The all important July 2012 jobs report from the Labor Department is out today and shows the national unemployment rate increasing to 8.3%. This is the ′U-3′ number from the Bureau of Labor Statistics. The broader ′U-6′ unemployment rate also increased to 15% from June′s 14.9%. Speaking of June, the number of jobs created was revised downward, as usual, and we can expect the same for July′s figures of 163,000 jobs created. The BLS worked hard on this jobs report, since the unemployment rate increased despite 150,000 fewer people in the labor pool. Usually, they shuffle a large number out of the labor force in order to keep the unemployment rate lower to help Barack Obama. But Obama has turned our economy into such a disaster that no amount of number-fudging can help anymore.
The grim facts are that if you use the numbers from when Obama took office, the actual U-3 unemployment rate is now above 11% and the U-6 is above 20%. The July jobs report is the first of the last three to be made public before the November elections and is the last one before both major parties hold their national conventions. So these numbers will be cited over and over again by the candidates. Obama will obviously focus on the alleged creation of 163,000 jobs in July as a sign of improvement. Mitt Romney will counter that every other recovery since WW2 should see numbers closer to 300,000 jobs created per month by now. Indicating that there obviously has not been any recovery under Obama.
Meanwhile, all Obama and his henchmen can do is cast innuendos about Romney not paying his ′fair share′ of income taxes. Senate Majority Leader Harry Reid (D-NV) has been talking about hearing from an anonymous source, an alleged Bain Capital investor, that Romney did not pat any taxes for ten years. Reid is walking some of that back, saying Romney paid no taxes for some of those 10 years. Romney is calling Reid out, demanding that he name names as to who Reid′s source is. Romney suspects that it is the White House and that the whole charge is an outright lie.
So it is bad news for Barack Obama that the July jobs report shows that the national unemployment rate has increased from 8.2% to 8.3% just as we enter the next to last phase of the 2012 elections. The Labor Department′s Bureau of Labor Statistics tried hard to make the jobs report a happy one, but our economy is in such bad shape that they came up short. The next jobs report for August does not come out until the day after Obama accepts his party′s nomination.