There were a net 204,000 new jobs created for the month…
Good news indeed, but that’s all there is, there ain’t no more. Now, the bad news:
[T]he unemployment rate rose to 7.3 percent and households reported a huge drop in employment, the Bureau of Labor Statistics said. A separate measure that includes the underemployed and those who have quit looking also moved higher, from 13.6 percent to 13.8 percent.
The numbers easily topped economist expectations of 120,000 new nonfarm payroll jobs for the month, though it matched estimates for a slight increase in the headline jobless rate.
“I find this bizarre,” Moody’s economist Mark Zandi told CNBC. “I wouldn’t be surprised if this gets revised to some degree…down.”
The change in total nonfarm payroll employment for August was revised from +193,000 to +238,000, and the change for September was revised from +148,000 to +163,000. With these revisions, employment gains in August and September combined were 60,000 higher than previously reported.
Enough with the good news. Let’s get down and dirty with the bad:
Among the major worker groups, the unemployment rates for adult men (7.0 percent), adult women (6.4 percent), teenagers (22.2 percent), whites (6.3 percent), blacks (13.1 percent), and Hispanics (9.1 percent) showed little or no change in October. The jobless rate for Asians was 5.2 percent (not seasonally adjusted), little changed from a year earlier.
The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.1 million in October.
The civilian labor force was down by 720,000 in October. The labor force participation rate fell by 0.4 percentage point to 62.8 percent over the month. Total employment as measured by the household survey fell by 735,000 over the month and the employment-population ratio declined by 0.3 percentage point to 58.3 percent.
Those are wretched, awful, terrible numbers—completely at odds with the notion of robust job creation.
Let me draw you a picture:
See that little upward blip around January 2010? That’s the “recovery” kicking in. The economy started growing again in June ’09; jobs, a lagging indicator, followed six months later.
And then what happened?
Let me draw you another picture:
Lindsay Vonn couldn’t handle that slope!
One last picture:
I ask you: what has this president done right with the economy?