| If nothing else you have to admire the | | | | Discouraged workers are those that do not |
| perseverance of this administration. No matter | | | | bother to look for jobs during the reporting period |
| how bleak the news, the White House continues | | | | because they don't feel jobs are available for |
| to put on a happy face and the December 2007 | | | | them. |
| employment report is no exception. | | | | While the White House is gloating over the 8.3 |
| The fact that only 18,000 jobs were created in | | | | million jobs created since 2003, Standard and |
| December 2007 is basically set aside by the | | | | Poor's economist David Wyss is suggesting the |
| White House to remind us that more than 8.3 | | | | December jobs report brought the chances of |
| million jobs have been created since August 2003 | | | | recession to 50-50. |
| and 1.3 million jobs have been created during 2007. | | | | "After this report, I'd have to say the chances of |
| "Since August 2003, more than 8.3 million jobs | | | | recession are about 50-50," said economist David |
| have been created, with more than 1.3 million jobs | | | | Wyss, of Standard & Poor's in New York." |
| created throughout 2007. Our economy has now | | | | One dismal jobs report may have the power to |
| added jobs for 52 straight months - the longest | | | | put the DJIA in a tailspin, but alone it should not |
| period of uninterrupted job growth on record." | | | | have the power to increase the chances of a |
| You'll note the 8.3 million dates back to August of | | | | recession to 50-50. What will increase the chances |
| 2003, not January of 2001 when President Bush | | | | of a recession is continued job losses in the |
| took office. Do you think it may have something | | | | manufacturing sector. |
| to do with the fact that jobs were lost during the | | | | 212,000 manufacturing jobs were lost in 2007, |
| first 30 months of his presidency? The number is | | | | with only 30% of the lost jobs attributed to |
| correct for the period indicated, but the period | | | | industries that provide home building materials. |
| indicated is not an accurate representation of job | | | | The winner for 2007 is the healthcare industry |
| growth during the Bush presidency. | | | | gaining 381,000 jobs. Based on 1.3 million jobs |
| What the White House also fails to mention in | | | | created in 2007, this means one out of every |
| their focus on the economy is the overall decline | | | | three new jobs added in 2007 was in healthcare. |
| in job creation in 2007 v. 2006. During calendar | | | | Unless the U.S. is planning on becoming the |
| year 2006 payroll employment growth averaged | | | | healthcare capital of the world, we need to start |
| 189,000 per month, compared to 111,000 per | | | | taking the necessary steps to create more jobs |
| month during 2007, or a decrease of 936,000. | | | | in this country. This administration, faced with the |
| A decrease in jobs equates to an increase in | | | | possibility of a recession, is doing what it does |
| unemployment with the number of unemployed | | | | best - thinking about a tax cut. |
| at 6.8 million in December 2006 rising to 7.7 million | | | | Apparently they haven't figured out tax cuts for |
| in 2007. | | | | the rich are part of the reason the economy is in |
| The number of discouraged workers has also | | | | the shape it's in now. |
| increased over the year and is now at 1.3 million. | | | | |