Friday saw the release of the November jobs numbers from the Bureau of Labor Statistics. The news is that Hurricane Sandy did not affect hiring. 146,000 jobs were created and the unemployment rate edged down to 7.7%, the lowest rate since September of 2008. Revisions brought worse news. 49,000 fewer jobs were created in September and October than originally reported.
Already the media is celebrating and relieved by these numbers, but only graded on the four-year curve created for this president can the news of 146,000 new jobs be something worth celebrating. At this rate, we’re barely keeping up with population growth, and we’re most certainly not keeping up with the 360,000 to 390,000 new jobless claims filed every week.
But we’ve been hustled and bamboozled by the media into believing any number over 100,000 represents a recovery, when prior recoveries have given us 300,000-plus new jobs per month. Those recoveries, however, were generated by the government getting out of the way of the economy. Obama’s bright idea was to micromanage, deficit spend, and hyper-regulate.