Obama needed a filet mignon in the June employment report. But instead he got a rubber chicken.
Only 80,000 new jobs were created last month, way below Wall Street expectations. It’s the fourth consecutive monthly disappointment. For a few months last winter, jobs were rising at an average of 225,000 a month. But that has sloped way down to only 75,000. The unemployment rate continues at 8.2 percent, which is the 41st-straight month above 8 percent. The U6 unemployment rate, which includes discouraged workers, is just under 15 percent.
The Joint Economic Committee (JEC), spearheaded by Texas Rep. Kevin Brady, put out a report saying that the Obama recovery now ranks dead last in modern times. That’s a real milestone in the post-World War II era. It’s 10 out of 10 for both jobs and economic growth. According to the Bureau of Economic Analysis, real GDP has expanded only 6.7 percent over the 11-quarter recovery since the recession ended. The Reagan recovery at the same stage had increased by 17.6 percent. The Clinton recovery by 8.7 percent. Larry Kudlow – Real Clear Politics – Click To Read More…
“The Supreme Court decision last month finding the law constitutional has reignited the debate four months before the election. Republicans say voters are demanding repeal of the unpopular measure, while Democrats say Americans want Congress to create jobs rather than refight old battles.” Wall Street Journal
Lesson number 1. Congress does not create jobs. – DSMW