Jobs-A-Plenty

Expect to be hearing a lot of hootin' and hollerin' from the Republicans in the days leading up to the election about this:

WASHINGTON - The unemployment rate dropped to a five-year low of 4.4 percent in October as employers added 92,000 new jobs — flashing a picture of a strong labor market as the midterm elections draw near.

The latest report, released Friday by the Labor Department, showed that the civilian unemployment rate fell 0.2 percentage point from 4.6 percent in September. It marked the third month in a row that the politically prominent jobless rate declined.

The tally of new jobs added to the economy in October fell short of economists expectations for an increase of around 125,000 positions, however. Nonetheless, job gains in both August and September turned out to be much stronger than previously estimated — and that took a lot of the sting out of October's less-than-expected payroll performance.

While any increase in employment and wages, particularly when our economy is so lousy, is good to hear about, it's important to remember that this is Dubya's America. And just like a closer look at the crowing about the booming economy shows that it, of course, benefits the richest of Americans, the news about this increase in jobs isn't exactly all peaches and cream.

On the payroll front, job losses in manufacturing, construction and retail offset gains in professional and business services, education and health, government and elsewhere.

Factories shed 39,000 jobs in October, marking the fourth straight month of employment cuts. Construction companies got rid of 26,000 jobs, while retailers trimmed 3,500 positions.

Professional and businesses services, meanwhile, added 43,000 jobs. Education and health expanded employment by 28,000, and the government payroll swelled by 34,000.

So, most likely, Bush and Republicans will be hollering to these same factory, construction, and retail workers about how good they have it, when in fact, jobs for these workers are being cut left and right. Now, I've got to say, I'm happy to see that swelling in education and health jobs... and I'm happy to read this:

All told the 92,000 total net jobs added in October were the fewest in a year, when the economy was suffering the blow of the Gulf Coast hurricanes.

That disappointment, however, was offset by much better job gains in the previous two months. Employers added 148,000 jobs in September, versus the 51,000 first reported. Payrolls grew by a robust 230,000 in August, stronger than the 188,000 slots previously recorded.

The 4.4 percent unemployment rate was the lowest since the spring of 2001.

The jobless rate for blacks fell to 8.6 percent last month, from 9.2 percent in September. The unemployment rate for Hispanics dropped to 4.7 percent, from 5.4 percent. The jobless rate for teen-agers declined to 15.4 percent from 16.4 percent.

...but you and I both know how Republicans pitch to the people working in the factories, construction companies, and retailers. I'm just really hoping they'll look at what's happening around them, rather than listen to rosy rhetoric.

I guess if McDonald's is hiring, everything's jake.

(Two all-beef patties, special cross-posts, lettuce, cheese...)