The Bureau of Labor Statistics' November employment report states that 146,000 jobs were added in November, nearly doubling expectations, with the unemployment rate edging down to 7.7%.
Some people might take this as evidence that Obama's policies are working. But not so fast. If you encounter somebody who believes this, remind them of the following:
- New hires reported in November were due to hiring decisions made in October, when job creators were expecting Romney to win the election. Since that did not come to pass, we can expect this lift to be only temporary.
- The news is not all as good as it seems. The September and October job numbers were also revised downward, to 132,000 new jobs in September and 138,000 new jobs in in October.
- The unemployment rate among most demographic groups was unchanged -- in particular, among whites and adult men it remained essentially the same as the previous month.
- And as we covered in October, BLS reporting in general is highly suspect. How could the numbers be THAT good, month after month?
Our country needs a Tea Party resurgence in 2014. This won't happen if the public is gulled into believing that the economy is getting better. Don't believe the hype -- and make sure that your friends don't, either.