The Washington Posthas apparently wokenup to the fact that President Obama’s economy — at least as its related tojob creation — has been a mirage. After noting that the August unemploymentrate dropped only because 312,000 people dropped out of the labor market, the Post reports that the three-month averageof the number of jobs created has dropped by nearly 40,000 over this same timelast year:
Consider this: The nation hasaveraged 148,000 new jobs a month for the last three months. The number was160,000 for the last six months, and 184,000 a month over the last year. Thatlooks to me like a downward trend, no two ways about it. It’s certainly not thegradual acceleration that most mainstream economists have forecast as 2013advances and the impact of tighter fiscal policy fades.
Compared to last month, 112,000 fewer people in America havea job.
If you are wondering how the unemployment rate can decreaseas the numbers of jobs created also decreases, there is more on that here.
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