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10/08/2004

 

96,000 New Jobs


The Department of Labor said 96,000 new jobs were created in September – fewer than the economists' forecast of 148,000 -- and they have lowered the new jobs figure for August from 144,000 to 128,000.

The unemployment rate stayed at 5.4%.

Kerry can and will say that this is disappointing and Herbert Hoover, etc.

But the economy grew 96,000 jobs last month – a figure to be revised up or down after the election – and the unemployment rate stayed steady.

3 comments

3 Comments:

Wow! Way to look on the bright side!

Amazing that you can be so upbeat about something like this and still consider Clinton to be a failure.

By Blogger Drew, at October 8, 2004 at 2:29 PM  

I didn't mention Clinton.

By Blogger Mark Kilmer, at October 8, 2004 at 2:43 PM  

Is this good news?

Two points:

1) Economists say we need 150K net new jobs per month in order to keep pace with populations changes. This means we're falling behind.

2) This is 1/3 of what the President and the Council of Economic Advisors said we woudl have as a result of the 2003 tax cuts and it is under 1/2 of what the CEA said we would have without the tax cuts.

Don't believe me. Look at the CEA document itself at the White House web site. The graph on the last page shows job growth over the first six quarters of the tax cut. According to the President's CEA, we would have seen 306K jobs/month with the cuts and 228K jobs/month without.

For the life of the tax cut, the President has delivered, on average 105K jobs/month, 1/3 of his promise.

Sounds like a bait and switch to me.

By Blogger Gary, at October 9, 2004 at 7:31 PM  

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