Yes, according to the October employment report released by the Bureau of Labor Statistics (BLS), the economy added 171,000 new jobs in October. Liberals have been hitting the airwaves proclaiming that this proves Obama's economic policies are working, that we are turning the corner, and that we should therefore reelect Obama. But let's look at the rest of the BLS employment report for October, shall we?
First off, the BLS report also states that the unemployment rate went up in October--from 7.8% in September to 7.9% in October! What gives? How can this be? There's a very simple explanation: the number of jobless people rose--from 12.1 million in September to 12.3 million in October. So, although 171,000 job were created, 200,000 more people became jobless.
See for yourself:
October Employment Situation Summary
http://www.bls.gov/news.release/empsit.nr0.htm
September Employment Situation Summary
http://www.bls.gov/news.release/archives/empsit_10052012.htm
You see, in order to just keep pace with population growth, the economy must create a minimum of 150,000 jobs per month--again, that's just to tread water, just to keep from giving us negative employment growth. So, in reality, the economy only managed to produce 21,000 more jobs than what is needed just to keep pace with population growth (i.e., the average number of people who seek to enter the workforce for the first time each month, such as college grads, new empty nesters, etc.). But, as mentioned, the number of jobless people increased by 200,000 in October. That's the main reason that the unemployment rate went from 7.8% to 7.9%.
And the rest of the economic numbers don't look too good either:
Unemployment Up to 7.9%, Income Down, Long-Term Picture Gets Worse
http://www.humanevents.com/2012/11/...ent-income-down-long-term-picture-gets-worse/
Finally, it's worth noting that by this same point in Ronald Reagan's presidency, after Reagan faced a recession that was just as severe as the one Obama faced, the U.S. economy was roaring and unemployment had dropped by nearly a full percentage point over the previous 11 months--from 8.0% in January 1984 to 7.2% in November 1984.
More info on this:
The Obama Nation vs. the Reagan Sensation
http://www.americanthinker.com/2012/06/the_obama_nation_versus_the_reagan_sensation.html
First off, the BLS report also states that the unemployment rate went up in October--from 7.8% in September to 7.9% in October! What gives? How can this be? There's a very simple explanation: the number of jobless people rose--from 12.1 million in September to 12.3 million in October. So, although 171,000 job were created, 200,000 more people became jobless.
See for yourself:
October Employment Situation Summary
http://www.bls.gov/news.release/empsit.nr0.htm
September Employment Situation Summary
http://www.bls.gov/news.release/archives/empsit_10052012.htm
You see, in order to just keep pace with population growth, the economy must create a minimum of 150,000 jobs per month--again, that's just to tread water, just to keep from giving us negative employment growth. So, in reality, the economy only managed to produce 21,000 more jobs than what is needed just to keep pace with population growth (i.e., the average number of people who seek to enter the workforce for the first time each month, such as college grads, new empty nesters, etc.). But, as mentioned, the number of jobless people increased by 200,000 in October. That's the main reason that the unemployment rate went from 7.8% to 7.9%.
And the rest of the economic numbers don't look too good either:
Unemployment Up to 7.9%, Income Down, Long-Term Picture Gets Worse
http://www.humanevents.com/2012/11/...ent-income-down-long-term-picture-gets-worse/
Finally, it's worth noting that by this same point in Ronald Reagan's presidency, after Reagan faced a recession that was just as severe as the one Obama faced, the U.S. economy was roaring and unemployment had dropped by nearly a full percentage point over the previous 11 months--from 8.0% in January 1984 to 7.2% in November 1984.
More info on this:
The Obama Nation vs. the Reagan Sensation
http://www.americanthinker.com/2012/06/the_obama_nation_versus_the_reagan_sensation.html
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