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Obama Is Presiding Over The Fastest 6 Month Drop In Unemployment Since 1984
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The jobs numbers look good, but I tend to pay more attention to job growth rather than unemployment. I do this for two reasons. The unemployment number can be artificially low when people leave the workforce, and also it will jump as the economy rebounds and more people are active in their job search.
In the chart above from the Federal Reserve in St. Louis, you can see that President Obama’s private sector job growth has been progressing. That “U” shape is the shape of a private sector recovery. Look at the exact time period the private sector turned the corner. It was the first quarter of 2010, about 6 months after the stimulus took effect.
After each monthly jobs report I like to highlight two specific industries, healthcare and manufacturing. The healthcare industry in the month of January added over 30,000 jobs. I keep an eye on this, because this is the industry that is directly regulated by ObamaCare and the GOP keeps repeating that Obamacare is a job killer.
NEWSFLASH…if Obamacare is going to kill jobs, shouldn’t the first industry it kills be the industry it DIRECTLY regulates? Of course it should, but it doesn’t.
The second area I want to focus on is manufacturing. This industry did exceptionally well in January. Manufacturing added 50,000 jobs in the last month. That is a pretty healthy clip.
While the total number was 243K jobs created in January, the private sector ALONE added 257,000. The number that everyone is reporting adds into the equation, 14,000 layoffs in the public sector so it reduced the overall number.
Over the last 6 months unemployment has DECLINED at the fastest pace since 1984, when Ronald Reagan was president. If this keeps up and the Republicans do not try halt economic growth through austerity measures, President Obama will win by a landslide in November.
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10 Responses to Obama Is Presiding Over The Fastest 6 Month Drop In Unemployment Since 1984
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Shiva (Moderator)
Feb. 3rd, 2012 at 5:09 pm
As you note, the best part of this is that the increase in jobs is not sector related but spread across sectors. That’s the key and especially key is the healthcare where Obama care doesn’t seem to be killing any jobs.
You really get the feel sorry for the GOP when you realize they really have nothing to say
Deborah Montesano
Feb. 3rd, 2012 at 6:19 pm
Jobs up, Komen Foundation down, Trump endorses Romney…the Republicans just can’t catch a break, can they? :D
Edwsrd McConnon
Feb. 7th, 2012 at 1:50 pm
So true
zyxomma
Feb. 4th, 2012 at 2:05 pm
How much of this good news are we going to hear on corporate-owned, mainstream TV and radio? How is Faux Noize going to spin this so Republicans get credited?
sachet
Feb. 4th, 2012 at 2:17 pm
President Obama is doing a great job. In spite of Repub obstruction. And just think how much more he could have accomplished if not for Repub obstruction.
Anne
Feb. 5th, 2012 at 1:29 am
Absolutely-he is
Sue
Feb. 6th, 2012 at 7:03 am
Also don’t forget this – in the 1980s the Fed was able to help the recovery by lower interest rate 6 points, YES that is SIX POINTS! From 16.39% to 10.23%. This time the Fed did not have that tool in the tool box since rates had already been near zero for a while. Here are rates of the 80s.
1980 13.35
1981 16.39
1982 12.24
1983 9.09
1984 10.23
1985 8.1
1986 6.8
1987 6.66
1988 7.57
Fed Chairman Paul Volcker was able to help Ronald Reagan by lowering rates substantially. Under President Obama they’ve ALWAYS been under 1%.
Rob Runkle
Feb. 9th, 2012 at 9:29 pm
You neglected to mention the fact that the healthcare industry has had positive growth EVERY month for the last 21 years, except for 4 times (4 single months). And, that the recent average rate of growth in that industry over the last 2 years is ~.141% growth per month which is ~.1% lower than the historical average of .234% over the last 21 years. That is not not boding well for Obamacare’s impact on the HC industry afterall, now is it…