There was precious little good news in the latest employment report from the Bureau of Labor Statistics (BLS) for October. Employment rose by 80,000, less than economists expected, and much less than the 250,000 needed to begin to bring down the unemployment rate significantly.
But inside the numbers there was a little good news: The unemployment rate dropped slightly to 9.0 percent, the number of long-term unemployed declined by 365,000 and private-sector employment increased by 104,000. At the same time government payrolls have been decreasing, reducing slightly but inevitably the drag on the private sector that ultimately pays for that government overhead. In fact, according to the BLS, “employment in both state and local government has been trending down since the second half of 2008,” having shrunk by nearly 500,000 jobs. The August and September private-sector employment numbers were revised upwards as well, showing that sector struggling but making some progress in putting people back to work in real jobs.
In the meantime President Obama’s “jobs bill” continues to be excoriated as being nothing more than show and tell for his political purposes. His flawed infrastructure plan couldn’t even get past the Democrat-controlled Senate as more are recognizing that dumping more money into the economy by taking it from the productive sector is counterproductive, to be kind about it. And his “executive proclamation” establishing the Fort Monroe National Monument in Hampton, Virginia, was touted to generate as many as 3,000 jobs in the area.