Money Matters - Simplified

Phlegmatic jobs report gives ammunition to both parties

Phlegmatic jobs report gives ammunition to both parties

The issue of unemployment touches almost every heart in the US. So much so that both Republicans and Democrats do not miss any chance to fire salvos at each other whenever they get chance to. But the phlegmatic jobs report for month of August has unusually provided ammunition to both parties in this election-charged year.

Wall Street rarely fails to react sharply to the monthly jobs data, but it did exactly that this Friday after the U.S. Labor Department reported that around 96000 jobs were added in August and the overall rate of unemployment fell few points to 8.3 percent.

The statistics are barely positive to infuse a sense of optimism, but are enough for Democrats to rhetorize President Obama's 'success' in job creation. In contrast, the experts feel that there is not much to be jubilant about.

Joel Naroff of Naroff Economic Advisors in Bucks County says, "With the conventions behind us, it is clear that the politics of the economic data will be boiling over. Nothing is more political than the employment report."

U.S. House Speaker John A. Boehner, a Republican from swing-state Ohio, thundered, "This report underscores President Obama's failed promises to get our economy moving again," wrote Boehner, "The unemployment rate has been higher than 8 percent for 43 consecutive months . . . and millions of Americans remain out of work or underemployed.

"President Obama made a spirited pitch for the failed status quo this week, but the fact is: We can do better," he said.

Nancy Palosi, Democrat and a former House Speaker, has a completely different viewpoint, "This week, President Obama and Democrats articulated a clear choice for Americans, and with today's jobs report we must keep moving forward for jobs and a stronger middle class. But Republicans keep standing in the way of growth and certainty for our economy."

"If last night was the party, this morning is the hangover. For every net new job created, nearly four Americans gave up looking for work entirely. America can do better," Mitt Romney posted this message on his Facebook page. Within a matter of hours, this post had received 6.4 million likes for this post.