Posted on 10/08/2010 8:39:58 AM PDT by kristinn
Austan Goolsbee is the Chairman of the Council of Economic Advisers
Today’s employment report shows that private sector payrolls increased by 64,000 in September, continuing nine consecutive months of private sector job growth. This growth provides more evidence that the economy continues to recover, but we must do more to put the economy on a path of robust economic growth. At the same time, the rate of job growth is not as large as needed to bring the unemployment rate down quickly, as the unemployment rate remained at 9.6%.
In addition to the increase in September, the estimates of private sector job growth for July and August were revised up by a total of 36,000. Since last December, private sector employment has risen by 863,000. Over the last quarter of this year, including today’s results, private sector employers added an average of 91,000 jobs per month.
Despite the rise in private sector employment, overall payroll employment fell by 95,000 last month. In addition to the anticipated layoffs of 77,000 temporary Census jobs, state and local government also experienced a drop in employment of 83,000.
Payroll employment growth varied across sectors with solid increases in leisure and hospitality, education and health services, and temporary help services. The sector with the largest decline was local government, where payrolls declined by 76,000. Construction employment declined, but is essentially unchanged since March, and manufacturing employment fell slightly after seven consecutive increases.
In the household survey, employment rose by 141,000 and unemployment fell by 93,000. About 400,000 fewer people were unemployed last month compared to a year ago. However, the decline in unemployment last month was not large enough to impact the unemployment rate, which remained unchanged at 9.6% due to an increase in the labor force. In addition, the number of workers who have been unemployed 27 weeks or longer declined, from 6.25 million to 6.12 million.
Given the volatility in the monthly employment and unemployment data, it is important not to read too much into any one monthly report. Rather, we must remain focused on our efforts to encourage robust economic growth that will also bring strong employment growth. The President continues to work with his economic team and looks forward to working with Congress when they return to identify measures to speed the recovery.
The Obamabot “forgot” to mention the upward revisions for July and August so they could make this dismal number appear better, their monthly exercise in rearranging the chairs at the unemployment office.
“Austan Goolsbee” now THERE is a Halloween sounding name for ya!
More pinko gubment bureaucrat BULLSH!T.
This belongs on Comedy Central! We need 100,000 jobs a month just to keep up with the normal growth in the population, and all of the spin in the world won’t change that.
Again, Goolsbee’s presence in this key position should be proof to everyone that Mullah Hussein has absolutely no intention of, and in fact is incapable of attempting some kind of Clintonian “pivot” to the Middle.
“in September according to Roubini:
… Personal income showed a 0.5% month-over-month uptick, driven by a 1.6% jump in transfer payments [unemployment benefits].”
When the dems said unemployment insurance would drive the “recovery” I guess this is how they meant it.
Actually, since the government employment dropped, there is "no rate of job growth". And further, even if the government wasn't firing people, 69,000 jobs a month isn't even enough to keep up with new entries into the work force, much less bring the unemployment rate down, quickly or not.
We need to get to around 150,000+ jobs a month before we will break even on jobs.
Seems to me that Bush was adding about 250,000 jobs a month. The bozo is adding about 400,000 jobs a YEAR
Please God, Deliver us from this madman.
Pray for Obama. Psalms 109:8-9.
He used up the whole tube of lipstick on that pig.
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