HERE COME THE JOBS
The economists, pundits, media-types and every Republican lawmaker can say what they want but in the end, the President will receive the credit if the good news of JOBS keeping posting similar results in the months ahead. Today’s job report was indeed good news not only for President Obama but for every American worker. Nine percent unemployment has been like Groundhog Day for months and seeing it drop with November’s announcement is great news. We all know that the official unemployment number is never truly an accurate one but nevertheless, we have finally broken free of the 9% level.
8.6% unemployment isn’t anything to write home about, as my father would say, but it’s a movement in the right direction. The additional good news also was that September and October’s job growth was better than what was announced at the beginning of November. Although these numbers are not significant when you consider the millions of Americans still out of work and the additional millions who have stopped looking for work, they are just one more sign that some of the current economic pressures are softening.
Not out of the woods by any means but certainly a good step in the right direction. Couple these numbers with the surprising Black Friday shopping spree that Americans went on, the sudden shift in the position of Republicans regarding the payroll tax cut and all of a sudden things look just a little brighter on the horizon for our economy. If the jobs number continues to decrease incrementally over the course of the next eleven months, President Obama will easily win re-election. Unemployment was at 7.8% when President Obama took office and the closer he gets to that number, the likelihood of his re-election becomes stronger.
What was also appealing about the November jobs report was that most of the new jobs came from the private sector. More have to be created going forward as state and local governments continue to cut back and eliminate workers from their payrolls. Look for the President to take full advantage of this small decline in the unemployment rate to continue his rhetoric for parts of his Jobs bill, unemployment compensation and the payroll tax cut. His message seems to be breaking through on some level as the Republicans are conceding that the payroll tax cut would make a difference for the economy and the American worker.
With the Christmas season upon us, more good news ahead would be about the best present we all could receive.