Sunday, October 09, 2011

September Jobs Gains Better, Not Good Enough

Employers hired more workers than expected in September and job gains for the prior months were revised higher, according to Friday’s monthly jobs report. Nonfarm payrolls rose 103,000; economists had expected an increase of only 60,000. And the economy added 99,000 more jobs in July and August than initially reported, as hourly earnings rebounded and the average workweek rose. All good news.

The unemployment rate, however, remains stuck at 9.1%. Also, as the chart below shows, Obama must create 186,000 jobs a month every month for 12 months straight just to get jobs by next year's election back to where they were when he took office in January 2009—never mind that the country has added 8 million people since. Reaching an average of 186,000 new jobs a month for a whole year won't be easy. Monthly job growth over the past 12 months has averaged only 110,000.

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