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.