Putting Monthly Jobs Numbers in Context

103,000 jobs were created last month. Unemployment remains at 9.1%.  Politico’s Morning Money email provides some context:

  • The return of striking Verizon workers account for 45K of the increase
  • The economy needs 270,000 jobs in the September report and every month going forward to get unemployment below 8 percent by Election Day.

The best quote comes from Cumberland Advisors chief investment officer David Kotok:  “The best thing Washington can do now is just to do nothing. Don’t get in the way. Don’t mess things up … Leave us alone for a couple of years and the private sector will take care of it.”

Given President Obama’s rhetoric-filled press conference yesterday, he still believes Washington (i.e. the public sector) is the answer.  Americans understand President Obama’s short-term, make-work plans won’t do the trick.  Unfortunately, President Obama’s meeting today with top Senate Democrats (including super committee chair Patty Murray) indicates he has no interest in changing course, and doing what is necessary to revive the economy.

Please Share Your Thoughts

One thought on “Putting Monthly Jobs Numbers in Context

  1. It’s still a pathetic number no matter how you look at it.

    You’re right, President Obama is determined to solve the problem with government. And it will just make matters worse.

    It’s too bad that Kotok’s advice won’t even be thought of in the halls of DC, of course I recall saying the same thing when the crisis hit back in 2008.

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