Unemployment is a classic lagging economic indicator. We were bleeding jobs when Obama came into office as a result of the Bush economic meltdown of late 2008.
That there's the biggie. When President Obama took office, we were
losing 700,000 jobs a month. We are now
gaining jobs. How do you spin that as bad?
That was a blip. Right now we are about 5 million jobs shy of where we were when the Big 0 took office. How many jobs were being lost per month after 9/11?
Don't bother to try to remember. In quarter 2, 2001, the national unemployment rate was 4.5 %.
Following 9/11, in quarter 4 of 2001, the unemployment rate was 5.6%.
In quarter 2 of 2006, back down to 4.7%.
However, as we all know, the Unemployment rate is subject to the tampering and amending of the formulas used to create it. Let's just look at the number of Americans employed and use some lynch pin moments in recent history:
Number of Americans Employed/Month/year
135,379,000/July 2001..........................Right before 9/11
134,055,000/December/2001................Right after 9/11
145,926,000/December/2006................Democrats take control of Congress
145,596,000/July/2008..........................Right before the Financial Melt Down
143,338,000/December/2008.................Right After the Financial Melt Down
139,206,000/December/2010.................Republicans take majority in the House
140,580,000/November/2011.................Today
It should be pretty obvious that the number of jobs was increasing until Harry met Nancy and that a stake was pounded through the heart of the economy as soon as the Big 0 got his boot on our throat.
After Republicans took the House, the jobs started coming back.
Interesting how the numbers reflect the history, no?
Employment Situation Archived News Releases