What has Obama done for you lately?……or ever?
Nonfarm payroll employment edged down (-85,000) in December, and the unemployment rate was unchanged at 10.0 percent, the U.S. Bureau of Labor Statistics reported today. Employment fell in construction, manufacturing, and wholesale trade, while temporary help services and health care added jobs.
In December, both the number of unemployed persons, at 15.3 million, and the unemployment rate, at 10.0 percent, were unchanged. At the start of the recession in December 2007, the number of unemployed persons was 7.7 million, and the unemployment rate was 5.0 percent. …
Total nonfarm payroll employment edged down in December (-85,000). Job losses continued in construction, manufacturing, and wholesale trade, while temporary help services and health care continued to add jobs. During 2009, monthly job losses moderated substantially. Employment losses in the first quarter of 2009 averaged 691,000 per month, compared with an average loss of 69,000 per month in the fourth quarter.
Recall that many economists had predicted no job losses over this period, it was to remain stagnant or very little in lost jobs. Not so…..85k lost.
Great graph below shows job losses from the start of the employment recession, in percentage terms.
Then check out the analysis of the latest report at Calculated Risk, specifically about temporary workers. The writer ends with this:
Overall this is a grim employment report.
You said it brother.
Oh, and waiting in the wings is the news that the man continues to run up our deficit:
The Congressional Budget Office late Thursday released a report estimating that the federal budget deficit was $390 billion for the first quarter of fiscal year 2010.
During the same quarter in 2009, the federal deficit was $56 billion less due to an 11 percent reduction in federal revenues over that time period while the nonpartisan office reported that spending fell by 4 percent.
“This is the second consecutive December that the federal government will record a budget deficit,”CBO officials in its Monthly Budget Review. “Typically, that month yields a budget surplus because most corporations make quarterly income tax payments and withholding for individuals is relatively high owing to year-end bonuses and seasonal employment.”
Now….how will the MSM and Obama cover this?
“It’s all Bush’s fault!”