The United States is still 6 million jobs shy of levels seen in December 2007, days before President Obama took office. As reported by Sarah Morgan, SmartMoney,
The stock market has recovered its losses since hitting bottom three years ago today. But despite gains in employment during that same stretch, America is still down six million jobs, data shows.
The economy added 227,000 jobs in February, more than the 204,000 economists expected, the Labor Department reported this morning. The unemployment rate remained unchanged at 8.3% from last month. But while the economy has added more than 200,000 jobs for three straight months, the damage to employment done by the Great Recession is still far from repaired.
Between December 2007, when the recession officially started, and February 2010, when the Labor Department’s reports show employment hit bottom, the economy lost more than eight million jobs. Between then and now, we’ve added back more than two million jobs. With that big of a gap yet to fill, it’s extremely unlikely the unemployment rate will fall to a more “normal,” pre-crisis level of 6% by the end of this year, says Robert Johnson, the associate director of economic analysis at Morningstar. A rate below 8% — last seen in January 2009 — is possible by the end of the year, however, Johnson says.
And yet, somehow Josh Boak, Politico, believes we are surging ahead (with momentum, even):
The economic momentum boosting Obama in the polls continued to roll forward Friday, as the economy added of 227,000 jobs in February and the county’s unemployment rate held steady at 8.3 percent….
It’s an impressive rebound from fears that the economy was headed back into the recession, but employment was in a similar place last year and tuckered out with the start of the summer — a possibility that economists warn could be repeated because of rising gasoline prices.
6 million jobs have vanished since 2008, but a gain of 227,000 is an “impressive rebound”?
The only thing more destructive than the socialist we have in the White House…are his media minions, singing his endless praise. The good news for us right now, is that their desperation is really starting to stink. And. It. Is. B-A-D. Just ask Joel Pollak, Breitbart.com Editor-in-Chief.