Friday, November 02, 2012

Great report on jobs today!

As I have pointed out before, President Obama took office in January 2009, but the first budget prepared by his administration and passed by Congress only took effect in September 2010. Basically, properly understood, both of these graphs indicate success of the Obama administration. Note also, that public sector employment has been slow to recover. State and local governments usually are required to balance budgets, and lost tax income both due to the devaluation of property values on which property taxes are based, and due to the economic downturn which effected sales tax income.

I quote from the Washington Post on the new employment results released today:
Employers reported adding 171,000 jobs in October, beating both analysts’ expectations (125,000 jobs added) and September’s job creation (a revised 148,000). 
The unemployment rate rose to 7.9 percent, up from 7.8 percent, but the reason behind the uptick also points to an improved job market. Some 578,000 more Americans counted themselves as part of the labor force, and only 410,000 more people reported having a job. In one particularly welcome sign, the proportion of the population reporting that they had a job rose one-tenth of a percent to 58.8 percent.

No comments: