October was another banner month of setting yet another historical record for private sector job growth under President Obama. Businesses added 268,000 jobs in October, making it the 68th consecutive month of private sector job growth. That’s 13.5 million private sector jobs over 68 straight months.
Unemployment rate ticked down, wages grew, and overall the economy added 271,000 jobs in October — which makes the last three years the strongest years for job creation since… oh, 2000.
Ho-hum. This is what Republicans refer to as a horrible economy that they claim to want to “fix”. (To see what that looks like, recall 2007, 2008, 2009 ish.) This is what the “job-killing ObamaCare” has done to us. This is what “job-killing taxing the wealthy” looks like. LOL.
The Bureau of Labor Statistics announced today, “Total nonfarm payroll employment increased by 271,000 in October, and the unemployment rate was essentially unchanged at 5.0 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, retail trade, food services and drinking places, and construction.”
Jason Furman, Chairman of the Council of Economic Affairs, summarized it thusly, “The economy added 271,000 jobs in October, marking the strongest three years of job creation since 2000.”
Let that point sink in, because it is an election season and the numbers are what they are: we (non 1%ers) do better under a Democratic president in modern times.
It gets better. Furman continued, “In October, the economy added jobs at the fastest pace so far this year as the unemployment rate declined to its lowest level since April 2008 and broader labor market indicators improved further.”
And boom, finally, “Wage growth picked up in October and wages have grown faster over the past twelve months than any other point in this recovery.”
Today we learned that private-sector employment rose by 268,000 jobs in October. Our businesses have now added 13.5 million jobs over 68 straight months, extending the longest streak on record. The unemployment rate ticked down to 5.0 percent in October—its lowest level since April 2008—with stable labor force participation. Wages continued to rise; average hourly earnings for all private employees have now risen 2.5 percent over the past year, the fastest pace achieved since 2009. Moreover, broader labor market indicators improved as the “underemployment” (U-6) rate declined to its lowest level since May 2008 amid a substantial decline in part-time work for economic reasons. Private employment growth in August and September was also revised up by a total of 56,000 jobs. Overall, our economy has created 8.0 million jobs over the past thirty-six months, the fastest pace since 2000.
A pretty chart to share with your friends who complain about the socialist in office:
Remind them that Bush doubled unemployment while Obama cut it in half.
We know things are much better but we also know there’s a long way to go. One of Furman’s five points about the numbers was “Long-term unemployment has fallen rapidly over the past year but remains somewhat above its pre-recession average.”
Democratic Leader Nancy Pelosi issued a statement about the numbers saying our economy is making strong progress, but “many Americans are still stuck searching for a good-paying job or waiting for a long overdue pay-raise. Congress must do more to create jobs and raise the wages of hard-working Americans.”
There was, at long last, finally one piece of good news to report in terms of Congress. Pelosi noted a thanks to the “unanimous vote of House and Senate Democrats, the bipartisan budget agreement signed into law this week is projected to create 340,000 new jobs next year alone.”
Republicans will try to take credit for that but Pelsoi reminded everyone, “Yet more than 200 Republicans in the House and Senate voted against this vital legislation.”
And the Republican trolling of our economy is far from over, “Now, Republicans continue to threaten to derail this progress and shut down the government over their dangerous and unacceptable ideological riders to the Omnibus bill. Democrats will continue to work to avert more job-killing Republican crises and win progress for hard-working American families.”
Things are looking way up, the economy under President Obama continues to set records for private sector job growth and overall job growth for the last three years the strongest years for job creation since 2000. You know, right before Bill Clinton turned the reins over to George W. Bush in January of 2001, who drove us over a cliff and crashed the car, which then caught fire and burned down the surrounding areas.
No, a president isn’t the only thing and probably not the major thing driving the economy, but the numbers don’t lie and we do better under a Democrat. Tax cuts for the rich do not stimulate anything but the wallets of the rich. The end.