Job Growth September 2012Posted by Phil Ferguson on September 29th, 2012 – Comments Off – Posted in Uncategorized
Post by Phil Ferguson. Follow me and the blog on Twitter @Skepticmoney.
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This graph covers the last year of President Bush (red) and time that President Obama (Blue) has been in office. See the job losses in the beginning? They did continue after President Obama Started but there were fewer and fewer each month.
A month ago, the jobs report for July exceeded expectations are generated a new round of economic optimism. This morning, the jobs report is largely the opposite, falling short of expectations and offering another sober reminder about the long slog.
As is nearly always the case, there was a gap in the public vs. private sectors — American businesses added 103,000 jobs last month, while the government shed another 7,000 jobs. In terms of revisions, what makes today’s figures especially disappointing is that both June and July totals were revised in the wrong direction.
For context, I’d note that so far in 2012, the economy has created 1.11 million jobs — 1.2 million in the private sector — which isn’t even close to being good enough, but the total is already better than five of the eight years of the Bush/Cheney era.
The GOP has been working to shrink government which is OK but you should not cut jobs when the economy is weak. Here is the Private sector job growth (job growth without all of the government job cuts).