Slow Economy Progress: 163,000 New Jobs Created Unemployment Rises to 8.3%
The new job numbers are in and many analysts say it shows some slow progress. But this is election year, so expect to have it framed in differently by Ds and Rs:
The U.S. economy closed out an otherwise weak second quarter by creating more jobs than expected, with 163,000 new positions added, but the unemployment rate rose to 8.3 percent.
Markets reacted positively to the announcement, with stock futures indicating gains at the Wall Street open. Economists had been expecting 100,000 new jobs.
As the country struggles to gain growth traction, the unemployment rate held above 8 percent for the 41st consecutive month, according to the latest report from the Bureau of Labor Statistics.
“While the monthly gain is still relatively small by historical standards, it might help spxark somewhat higher consumer optimism and spending,” Kathy Bostjancic, director of macroeconomic analysis at The Conference Board, said in response to the report.
Despite the seemingly good news, the report’s household showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments in the establishment survey. The birth-death model, which approximates net job growth from newly added or closed businesses, added 52,000 to the total.
The household survey also showed 150,000 fewer Americans in the workforce.
NBC’s First Read notes what will come next:
*** Better (but still not great) job news for Obama: Well, the July jobs numbers are in, and they are better news for President Obama than they’ve been since the early spring. Here’s the AP’s write-up: “U.S. employers added 163,000 jobs in July, a hopeful sign after three months of sluggish hiring. The Labor Department says the unemployment rate rose to 8.3% from 8.2 % in June. July’s hiring was the best since February. Still, the economy has added an average of 151,000 jobs a month this year, roughly the same as last year’s pace.” As we said before, anything above 150,000 new jobs per month is good news for Obama. But expect Mitt Romney and the Republicans to focus on the slight tick up in the unemployment rate. The president will likely comment on the job numbers at his 11:45 am ET event at the White House, which is scheduled to press Congress to extend the Bush-era tax cuts for the middle class. Meanwhile, we’ll certainly get reaction from Romney, who campaigns in Las Vegas around the very same time.
And — yes — you can get those positions reinforced according to your political preference by turning on MSNBC (it’s real progress) or Fox News (nothing has changed and it’s getting worse).
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The Bureau of Labor Statistics reported Friday morning that, seasonally adjusted, the economy created 172,000 new private jobs in July. Government jobs fell by 9,000, making the net gain 163,000. That was well over the consensus of experts surveyed ahead of time. The official unemployment rate climbed to 8.3 percent.
ht/ Daily Kos
Yeah! You go Congress!! W00t w00t, great job, kudos all around! You are ROCKIN’ it in DC!!! I think you all deserve raises.
Epic #fail.
The silliest thing Obama ever did was showing that chart predicting that he could control the unemployment rate with the stimulus. No matter how he makes excuses that will always be objective evidence of his failure to deliver on a promise, and will be exploited by Romney.
Yep, doing a half-arsed stimulus and expecting the unemployment to be greatly affected was dumb. But Congress is not a group you would call the brightest lights in the marquee.
Thanks The_Ohioan
It seems that the right side of the room have to be continually be reminded that it’s Congress, not the President, that passes laws (i.e. The Stimulus)
The Republican led lower house’s primary job the last two years has been to keep the economy bad in their ongoing obsession with a black man in the white house…
… Their sycophants primary job has been to keep repeating ‘the lie.’
Sure miss the editor.
It seems that the right side of the room has to continually be reminded that it’s Congress, not the President, that passes laws (i.e. The Stimulus)
The stimulus was passed by the Democrat-controlled congress while being cheered on by Obama. It’s a bit specious to try and separate them. Historically Bush I has been blamed for raising taxes although technically the congress raised them, much has been made of Reagan raising taxes although technically congress did, etc.
Ah yes, the “The Democrats Did it” strawman… Nice try DaGoat but there’s this thing called the internet.
The bill itself was introduced two weeks before President Obama took office and signed into law of February 17 less than a month into the Obama Presidency.
Also, under threat of filibuster the
Facts are wonderful things and for those who would like to see what really happened here’s a link:
American Recovery and Reinvestment Act of 2009
Steve are you really trying to separate Obama from any blame/credit for the stimulus? That seems counter to what he’s been saying himself.
Here’s Obama’s own website saying he “acted quickly to pass the American Recovery and Reinvestment Act”.
http://www.barackobama.com/record/economy?source=primary-nav
No, Obama gets credit for making it a priority and blame for allowing the Republicans a way to screw it up in order to get the ball rolling… Even with the intentional Republican FUBAR’s all indicators say it would have been worse without the Stimulus.
Are you really trying to ignore the major changes put in the Stimulus by Republicans trying to hobble the new President?
You started with the “stimulus was passed by the Democrat-controlled congress while being cheered on by Obama” inferring that it was all the Democrats and Obama.
I replied to your statement with a link to facts of the matter AND a quote on how “Senate Republicans forced a near unprecedented level of changes (near $150 billion) in the House bill which had more closely followed the Obama plan.”
Totally ignoring the points I make you try and segue into something that feeds into your original ‘strawman’ argument.
My original argument was that it was silly for Obama to show the chart and imply he could predict and influence the unemployment rate, and that it will be exploited by Romney. I still think that’s true.
You and TO tried to change the argument to who actually passes the laws. I’m not sure where you’re going with it but yes congress passes laws and budgets, yes the GOP had some influence on the stimulus and yes the GOP has been extremely obstructive. I’m not sure how those points will resonate in the campaign though, and I tend to think casual voters will hold Obama responsible for the most part. Obama’s saving grace is that Romney is an awful candidate whose ideas are frequently worse than Obama’s.
Again, all this information is in the link I provided you… ..
to All: stick to the topic, not each other. ( i just read that back and it made me laugh. No I dont mean with velcro. I know you know what i mean). Not what you think of the other person, nor what you think they did or didnt do. Discuss, debate, teach about the TOPIC, not about other commenters.
thanks
archangel/dr.e