The Great Obama Boom that Bill Clinton and Joe Biden were bragging about continues to make history! A total of 96,000 jobs were added for the month of August. Of that total, 87,000 were not real jobs but the labor department’s birth-death model. That means only 9,000 net jobs were created last month.
Employment growth remained weak in August, with just 96,000 new positions created but the unemployment rate dropped to 8.1 percent, according to a report that raises the possibility of more Federal Reserve easing.
The decline in the jobless rate, from 8.3 percent in July, came primarily because the labor force participation rate fell to 63.5 percent, its worst level in more than 30 years. The civilian labor force contracted by 368,000.
But job reports for June and July were revised lower. The June count fell from 64,000 to 45,000, while July’s number came in at 141,000 from an originally reported 163,000.
The Labor Department’s birth-death model, which approximates jobs created by new businesses during the month, added 87,000 to the total, making it primarily responsible for the net job gains.
This is a terrible jobs report. Just 9,000 real jobs created for the month of August. This explains why last night Obama pulled a Caligula. King Putt promised to end droughts and forest fires. He told people to share their faith with him, so he can take them to a better place. He declared himself a god last night. Obama knew ahead of time about the bad jobs report and will run on being a god-king.
Mitt Romney has a huge opening with this report. He needs to hammer the fact that job growth is anemic and labor participation is at 30 year lows. Romney should point out the decline in the unemployment rate is due to people leaving the workforce. He should mock Obama for promising to use “godlike” powers to stop droughts and wildfires. If Obama can’t even fix the economy, how can he stop mother nature? This is why the Democrats and Obama have doubled down on the god-king theme. There is no Obama Boom!