Hmm, last two month’s #s revised upward over 100k, this month steady at 80k added. Unemployment will be below 9% by EOY. Re-election, here he comes. Even conservatives at The National Review are conceding the obvious:
“A year ago the unemployment rate was 9.7 percent. During this time, nonfarm jobs have grown at an average monthly rate of 152,000 while civilian employment has grown at a rate of 140,000 per month. In other words, we don’t need 150,000 jobs per month just to keep the unemployment rate steady. Because of the aging of the labor force, 150,000 jobs per month is more than enough to push down the jobless rate.
Very quietly, without fanfare, private-sector payrolls have grown by 1.8 million in the past year, while the work week has lengthened and hourly cash wages are up 1.8 percent.
Total hours worked are up 1.7 percent in the past year. A 9 percent unemployment rate means the labor market is still far from operating at its full potential, but it is moving in the right direction as are other data. October chain store sales were up 3.7 percent versus a year ago, according to the International Council of Shopping Centers. This includes luxury department store sales (up 4.5 percent) and wholesale clubs, excluding fuel (up 7 percent). Meanwhile, compared to a year ago, core railcar loadings are up 5.8 percent, steel production is up 10.3 percent, and hotel occupancy rates are up 6.8 percent.
Again, there are no signs of recession. Instead, plenty of signs of continued growth,” - Bob Stein, National Review.
Though I do think that from the beginning, and still, Obama’s plan was to implement his agenda of massive regulation in healthcare, financial, and energy sectors, (regulation not being the goal, rather remaking those industries) while masking the negative effects for a time with massive spending. If UE continues to decline, I’d say the strategy could be considered a winner, and changes he implements are unlikely to be rolled back.