New Unemployment Numbers Out
115,000 jobs were added to the US economy last month and its now a case of he said/he said.
First we go to Mitt Romney who proves himself inadequate again.
We should be seeing numbers in the 500,000 jobs created per month. This is way, way, way off from what should happen in a normal recovery.
Turns out Mitt Romney is either stupid or a liar. Those are your two choices as the Washington Post explains.
Yet an economy that is consistently adding 500,000 jobs a month has rarely been achieved in U.S. history, according to Labor Department figures. Over the last 20 years, there have been only two months – once in 1997 and 2010 – when the economy added nonfarm payroll jobs at that rate.
Over the last 20 years, the average annual monthly growth in those payroll jobs has been about 200,000.
So, we’ll let the grownups explain.
“Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression,” said Alan B. Krueger, chairman of the Council of Economic Advisers, “but much more remains to be done to repair the damage caused by the financial crisis and the deep recession.”
The worst economic downturn since the Great Depression. And the Republicans haven’t been helping fix this mess. They’re just more concerned about making Obama a one-term president.
Tags: 2012 Presidential Election, Mitt Romney, President Obama, Unemployment
What the Washington Post forgets to point out is that at the current pace, 115,000 new jobs per month, we will reach full employment in august of 2029. Boy, I can’t wait for that. Maybe my grandkids can get a job then
Unless we let the Bush tax cuts expire. If you want the 1997 job rate, you need the 1997 tax rate.
and,
Over the last 20 years, there have been only two months – once in 1997 and 2010 – when the economy added nonfarm payroll jobs at that rate.
2010? that can’t be right.
@rd ignores the 500,00 figure. The NY Times explains:
@puck May 2010 according to the Bureau of Labor Statistics.
Full employment doesn’t exist. The normal unemployment rate in America is 5-6%. Which we are on track to reach in 2015. The unemployment rate has dropped 2% in the past 3 years (from 10.2 % in 2009 to 8.2 now). The historical high was 10.8 % in 1982, but that recession ended more quickly because they were able to lower Federal interest rates as well as engage in deficit spending. Bernanke cannot lower interest rates because they were virtually zero from the start, the result of Bush-era over-reliance on interest rate.