The latest jobs and GDP data shows steady but mild improvement in the economy. Republicans attack Obama for, in essence, scoring field goals and not touchdowns on the economy, ignoring the fact that at least we are on offense now and not losing ground like we had been under Bush.
From: Advance Estimate of GDP for the Second Quarter of 2011 and Annual Today’s report shows that the economy posted the eighth straight quarter of positive growth, as real GDP (the total amount of goods and services produced in the country) grew, but at only a 1.3 percent annual rate in the second quarter of this year. The downward revision in the first quarter to 0.4 percent further reflects the slowdown of economic growth due to substantial headwinds faced in the first half of this year. Additionally, the annual revision to GDP showed that the Great Recession – the worst on record – was even deeper than originally estimated.
Today’s employment report shows that private sector payrolls increased by 137,000 and overall payroll employment rose by 103,000 in September. The unemployment rate remained unchanged at 9.1 percent, a level that is unacceptably high. Despite a slowdown in economic growth from substantial headwinds experienced throughout the year, the economy has added private sector jobs for 19 straight months, for a total of 2.6 million jobs over that period. . . . Sectors with employment increases in September included professional and business services (+48,000), health care and social assistance (+40,800), information (+34,000, which includes about 45,000 returning Verizon strikers), and construction (+26,000). Sectors with employment declines included government (-34,000) and manufacturing (-13,000). Local government lost 35,000 jobs, and has shed 383,000 jobs since February 2010, including 225,000 jobs in educational services.