In order to slow the poll bounce President Obama is getting from the DNC, The Romney campaign (with a compliant mainstream media) have been trying to spin the monthly jobs report released yesterday into bad news for the Obama campaign.
The #s? A gain of 96,000 jobs (context: we were losing 750,000 jobs/month when Obama took over in January of ’09) and a drop in unemployment from 8.3% to 8.1% (context: we hit 10.2% unemployment at the bottom of the Bush Recession.)
In fact; this was the best August jobs report in six years. August 2012 was the first August since 2006 with overall job growth (August 2010 & 2011 did have private sector job growth which was undercut by public sector job losses: this chart provides more context.)
August 2007: -4,000 jobs. 4.6% unemployment.
August 2008: -84,000 jobs. 6.1% unemployment.
August 2009: -216,000 jobs. 9.7% unemployment.
August 2010: -59,000 jobs. 9.6% unemployment.
August 2011: 0 jobs. 9.1% unemployment.
August 2012: +96,000 jobs. 8.1% unemployment.
When putting these numbers in context and looking at the fact that they are the best August jobs numbers since 2006, it seems ridiculous to say that they are bad news for the Obama campaign.
Obviously the economy is not where we want it to be yet, but it’s also just as obvious that we are moving forward and that we are far better off than where the failures of the Bush administration left us four years ago.