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The Obama Boom: 114,000 jobs created in September; Unemployment falls to 7.8%

by Phantom Ace ( 73 Comments › )
Filed under Business, Economy, Misery Index, unemployment at October 5th, 2012 - 12:00 pm

The old rule that you need job growth of 150,000 to keep up with population growth and 250,000 jobs per month to lower the unemployment rate has been thrown out the window. The miraculous Obama Boom is rewriting the old rules applying to job growth. Only 114,000 jobs were created in the month of September, yet the unemployment rate fell to 7.8%. The drop in unemployment is due to the Household survey, which claims that there were 873,000 more Americans working in September.

Job growth remained tame in September, with the economy creating just 114,000 net new positions though the unemployment rate fell to 7.8 percent, the first time it has been below 8 percent in 43 months.

The report presented a slew of contradictory data points, with the total employment level soaring despite the low net number.

The falling jobless rate had been a function as much of the continued shrinking in the labor force as it was an increase in new positions.

But the government said the total number of jobs employed surged by 873,000, the highest one-month jump in 29 years. The total of unemployed people tumbled by 456,000.

The labor force participation rate, which reflects those working as well as looking for work, edged higher to 63.6 percent but remained around 30-year lows. The total labor force grew by 418,000, possibly accounting for the relatively modest net level of job growth.

[….]

The level of part-time workers reported the largest jump for the month, gaining 582,000.

The U-6 unemployment number, which accounts for the underemployed and those who have given up looking for jobs, held steady at 14.7 percent.

The U6 number which shows the real unemployment rate at 14.7% is unchanged. The truth of these facts will not matter. All the Obama Regime will crow is the phony 7.8% number. After getting his clock cleaned Wednesday night, Obama needs help to imp[rove his image. Well the BLS and their fudged numbers have come to the god-king’s rescue. I hope Americans don’t fall for this crap.

The Obama Boom: 69,000 jobs created and unemployment creeps up to 8.2%

by Phantom Ace ( 129 Comments › )
Filed under Economy, Misery Index, unemployment at June 1st, 2012 - 11:30 am

Its been a rough week for the Obama Boom. Consumer confidence fell and 1st quarter GDP was revised down to 1.9%. Now the other show has dropped. Only 69,000 jobs were created in May. That’s right, just 69,000 jobs after all this hype that we were enjoying boom times. The unemployment rate inched up to 8.2%. The dropping people from being counted trick didn’t work. These are bad numbers not just for Obama, but for the nation!

The American jobs engine hit stall speed in May, with the economy adding just 69,000 new jobs while the unemployment rate climbed to 8.2 percent.

As another summertime swoon looms, the Bureau of Labor Statistics reported that job creation missed economist estimates for 158,000 new positions.

Labor force participation remains near 30-year lows though incrementally better than last month, rising to 63.8 percent.

The unemployment rate that counts discouraged workers rose as well, swelling to 14.8 percent form 14.5 percent in April.

[….]

The report comes a month after the government reported that just 115,000 new jobs were added in April, a number that helped contribute to a general malaise about economic growth.

Even that number was worse than thought: The BLS revised the April number down to 77,000.

With worries swelling over the state of the global economy, another weak employment report in the U.S. adds to fears that a sharp slowdown is on the way.

The average workweek, a closely watched economic metric, slipped by 0.1 hour to 34.4 hours. The manufacturing workweek dropped by 0.3 hour to 40.5 hours, and factory overtime fell by 0.1 hour to 3.2 hours.

All the media’s lies can’t hide the truth. There is no Obama Boom, what we have is the Obama stagnation at best, depression at worse. It will be interesting to see how the Pharaoh and his minions spin these terrible job numbers. This American dream is on life support and this jobs report should be alarming.

Bonus: On a day of bad economic news, Politico runs a post claiming how great the economy is in battleground states!

“Most of the swing states by the third quarter of this year will have a lower unemployment rate than the national average,” said Xu Cheng, a senior economist at Moody’s Analytics who compiled the latest state-by-state economic data and updated Moody’s voting model for POLITICO. “And most of the battlegrounds will be below 8 percent unemployment, which will negate the ‘grumpy voter effect.’” Cheng was referring to data suggesting voters will discount by half any improvement in joblessness if the national rate remains above 8.

The Moody’s model, which accounts for unemployment, historical voting patterns, per capita income and other factors, currently predicts Obama will win at least 26 states and 303 electoral votes. The model is one of the few to forecast voting patterns based on economic statistics and other data. In 2008, it came within 25 votes of Obama’s margin in the Electoral College.

The Obama Boom is the lie that refuses to die. despite bad numbers, the press on a daily basis proclaims an unprecendent age of prosperity. This doesn’t cease to amaze me!

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Pharaonic Regime celebrates April’s job numbers.

by Phantom Ace Comments Off on Pharaonic Regime celebrates April’s job numbers.
Filed under Economy, Headlines, unemployment at May 5th, 2012 - 12:32 pm

Yesterday’s jobs numbers for April were bad. Not even the Leftist media could spin them. Yet the Pharaoh and his court jesters celebrated them!

 

26 months of anemic growth in crappy jobs.

