4.5 Million Jobs created? Why are the Dems touting this number....what #$%$
Anyone watching the Democratic National Convention on Tuesday night heard the number 4.5 million several times.
"Despite incredible odds and united Republican opposition, our president took action, and now we've seen 4.5 million new jobs," San Antonio Mayor Julian Castro, the party's keynote speaker, said.
Chicago Mayor Rahm Emanuel, who served as President Barack Obama's chief of staff, and Massachusetts Gov. Deval Patrick, who followed Obama's November rival Mitt Romney as governor of Massachusetts, both cited the same number.
Sights and sounds from the DNC
It's a big-sounding number, given the still-sputtering job market. So we're giving it a close eyeballing.
The number Castro cites is an accurate description of the growth of private-sector jobs since January 2010, when the long, steep slide in employment finally hit bottom. But while a total of 4.5 million jobs sounds great, it's not the whole picture.
Watch full speech of Julian Castro
Photos: Best of the DNC Photos: Best of the DNC
Nonfarm private payrolls hit a post-recession low of 106.8 million that month, according to the U.S. Bureau of Labor Statistics. The figure currently stands at 111.3 million as of July.
While that is indeed a gain of 4.5 million, it's only a net gain of 300,000 over the course of the Obama administration to date. The private jobs figure stood at 111 million in January 2009, the month Obama took office.
And total nonfarm payrolls, including government workers, are down from 133.6 million workers at the beginning of 2009 to 133.2 million in July 2012. There's been a net loss of nearly 1 million public-sector jobs since Obama took office, despite a surge in temporary hiring for the 2010 census.
Meanwhile, the jobs that have come back aren't the same ones that were lost.