As the title suggests, the jobs report released by the BLS today wasn’t very good. I’m sure conservatives are very sad about this because they would never ever root for America to fail for their own gain.
Total nonfarm payroll employment rose by 96,000 in August, and the unemployment rate edged down to 8.1%, the U.S. Bureau of Labor Statistics reported today.
While not the worst report of the year, 96,000 jobs per month is far below what the economy needs to fully recover from the recession of 2008-2009. Unfortunately, things were even slightly worse because of the adjustments to the previous two months. It’s pretty common to see slight adjustments that are either very small or cancel each other out, but this month the adjustments subtracted 19,000 jobs from July and 22,000 jobs from June.
Still, it is important to remember that in January of 2009, the economy lost 750,000 jobs in a single month, so a 96,000 job gain, while too small, is a lot better than where we were. Yes, we are better off than we were 4 years ago.
Here is the graph of what these jobs numbers might mean for the president’s re-election.
As you can see, the cumulative jobs reports line is hugging the “super optimistic” projection that Nate Silver proposed earlier this year. Frankly, if Mitt Romney were not such a horrible candidate, the president would probably be in real danger of losing. As it is, he’s not in great shape, but he’s got a good chance.