The Obama Boom: 115,000 jobs added in April; Unemployement rate drops to 8.1%

by Phantom Ace ( 62 Comments › )
Filed under Barack Obama, Business, Economy, Misery Index, Progressives, Socialism, unemployment at May 4th, 2012 - 11:30 am

One of the strongest economic recoveries since the reign of Pharaoh Ramses II continues its unstoppable path. The glorious policies of the great divine Pharaoh Obama led to the miraculously creation of 115,000 jobs for the month of April.  The unemployment rate declined to 8.1% because the economy is so great that people have stopped looking for work! In all seriousness, these are terrible numbers that don’t meet population growth. The unemployment rate dropped due to a extended unemployment insurance program expiring and discouraged workers. Despite these facts the media was trumpeting the jobs report and hailing the Pharaoh as an economic miracle worker.

April’s job report lived up to muted expectations, with the economy creating a meager 115,000 jobs during the month as the unemployment rate fell to 8.1 percent.

[…]

The service sector again accounted for most of the job creation, growing 101,000 while manufacturing added just 16,000, according to the Bureau of Labor Statistics. Governments cut a net 15,000 jobs for the month. The average work week was unchanged at 34.5 hours.

Though the headline number indicated job creation, the total employment level for the month actually fell 169,000. The disparity likely emanates from a drop in the labor force participation rate — or the level of Americans actively looking for jobs or otherwise employed — from 63.8 percent to 63.6 percent, its lowest level since December 1981.

The amount of discouraged workers swelled from 865,000 to 968,000, an increase of 12 percent. Those working part-time for economic reasons surged 181,000 to more than 7.8 million.

“In the weakest recovery since the Great Depression, more than four-fifths of the reduction in unemployment has been accomplished by a dropping adult labor force participation rate — essentially persuading adults they don’t need a job, or the job they could find is not worth having,” said University of Maryland economist Peter Morici.

Numbers like these would be disastrous for any incumbent President. But Obama is not a normal politician. He is a political messiah like figure for too many Americans. To illustrate how bad the job market is this graph about the labor participation rate and people not in the work force is chilling.

The American economy is at depression levels. The sad part is that none of this seems to matter to the American public. Obama’s approval from an average of polls is at 48%. When you factor in our terrible economic conditions and decreasing standard of living, Obama is running ahead in the polls of where his standing should be.

The question we can then ask is this: Based on the historical relationship between presidential approval and the economy as well as these other factors, is Mr. Obama more or less popular than the model would predict, given the economy and other circumstances during his first three years in office? Here is a graph depicting Mr. Obama’s actual approval and expected approval:

So why would Mr. Obama be more popular than the economy and other factors might predict? One possibility is his personal likeability. Despite the armchair diagnoses of some pundits, large majorities of Americans perceive him as warm, empathetic and a good communicator. Although many fewer Americans approve of his performance in office, perhaps his personal appeal has boosted his job approval among some Americans.

This is something Conservative/Libertarians need to understand. Too many think this is 1980.  Sorry, Obama is not Carter and Romney is definitely no Reagan. Ronald Reagan had a Conservative core, Mitt Romney is the most Leftist Republican since Teddy Roosevelt. Jimmy Carter did not have the adulation from the press and the popular culture that Obama has. We are dealing with a cult of personality that rivals North Korea’s Juche! Obama is viewed as a semi divine figure who is here to redeem America’s sins. This is what people on the Right must grasp.

As someone who lives in a swing state, I am exposed to the other side and totally understand my enemy. Too many Conservatives live in areas where people think like them and are not exposed to the other views. Hence they think Obama will lose. I wish I shared that view, but if I was betting man I would bet on a narrow Obama win. There is a way to defeat him.

As much as I hate Mitt Romney, I give him some credit. Unlike McCain he’s actually trying to win. He’s the first Republican since Reagan to run on the economy and not cultural issues. The economic circumstances are perfect for this type of campaign. The problem is Obama is not an ordinary politician. The way for Romney to defeat the American Pharaoh is to use Alinsky tactics. Obama must be turned into a figure of ridicule, which will strip him of his godhood. People must hate Obama the person in order to defeat Obama the politician. The politics of personal destruction is the way to beat Obama. Once he is hated and viewed as joke, his failed policies will be the issue and he will lose. The Romney campaign must destroy Obama the symbol in order to defeat Obama the politician.

The Pharaonic Regime is a failure and this jobs report is just another example.

Update: Another factor in the drop in workforce participation rate. More people are collecting disability.

The civilian labor force shrank in April by 342,000 workers, and remains below where it stood when the economic recovery started 34 months ago, according to data released Friday by the Bureau of Labor Statistics. Had the labor force not declined, unemployment would have been 8.3% in April, instead of the 8.1% reported.

That same month, more than 225,000 workers applied for Social Security disability benefits, and nearly 90,000 were enrolled, according to new data from the Social Security Administration.

Compared with June 2009, the month the economic recovery officially started, the labor force has shrunk by 365,000, a trend that has never occurred in any post World War 11 recovery. Those saw the labor force climb by the millions by this point in their recoveries, even as unemployment rates were driven down.

The decline in the workforce combined with the growing population has pushed the labor force participation rate — which compares those working or looking for a job the working age population — fell again in April to 63.6%. That’s down from 65.7% in mid-2009, and is the lowest it’s been since 1981.

Pharaonic America, don’t you love it!