The national unemployment rate in the United States as of December 7, 2012 is
7.7 percent and the economy created 146,000 jobs in the month of November,
according to the Bureau of Labor Statistics (BLS). This the lowest monthly rolling unemployment figure since December 2008 and officially the lowest rate of the Obama administration – many pundits had expect the rate to climb toward 8.0.
The BLS hedged its report by considering that the unprecedented landfall of Hurricane Sandy did disrupt some employment reporting in the northeast. Automatic Date Processing (ADP), another trusted name in employment statistical
tracking, released a projection on December 5 showing 118,000 jobs created in November.
The right-wing media apparatus is again attacking the professional economists and statisticians at the Bureau of Labor Statistics for “cooking the books”, but the fact is virtually every employment tracker is showing job growth in the United States. The latest figures from the government are surprisingly robust – a CNN roundtable went so far as to predict that the numbers would be revised a bit lower in coming months – but they are not enough to signal that recovery is at hand.
If anything the latest figures from the government show how fragile the economy is today. There is no economic stimulus available to build strong job growth. The government is locked in debate over whether or not Republicans want to force the country back into recession with the current fiscal cliff negotiations or wait until later in 2013 to create a recession along with a financial crisis thru another debt ceiling debacle.
The United States cannot afford any more hiccups, and it is in dire need of intervention to get the private sector buzzing again. After years of recession and economic malaise it is too easy to look at job growth figures of 146,000 and be relieved. In truth we should look at those figures and recognize that the Clinton economy was producing nearly 50-75 percent more jobs each month with a significantly smaller population a gross domestic product to support it.
The United States of America is not going to retake its position atop the global economic pecking order with 150,000 new jobs. Our government is not going to create security and stability by extending the Bush Tax Cuts. This country still requires serious government intervention, and the latest employment figures are
proof of that.