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The October 2014 Tepid Unemployment Report and Obama’s Lies About Manufacturing October 3, 2014

Posted by geoff in News.
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The BLS released the unemployment numbers for September today, showing a drop in the (completely useless) U3 unemployment rate from 6.1% to 5.9%. It wasn’t a bad month, but it wasn’t that good. Here’s how I think it looks:

FullTimeEmpvsCivPopOct2014

So we creep along, but at least it’s upward.

Meanwhile, on the manufacturing jobs front, the AP is happy to help President Obama lie directly to our faces:

President Barack Obama is putting a manufacturing focus on his revived economic message, calling attention to industrial gains that have helped restore some higher-wage jobs during the recovery from the Great Recession.

The U.S. economy has created 700,000 manufacturing jobs since its low point of 11.45 million jobs in February 2010.

It’s absolutely true that we’ve created 700K jobs since the low point. But it’s also true that he promised us 1 million jobs since that low point. This graph doesn’t go back to the low point, but I’ll just tell you that the economy generated 500K jobs before this chart starts.

ManufJobSeptember2014

Add the jobs he’s created in the last two years, and you can see that we’re at 700K jobs added since the low point. But he promised that we’d add 1 million jobs between September 2012 and September 2016. As you can see, we’re now at the halfway point, so we should have added 500K jobs.

We’ve only added 212K. In fact, we’re still 400K jobs short of where we were when he took office.

So great work there, champ. Please tell us more about the awesome economic success you’re having.

Comments»

1. Nanny G - October 4, 2014

Good graphic.

But you used to post one that showed how our unemployment would be about where it is now even if we had not given Obama his original stimulus money, right?
Over the months you added the reality in maroon dots to the two graph lines Obama’s Timmy G created.

Reason I’d like to see an update is that both Michelle and Barack Obama are making claims as if he did it.
“….. it’s important for everyone in this country, all over this country, to understand where we’ve come from because now, less than six years later, with my husband in office, by almost every economic measure, we are better off today than when Barack took office.” (Michelle Obama)

So, how about it?
A new graph showing all of the unemployment gained (slow as it is) would have been gained anyway whether Obama took $1 trillion and frittered it away or not.
And, I just guessing, but Obama’s ”recovery,” is so pathetically weak that I bet you could show more aspects of it being equal to doing nothing in other areas as well.

2. geoff - October 4, 2014

I gave up on that graph 4 years ago, because I was convinced that: 1) it had already made its point, and 2) tracking the U3 unemployment numbers was useless, given the huge numbers of people leaving the job market and the fact that it counts part-time jobs as equivalent to full-time jobs.

So I came up with the metric above to give a better idea of how the job situation was changing. But I’ll try to dust off the old chart and update it. I think Pethoukis was updating it for awhile, but I suspect everyone has dropped it by now.

I can’t believe the press is letting the Obama’s get away with this ridiculous revisionism. Do they not remember “Recovery Summer?” Do they not remember that it has taken almost 6 years to get to this point? Have they not noticed that every single economic policy he put into place has underperformed by 60%?

Every. Single. One.

3. Lipstick - October 5, 2014

Oh they’ll get cracking with that once a Republican is in office.


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