Home > economics, obama > Obama also rode a unicorn today.

Obama also rode a unicorn today.

Economy adds 431K jobs but few in private sector

Well this is encouraging.  The economy added 431,000 jobs in May.  Don’t get excited; 411,000 of those jobs were census workers, temporarily employed by the government.  Only 41,000 jobs in the private market were added, down from 218,000 in April and the fewest since January.  Apparently viewing the creation of any jobs to be a step in the right direction, President Obama focused on the positive:

the economy is getting stronger by the day.

Well, there’s no doubt that adding is better than subtracting.  When financial markets expected private employment to rise 190,000, however, one has to wonder when the President’s economic plan is actually going to start working.

Hold on though.  The unemployment rate fell from 9.9% to 9.7%, which is good right?  Wrong.  The unemployment rate is virtually useless, because it only estimates the number of persons out of work who are actually looking for jobs.  It doesn’t include the underemployed or unemployed that have simply quit looking.  The primary reason for the dip in unemployment was the 322,000 people that left the workforce in May.

“Things never go completely in a smooth line,” [Obama] said. Obama urged patience, said his policies are working and said the economy is “moving in the right direction” because it is producing jobs again.

If by “moving in the right direction,” the President means we’re no longer digging the hole deeper, then he may be right.  It’s difficult to argue that we’re doing anything other sitting at the bottom of that hole, however.  Of course, when 125,000 new jobs are needed each month just to keep up with population growth and prevent the unemployment rate from rising, 41,000 new jobs certainly seems to signify additional digging.

But then again, President Obama and his policies haven’t exactly spent much time outside of fantasy land lately.

  1. mary
    June 4, 2010 at 3:17 PM

    Well, not to beat the dead horse of how consistently wrong “O” is but, he was wrong when he suggested that things never move in a smooth line. Seems to me that the economic move down the toilet has been incredibly smooth. Nary a glitch in memory or sight.

    And you gotta love the undercover video of the census worker who was hired (new job #1), then fired (not reported as a lost job) and then re-hired (new job #2). Awesome. I have a kink in my brain that causes a complete freeze when confronted with numbers, math, geometry and the like. Seems to me that I’m a perfect fit in this administration.

  2. June 4, 2010 at 3:21 PM

    You didn’t comment on my unicorn picture.

  3. June 4, 2010 at 5:59 PM

    love the unicorn pic
    and hey…. maybe you can kill 2 birds with one stone, “mary”. get a job and continue being bad at math 😉

  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: