Implications of latest jobs report on election
What do numbers reveal about economic recovery?
- Duration 6:24
- Date Aug 3, 2012
What do numbers reveal about economic recovery?
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Jobs numbers the Labor Department saying the US economy added 163000.
Jobs in July that's the most in five months and much more than most economists expected.
But the unemployment rate also ticked up to eight point 3%.
From eight point 2% in June what's the impact on November.
Monica Crowley is a Fox News contributor and radio talk show host.
-- were against -- also a Fox News contributor for former political advisor to senator Frank Lautenberg of New Jersey what is the impact fueling.
Good question remains to be seen look I mean the numbers are good for the administration in the sense that we obviously have strong job creation pat -- that -- -- in the past five months.
But however the unemployment rate is still unacceptably high thing for most people and for everybody actually Democrat or Republican.
So in that sense yeah I you know -- remains to be seen where the American people feel -- they feel economy's going in the right direction.
They feel the job creation is going in the right direction benefits the president don't think it's happening fast -- obviously hurts the president.
Last month's numbers were pretty abysmal and they revise them -- -- heard it even from last -- yeah that's right so we have to see if this -- even -- up month -- month.
But I think everything is relative so -- 160 -- house and if that number does hold up.
Because previous months have been so bad it does look like an improvement for relatively speaking this is not a meaningful recovery this isn't.
-- this is a joke I mean.
When you compare this recovery to say the Reagan recovery in the 1986 no comparison we should be generating about 250000.
New jobs a month.
In order to get this economy back going and bringing that unemployment rates which ticked back up again this month.
Bringing that -- down and we're seeing nothing like -- general flagged my attention to an article did you leave it.
Timothy Geithner the Treasury Secretary wrote.
Two years ago today.
Called welcome to the recovery.
Are we still waiting.
Well we have had a recovery in the sense that unemployment was above 10% backdating when Obama came in so that sense -- recovering and we recovering as fast as some people would like.
Obviously not that ever are we trending in the right direction that's for the American people are gonna have to make a decision.
And ultimately they're gonna make comparisons to what governor Romney's proposing governor -- the one page.
Jobs plan one page and we decide then essentially non nonpartisan tax center.
Say that under governor -- -- is -- go up -- 95% of the American people.
That's not gonna help create jobs it's only gonna hurt middle class it's gonna help.
Not gonna help anybody but the richest among us and that's where the problem begin for governor Romney because he's not operating a vacuum Obama's not running on his own running against some.
-- that -- -- that this election is not going to be about governor Romney it is going to be a referendum on President Obama and right now we have three and a half years of evidence.
Of a pathetic economic situation -- -- we talk about -- that's one element.
Last week we got an in -- a GDP growth rate of one point 5% that is going in the wrong direction consumer confidence home foreclosures.
All of those other numbers are going in the other direction so.
It is a very mixed bag but it doesn't look like this is a meaningful recovery and it's not being felt that way by most you know I heard it's interesting that even Republicans like Monica feel this this is not about governor around because it's so unenthusiastic about -- Ironic that so yeah.
You enthusiasts can decide it's not about governor Romney because look what I will go into voting Booth I look at my options I don't just go and and and vote against -- -- -- to vote for somebody.
And it's very hard to vote for -- guy.
Where he just proposed a plan where essentially 95% of the people in this country would see their taxes go up.
And proposed a one page shot creation plan which is a joke one page I actually don't have an incumbent running it's almost always -- and some on eye on not incumbent on me to have three and a half years of evidence of absolute economic destruction well this man so.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Nobody's gonna be able to move out of the United States that we they were able to move out of Massachusetts lower than that unemployment rate.
48 and job creation under governor on the I lived in Massachusetts back in the ninety's -- -- -- actually not place it was he lowered taxes and he and you actually -- to -- -- -- at a rally behind people moved out he -- fees on everybody from businesses say it's unemployment everybody else so perhaps having lived in Massachusetts.
I conduct that firsthand governor Robby is a disaster nasty.
This would be disaster and as I have the flip side of that is that the most effective.
Employment tool in the Obama administration has seen as adults leaving the workforce because that has has done more to bring down and what one actually read ironically despite this whole 348000.
More left the workforce this -- what you've essentially seen.
Is a huge spike.
In private sector employment but a huge.
Lowering of the public senator sector employment the complete opposite of what happened under George Bush exe in the private sector but isn't -- because the stimulus money one -- Exactly right if you look at one point 9000 jobs like you can see that we write it nobody left except the right and if you look at why unemployment is highs visit could be much slower to conduct the stimulus have been bigger than stimulus -- continued.
There's my -- whether -- other more money now we are broke we spent a lot of gun thing -- under these people -- we spent nearly one trillion dollars and -- John points out that initial stimulus.
They sold it as kind about an economic stimulus and infrastructure and all -- things America needs.
The bulk of that money nearly trillion dollars went to transfer payments to states and local governments to keep their government payrolls going.
We have had over the last three and a half years unprecedented fiscal and monetary stimulus and this is the kind of recovery we get put under George Bush.
The complete embers happen -- had private sector employment go down -- under the second plumbing go up despite the rhetoric.
Under President Obama public sector employment has actually plummeted and that's part of the reason you're seeing unemployment rate.
As high as it is so you can judge it on one thing we are pro create real well are likely mean my friend we're broke under George Bush but it didn't prevent -- and Irene Bryant didn't run out of my hiring.
Public employees and and -- we have -- plunge.
We are going to clearly we are going -- here later this hour from both governor Romney and President Obama so we'll have those remarks for you live.
Stick with us for that Monica Crowley -- -- -- he always always a good argument feisty argument I.