WASHINGTON (AP)-- The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years and giving President Barack Obama a potential huge boost with the lection a month away.
the rate declined from 8.1 percent because the number of people who said they were employed soared by 873,000 in less than a month - an encouraging sign for an economy that has been struggling to create enough jobs.
The number of unemployed Americans is now 12.1 million, the fewest since July of 2008 before the economy started to collaspe.
The number of people in the labor force has fallen more than half a million in the past two months, with the participation rate down to 63.5%, a rate not seen in the past 30 years, according to the Bureau of Labor Statistics.
Almost 83,000 signed up for federal disability benefits in September, and more than 736,000 have joined in the first nine months of this year, according to the Social Security Administration. That's a higher enrollment rate than the first nine months of the Obama presidency.
Analysts say the higher disability enrollment rates are in part a reflection of workers' inability to find jobs.
Bush: January 20, 2002 143.883 million employed
Bush: January 20, 2009 154.236 million employed
Bush: Net gain: 10.353 million jobs /7 =1.479 million jobs per year
Now, the rest of the story: Employment Facts:
Obama: January 20, 2009 154.236 million employed
Obama: Sept 31,2012 155.063 million employed
Obama: Net Gain – 827 Thousand jobs /4 =206,750/new jobs per year
No mater how you look at it and all the rhetoric of jobs lost, saved or created the numbers don’t lie. The democrats are losers on the job market.
“Socialism is a philosophy of failure, the creed of ignorance,
and the gospel of envy, its inherent virtue is the equal sharing
Since Reagan, it has been the practice of Republican Presidents to buy an economy with national debt. The national debt has ballooned in each of their administrations. Bush II's innovation was to borrow foreign money to do it.
A source of the funny money in that period was the over $6 trillion cumulative total in US trade deficits 2001-2009 from OPEC and China. Bush II borrowed much of it back to finance two wars, a bloated government, and a redistribution of wealth upwards on the national bar tab. A consequence was that to add to the real estate bubble of the time we had an import bubble. The import bubble terribly distorted Main Street and destroyed the solid employment of people all over the US in manufacturing and other jobs.. American's had a fake standard of living. They enjoyed the low prices assuming the government was at their backs. The government was on their backs - Bush II took a dive in China's trade wars and borrowed the trade deficits back.
Most of the bubble jobs in the Bush II period are gone and are not coming back. Recreating them would require recreating the bubbles, and the debt, that generated them. It would be going back to the distorted and dysfunctional Bush II economy with a US going decisively downwards, it's debt-fueled economic glow like the red cheeks of a tuberculosis patient.
We didn't just have a recession starting in 2008, we had a real Crash that would have resulted in a Depression but for huge spending by both the old and new administrations. Ordinary Americans took such a hit in savings as the house bubble deflated that they went into debt deleveraging mode. They have been paying off debt since and are only gradually resuming spending which creates demand and jobs. Direct stimulus for most taxpayers as was done in the past doesn't work because people use it to pay off debt or it goes offshore to pay for imports.
The President's programs to drive exports and lower the dollar have been moving the unsustainable trade deficits correctly, though it's hard to do with the developed world in economic trouble with all of them printing money - including China more than any of them. All countries are trying to drive or grow a trade surplus with the US.
Romney/Ryan and others can see that things are bootstrapping up and hope to get elected and take credit for it. Unfortunately for that view, Romney's "trickle down" notions and expressed wish to drive up military expenses with boots on the ground wars put us back on the road to another Bush II crash. I'm not sure the West could survive that just now.
Be careful of what you wish for......
155.063 -154.236 = -827.236? Where did you learn your math? Are you a Romney supporter?
An educated mathematical person would say: 155.063-154.236= .827 [a positive number] or you could say Obama created 827 thousand jobs. in less than 4 years. Since Bush drove the job market along with the economy off the cliff 827 thousand jobs created by Bush is NOT too bad.
yes i know ,obama hiring more campaign workers.
thats how to get the vote, and lower the unemployment rate.
way to go OBAAAAAAAAAAAAAAMA
mommy did not raise any fool.
remember to give everyone a free obama phone.