The nation’s unemployment rate nudged downward in October – from 9.1 to 9.0 percent – according to data released Friday by the U.S. Department of Labor. Meanwhile the nation’s underemployment rate – a broader, more accurate measure of joblessness – fell by three-tenths of a percent (from 16.5 to 16.2 percent).
However, the U.S. economy created just 80,000 jobs during the month of October – the lowest figure in four months and roughly half the number of positions it needs be creating.
The U.S. economy created just 1.1 million jobs in 2010 – or roughly 94,000 jobs per month. That’s nowhere near enough job growth to keep up with an expanding population – to say nothing of replacing the 8 million jobs that were lost during the recession. Analysts estimate that the economy must create roughly 130,000 jobs each month simply to keep pace with population growth.
It’s hit that figure only once in the last six months.
As a result, a total of 13.9 million Americans remain unemployed – including 5.8 million who have been unemployed for 27 weeks or longer. Another 2.6 million Americans were “marginally attached” to the workforce in October.
In promoting the passage of his so-called “stimulus” bill in 2009, U.S. President Barack Obama’s economic advisors claimed the measure would keep U.S. unemployment below 8 percent. That clearly hasn’t happened … in fact, with the exception of February and March of this year, the unemployment rate has remained above 9 percent since the recession “ended” in June 2009.
Meanwhile Federal Reserve chairman Ben Bernanke – who is also looking to shift the blame for the failure of his policies – continues to echo Obama’s call for more federal spending.
“It would be helpful if we could get assistance from some other parts of the government to work with us to help create more jobs,” he said earlier this week.
Is this guy serious?
For two disastrous years, Obama’s party controlled both chambers of Congress – and gave him pretty much everything he wanted legislatively. And let’s not forget that last spring, Obama was taking credit for the success of his “stimulus.”
“We can say beyond a shadow of a doubt today we are headed in the right direction,” Obama said last May. “All those tough steps we took, they’re working, despite all the naysayers who were predicting failure.”
Vice President Joe Biden also predicted last spring that America would enjoy a “Summer of Recovery” in 2010 that would include the creation of “between 250,000 jobs a month and 500,000 jobs a month.”
Those jobs still haven’t materialized …
Obama’s would-be presidential rivals quickly pounced on the disappointing data.
“(October)’s jobs report showing the lowest growth in four months proves that American employers remain burdened by uncertainty and excessive taxes and regulations,” Texas Gov. Rick Perry said in a statement. “American workers and taxpayers need a president committed to private sector job creation and fiscal sanity in Washington, D.C. ”