It’s time to bring back the Bikini Graph! As always, red columns point to monthly job totals under the Bush administration, while blue columns point to job totals under the Obama administration. This comes to us from the Maddow Blog, courtesy of the wonderful Steve Benen:
The new report from the Bureau of Labor Statistics shows the U.S. economy added 169,000 jobs in August, which is roughly in line with expectations. After years of public-sector layoffs serving as a drag on the overall economy, we're starting to see a slight turnaround -- the private sector added 152,000 jobs last month, while the public sector added 17,000 jobs. That may seem like a fairly modest number, but it's the most in recent memory.
The overall unemployment rate dropped to 7.3%, which is the lowest it's been in nearly five years, but it's not evidence of good news -- it ticked down largely because of people leaving the workforce [...]
All told, so far in calendar year 2013, the economy has added 1.44 jobs overall, and 1.47 million in the private sector.
For more analysis by Benen, follow the link.
Earlier Paddy posted "Video- Fox's Stuart Varney Previews Jobs Report By Pushing Myth About Obamacare Causing Part-Time Employment." When in doubt, blame Obama, right Stewy?
He should have checked out this Los Angeles Times report. It's an assessment of the Affordable Care Act's effect on the economy from Mark Zandi, chief economist of Moody’s Analytics:
Zandi said the labor market was holding up well despite the drag from the automatic federal spending cuts and implementation of the healthcare reform law. Although there would be more hiring without those two factors, he said there's no indication they are significantly hindering job growth.