Zero Job Growth

When it comes to jobs, it looks like the Obama presidency may be stuck with the Peggy Noonan-coined sentence, “He made it worse.” No job growth whatsoever in August. June and July job growth numbers lowered by a combined 58,000 jobs. That means over the last three months, job growth has averaged only 48,300 a month. It needs to reach 200,000 a month to generate real economic growth.

The chart below shows what should be Obama’s minimum job growth and unemployment rate targets: the totals for January 2009, the month he took office. He has 13 months, until the October 2012 final pre-election jobs report, to hit those targets. It is going to be difficult. As the chart states, Obama will have to average 187,000 new jobs a month, every month, for 13 months. By comparison over the previous 13 months, job creation has averaged only 92,300 a month, less than half the 187,000 average he needs, starting now.

“He made it worse.”