As of now, I am in control here, in the White House

U.S. Adds 248,000 Jobs; Unemployment 5.9 percent

President Obama got some welcome news today as the U.S. economy generated 248,000 jobs last month, the unemployment rate fell to 5.9 percent, a six-year low.

Economists had been expecting about 215,000 jobs and thought the unemployment rate would remain about 6.1 percent.

Job growth was stronger during the summer than previously thought, with 181,000 jobs created August instead of 142,000 and 243,000 in July, ahead of the previous estimate of 212,000.
But some of the progress is less impressive than it seems. The jobless rate, which at 5.9 percent is still higher than it should be, in part reflects the declining number of Americans in the workforce. The labor force participation rate, already at historic lows, actually fell a tenth of a point last month to 62.7 percent, the lowest level since 1978.

Hourly earnings for private sector worker fell a penny to $24.53.

I wonder if the president knew yesterday, when he did what was deemed a politically unwise thing and helped nationalize the midterm elections by characterizing them as a referendum on his economic policies.

“Make no mistake: these policies are on the ballot.  Every single one of them,” Obama said at Northwestern University.

The president is not supposed to get advance notice of the jobs report.

According to the Wall Street Journal, the jobs report could be a sign of a real, as opposed to the usual illusory, return to growth:

Stronger job creation this year has boosted hopes the economy will emerge from the subpar 2% growth pace of recent years and into a stronger phase. There are early signs of that happening.

Gross domestic product—the broadest measure of U.S. output—grew at a 4.6% annual rate in the second quarter, equaling the fastest pace of the recovery. That partly reflected a rebound from a winter contraction. But many economists expect GDP growth to clock in near 3% in the third quarter, suggesting sustained momentum.

What’s left out of much of the analysis is that, if this is the return of a stronger economy, it took the president five years to achieve it. And that’s a lot of suffering in the meantime.

What’s more, the massive new regulations he has inflicted on the country – including but not nearly limited to Obamacare – and the debt he has saddled it with portend disaster down the road.

But that will  perhaps be for someone else to fix. Unless, like Obama’s mistakes overseas, his errors domestically come back to haunt him before he is done.

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30 Responses to U.S. Adds 248,000 Jobs; Unemployment 5.9 percent

      • One of the biggest helps in the unemployment rate dropping continues to be the shrinking number of people looking for work. The labor force participation rate is the lowest it has been since Carter. This is part of what holds wages down – these is no shortage of workers. Should wages start to rise, some of those people would come back in the labor market, stopping any real pressure on wages.

  1. I wish I could trust any good news during October Surprise month. His admin’s cooked the books before, and there’s still record numbers on assistance …. low information voters will only connect the dots from “my policies on the Nov ballot…..and we’re doing swell!” Obama’s plan may work.

  2. If yall believe those numbers then I have some quality swamp land here in Florida waiting for you at a great price…. and all the gators you want at no extra charge. Never thought I’d see the day when our govt. & media would be so caught up in such lies & deceit . All to protect a lying muslim sympathizer who was elected with absolutely no experience at ANYTHING !

  3. The economy is bad. I do not care what numbers they cooked up in the books. He can also tell me that Al Qaeda is gone, that Ebola is no threat to U.S., that he has a summer home on Mars.

  4. I don’t believe these numbers and the lowest workforce participation since 1978 is nothing to brag about.

    There will be another October/November surprise for people during open enrollment for their health insurance. Many are expected to lose their employer based health insurance. They’ll have this information just in time for the election.

    • A low workforce participation is bad for the economy – so that’s why you won’t hear as much about that number. It means we have a lot of people who are not contributing toward the production of goods and services. This doesn’t mean those who aren’t working are a drain – for instance, my wife is able to focus on raising our kids because my job pays well enough (probably a long-term benefit, but not measurable in the current GDP). However, a lot of those not in the workforce are on employment, disability, or some other assistance, so they serve to weigh down the producers.

  5. Who really pays attention to these numbers any more. On the campaign trail if a candidate brags about that – there are plenty of people who know that the economy is not great and will simply ignore the numbers. Informed people know there are still lots of people working less than 40 hours a week and raises are few and far between. Additionally, everyone knows that the price of feeding your family has swelled and while gas prices may be coming down a bit, people are still spending precious dollars to drive to work and feed their families, not to mention the increase in day care costs due to minimum wage increases, increased utility costs – the list is long. As my daughter says – even if you get a raise, you don’t get ahead because the cost increases far exceed the amount of the raise.

  6. Just before the election the unemployment rate will be reported by the Dictator Obama communist regime at 0% and the slobbering, lickspittle propaganda media will trumpet the best economy in American History.

    Nothing but lies and more damn lies from the democrat communist party apparatchniks in power and their slug like compatriots in the media and above all their Dear Leader Dictator Obama..

  7. White liberal guilt, La Raza, illegal immigrants, colleges, unions, guild ridden 1% percenters, hollywood and the media will keep democrats in power and help get hillary elected. I dont even care enough at this point to use correct punctuation and capitalization. I know you guys dont want to hear this, but liberals will not stop and there is no end to this nightmare, until they crush and destroy everything that made america what is was. The positive? those of us who care about this country will stick around and pick up the pieces and rebuild when the liberals run out of things to destroy and implode on themselves.

  8. SSDD–even on MoJoe, they took the numbers apart. Joe used his mocky voice. They had that grating Joan Walsh reading the talking pts. I was nmore interested in whether Joan had had work done. Speaking of work. I also heard someone say, the people leaving the workforce now are old–oh, who says–they just grab this stuff out of the air.

  9. It appears this 6.1% is complete bunk. According to Peter Morici
    at the U of MD, it leaves out ca. 90 000 Americans who have given up
    looking for jobs, else the rate would be more like 20%.
    I am astonished that Keith Koffler seems to have fallen for it.