Of course these numbers will be revised down and Team Obama will have to find another story line to distract Americans from his horrible economy.
The U.S. economy added more jobs in July, but the unemployment rate ticked up to 8.3 percent, the Labor Department reported.
The monthly jobs figures released on Friday offered both good and bad news.
On the one hand, payrolls expanded by 163,000 people, a promising rise after three straight months of disappointing job gains. Jobs in manufacturing rose by 25,000; there were 9,000 fewer jobs in government.
WaPo thinks this is good news. Seriously? These jobs aren’t enough to keep up with the population growth. Well below the 500,000 per month Joe Biden promised. Spinning failure for Obama.
“It would appear that the slow patch we’ve had since April is over,” Gus Faucher, senior macro economist at PNC Financial Services Group, said before the release of the numbers.
But the rate of unemployment nevertheless rose from 8.2 percent to 8.3 percent. It was a small enough difference in the rate that the Labor Department called it “essentially unchanged,” but more Americans are looking for work. The jobless rate has been above 8 percent since February 2009.
“It just looks like we’re moving sideways,” said Paul Ashworth, chief U.S. economist for Capital Economics.