Hairbrained attacks and sample-loaded polls cannot insulate the president from economic reality. The “good” news in today’s breaking jobs report is that the US economy added 163,000 jobs in July — the most in five months, but still not enough to keep up with population growth. The bad news:
(1) U3 unemployment ticked up to 8.3 percent. We have now witnessed 42 consecutive months of eight percent-plus unemployment in America, despite the president’s promise that his $825 Billion “stimulus” program would prevent that statistic from eclipsing the eight percent mark. The White House projected that unemployment would now be at 5.6 percent, thanks to the stimulus.
(2) 155,000 Americans gave up seeking work and dropped out of the labor force in July, nearly as many as the jobs gained. Overall, according to CNBC: “The report showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments.”