Wow, you would think that there would be some organic economic growth after Obama added $10 trillion to the national debt, but the September jobs report looks more like a forecast for recession than anything else.
The Daily Signal reports:
The Bureau of Labor Statistics’ September jobs report showed unexpected weakness in the labor market.
The payroll survey showed that employers created only 142,000 jobs in September. The economy created only 167,000 net new jobs a month in the 3rd quarter—a substantial drop from the 231,000 jobs a month pace in the 2nd quarter.
The numbers are even worse for private-sector job growth. Large expansions in government hiring boosted the August and September figures. Private-sector job growth dropped from 220,000 net new jobs a month in the 2nd quarter to 138,000 in the 3rd quarter.
[…]The Household survey reported that the unemployment rate remained constant at 5.1 percent in September. Unfortunately, this happened only because almost 600,000 Americans left the labor force. People not looking for work do not count as unemployed, so the unemployment rate remained unchanged.
However, the labor force participation rate dropped another 0.2 percentage points to 62.4 percent—its lowest level since 1977.
[…][T]he September report follows a disappointing August report. Revisions also showed that employers created 60,000 fewer jobs in July and August than previously estimated.
CNS News says that the number of Americans not in the workforce is at 94,610,000. The Weekly Standard says we are going in reverse: ” For the last three months, average job growth comes in at 167,000. Nearly 100,000 below the average for 2014. We are going in reverse.” and “Of the 142,000 new jobs, 24,000 are in government. ”
The manufacturing sector is hardest hit, as Investors Business Daily explains:
The anemic September jobs report was bad news for anyone hoping that the economy had turned a corner. But it was even worse news for manufacturing, which is on a two-month losing streak.
Manufacturing shed 9,000 jobs last month on top of the 18,000 lost in August, completely erasing the gains made so far this year. Since January 2013, the industry has gained only 338,000.
All this flies in the face of President Obama’s repeated promise in 2012 that if reelected, he would create 1 million new manufacturing jobs by the end of his second term. Obama said that these new jobs would “put middle-class people back to work.” To make it happen, he promised to aggressively pursue corporate tax reform and unfair trade practices by China, set up new community-college/employer partnerships and create up to 20 “manufacturing innovation institutes.”
Since then, he’s done little if any of it.
The problem is big government regulations:
A study by the National Association of Manufacturers found that regulations cost the industry nearly $20,000 per worker in 2012. At smaller firms, the cost is almost $35,000 per worker.
It’s only getting worse, as new or impending regulations on CO2 emissions, smog, etc. threaten hundreds of thousands of manufacturing jobs.
Investors Business Daily says:
The biggest decline in the workforce has not been among the elderly, but the young, who just aren’t jumping into starter jobs at the normal rate.
[…]The workweek shrank again — to 34.5 hours — largely due to the rise of part-time hiring. Thank you, ObamaCare.
Obamacare forces employers to make workers part-time, or else pay more to employ them if they stay full-time. It’s a real genius-level policy.
Can we finally repeal the law requiring employers to provide health benefits to workers once they log 30 hours of work in a week? Workers can’t pay their bills and feed their families with 28-hour paychecks.
Wages, which made decent gains over the previous several months, actually ticked down in September. So we are working less, for less.
This is no accident; it’s policy-induced slow growth.
It’s fitting that we get a disappointing jobs report in the very week that the administration says it will move forward with a new ozone containment rule that the National Association of Manufacturers says will be one of the biggest job-killing regulations in American history.
Obama still won’t allow the Keystone Pipeline, or the exporting of oil, which would be a major job producer. He won’t cut the corporate tax, or roll back ObamaCare rules hindering employment. His grandiose plans to save the planet come before putting Americans to work.
This is serious. I know that a lot of people in the media, in academia, in Hollywood, etc. think that you can tax and regulate your way to prosperity with laws like Obamacare, but it’s not true. Massive expansions of government and massive borrowing depress economic growth and job creation. Jobs come from entrepreneurs, and entrepreneurs do not like what they have seen from the government in the last 7 years under these Democrats.