The October 2014 Tepid Unemployment Report and Obama’s Lies About Manufacturing October 3, 2014Posted by geoff in News.
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:
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.
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.