It was less than a week ago that President Obama boasted, in a Labor Day speech to a largely union crowd, that his economic policies have worked…that “the U.S. economy is better than it’s ever been since the 2008 recession.”
The New York Daily News noted that Obama tried to fire up his union base with aggressively positive rhetoric:
“We’re on a streak where the last six months we created more than 200,000 jobs each month; that’s the first time it has happened since 1997.”
“By almost every measure, the American economy, the American workers are better off than when I took office,” he added.
While economists and pundits may debate the accuracy of the measures Obama used to make that claim, there’s no debate when it comes to the disappointing August jobs report just released by the Labor Department. The country’s employment picture last month was anything but rosy.
The experts’ expectations for jobs growth were way off, and the labor force participation rate again showed that more discouraged Americans have given up on trying to find work. From forbes.com:
The Bureau of Labor Statistics released a significantly weaker than expected August jobs report Friday morning.
Employers added just 142,000 jobs in August, sharply lower than the 225,000 economists were anticipating and the smallest monthly gain of 2014.
Yes, “sharply lower” than forecasts — off by some 83,000 jobs. Plus, for the last two months — June and July — the official employment count was revised down.
Total employment gains those months were therefore 28,000 less than BLS — a division of the Department of Labor — previously reported. Job growth averaged 212,000 for the last twelve.
The August new-jobs number represents the smallest gain in eight months and no doubt will add fuel to the fire of those who argue that Obama’s economic policies are not working, no matter what the president may tell his union supporters.
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