Weak Job Numbers May Dampen The Mood For Democrats

BY: THE ASSOCIATED PRESS

U.S. employers added 96,000 jobs last month, a weak figure that could slow any momentum President Barack Obama hoped to gain from his speech to the Democratic National Convention.

The unemployment rate fell to 8.1 percent from 8.3 percent in July, but only because more people gave up looking for work. The government only counts people as unemployed if they are actively searching.

The Labor Department also says 41,000 fewer jobs were created in July and June than first estimated. The economy has added just 139,000 jobs a month since the beginning of the year, below 2011′s average of 153,000.

The bleak report comes just two months before Election Day, and the economy is the top issue on most voters’ minds.

Guest:

Jeff Greenfield, columnist for Yahoo News and host of “Need To Know, ” on PBS. His most recent book is, “Then Everything Changed: Stunning Alternate Histories Of American Politics.”

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We welcome comments from all of our listeners. Post below. Please stay on topic and be civil. Comments may be moderated by us, but you are solely responsible for the content of your comments.

Captain Augustus

Greenfield is an excellent journalist and I enjoy hearing his opinion.
Bannb

When discussing the economy and employment trends–whether we’re better off or not than we were 4 years ago, why does not the stock market get a mention? Anyone with a 401K or other investment in the stock market should be in a considerably better place than they were 4 years ago.
- crankyotter
  
  A colleague said the same to me today. I think the Dems didn’t use it at the convention because the stock market brings to mind corporations and the Dems message focused on prioritizing people over corporations. Plus, I’m guessing the swing voters they’re trying to reach don’t own stocks in large amounts. But yeah, my 401K is doing much better as well.
- X-Ray
  
  Well, no. The (equity) stock markets reflect the general activity and
  alternative investment opportunities and risks and do not unnecessarily mirror
  the health of the economy. For example, when the economy has been this bad for
  this long, without any significant indications of health and, as a result of the
  actions of the Fed and other factors, interest rates are low due to a lack of
  loan demand. So, when compared with returns of 1 or 2% on bonds and loans, the
  return of even 3 or 4% on equities becomes attractive. This drives up stock
  prices and is reflected in the indices (e.g. Dow Industrials). But say Apple,
  for example, which makes money on the sales of smart phones, but the phones are
  made in China, does not result in jobs in the U.S., employment tax revenue, or
  demand for support services, etc., but only increases our balance of payment
  deficit and debt. So no, the increases in the stock market prices, in the
  current situation, does not indicate economic health. And our Administration
  has not recognized the situation and hasn’t suggested a solution.
J Frog

Another economic bloop single today. Time to pull Lefty and bring in a Right hand reliever.
- crankyotter
  
  That’s sarcasm, right?
  
  I’d use Mr. Greenfield’s analogy differently than he did to describe how voters view the economy with jobs data showing Obama is pushing against a stiff headwind. Do you want to vote for “keep pushing” or for “the headwind”?
Günter Hiller

Even on the Titanic people weren’t together.
The folks in steerage were locked in.
The rich got into the lifeboats.

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