jobs out of 23MILLION out of work

that Obama be some super hero or sumthin

 

[PLYMCO_PILGRIM]

Nearly 400,000 More Jobs Added Than First Thought - Real Time Economics - WSJ

Now subtract the population growth and number of jobs lost. Hey look Obama isn't helping a higher percentage of americans get employment than when he took office. Its actually a lower percentage of americans working today.

We are doing a little better than we were when obama took over, I'm not denying that, but we are no where near doing as well as we need to be to keep up with population growth and job loss.

you're right... but it's kind of hard to create jobs when you have government cutting a job for every job created in the private sector...

Once we have a budget, and then a budget that shows a surplus where we can start paying more to the national debt than the interest we are paying on it, I would have no problem with govt jobs.

However, if we are borrowing money from nations like China to employ people through the govt then those jobs really aren't legitimate "jobs" as they are not sustainable due to having to borrow money to sustain them. That would be like trying to pay your mortgage with credit cards, it just doesn't last.

 

[depotoo]

let's see, ravi,
the number of civilian labor force in January, 2009.................. Is in August 2012
153,716,000. .......................................................................154,645,000
The employment number was..........................................................Is
142,099,000.........................................................................142,101,000
The unemployed number was..........................................................Is
11,616,000............................................................................12,544,000......
Those not in the labor force
(includes those that had dropped off from looking) was......................Is
81,023,000............................................................................88,921,000 (note 7 million more)
Unemployment rate was..................................................................Is
7.6%.......................................................................................... 8.1%
Participation Rate was.....................................................................Is
65.5%.......................................................................................58.3%


So today at least 929,000 are available to work than were in January, 2009.
Yet 7.2% less are participating due to lack of work.

Now, what was that you were babbling about?
http://www.bls.gov/news.release/archives/empsit_02062009.pdf
http://www.bls.gov/news.release/archives/empsit_09072012.pdf


Definition of 'Civilian Labor Force'
A term used by the U.S. Bureau of Labor Statistics (BLS) to describe the subset of Americans who have jobs or are seeking a job, are at least 16 years old, are not serving in the military and are not institutionalized. In other words, all Americans who are eligible to work in the everyday U.S. economy.

 

[PLYMCO_PILGRIM]

good post depotoo

 

[JimH52]

I love this election!

"Flame" on Ravi!

 

[xsited1]

...

Nearly 400,000 More Jobs Added Than First Thought - Real Time Economics - WSJ

My take is that the economy will improve only because business leaders believe that fiscal conservatives will take over Congress putting an end to Obamanomics. Obama will basically be a powerless President like Bill Clinton was during his second term.