While news last Friday from the Bureau of Labor Statistics that unemployment remained unchanged and that 227,000 jobs were created in February shows that the Obama-induced stimulus slide in the economy has slowed, it also contains some significant bad news for the president.
As the labor participation rates edged back up, the number of people without jobs also edged up a bit too from 12.758 million to 12.806 in the last month. And while the 227,000 jobs created for January is better than less-than-200,000 jobs that we have come to expect, much of the gain is in temporary employment, signaling perhaps, at best a bottom for labor.
But what it’s not signaling most certainly is a robust recovery.
However they cook the books, it's not helping Obama either at the polls or the pump.
As the Washington Examiner's Michael Barone writes:
Surprise! Just when they thought that Barack Obama was pulling ahead, with positive job ratings, and just after the mainstream media have been savaging Republicans for two words Rush Limbaugh uttered on his radio program, Obama's numbers seem to be tanking.
Recent polls have tended to confirm that Obama's no enjoying the same type of bounce in public opinion as the media has so far suggested.
Even the New Yorker got the memo:
In case you didn’t hear about it, the latest New York Times/CBS News poll, which was released on Monday evening, showed President Obama’s approval rating dropping nine points in a month: from fifty per cent to forty-one per cent. During the same period, the President’s disapproval rating rose by four points, to forty-seven per cent.
As our own Mike Shedlock points out, employment in 2012 is roughly the same as it was back in 2001. In essence, Obama has compressed a lost decade into just three years. And not matter what the official numbers say, voters are reacting to it. Additionally, the BLS already is making significant downward revisions to employment for new business estimates they made in the January report via the birth/death model and other seasonal adjustments , according to Shedlock.
And the hanky-pankery isn't just confined to birth/death numbers. As John Crudele of the New York Post reported early this week: