October Jobs Report
Only 80,000 jobs were created in October. That is not good news. The unemployment rate ticked down to 9%
In order for the unemployment rate to drop to 8.5% – which is still higher than any President up for re-election has ever faced – the economy would have to add over 200,000 jobs a month between now and the election. President Reagan was able to do it, but since this President refuses to enact pro-growth policies in favor of the same failed Keynesian policies that haven’t worked so far, it seems unlikely that will happen.
In order to get the unemployment rate below 8% by election 2012, the economy would have to add over 250,000 jobs a month. Even less likely.
Now, if the Senate were to pick up the more than 20 jobs bills passed by the House that reduce regulations, open up domestic energy and help small businesses get loans, then that jobs per month number is more likely.