President Obama continues to tell everyone that although times are still rough that the nation is still slowly recovering. There are a number of factors that are used to indicate the state of the economy. Among those key factors is jobs.
As reported earlier, America needs the addition of 300,000 to 400,000 new jobs added to the market every month for the next several years.
While it is estimated that there were approximately 60,000 new jobs added in September, there was also a loss of 115,730 jobs. This was a 212% increase in job loss over September of 2010. Retailers are talking about adding another 70,000 jobs, but most of those are seasonal and will likely end after Christmas.
The largest part of the job losses came from a 50,000 personnel reduction in the military and about 31,000 jobs cut in the financial sector. Bank of America was listed as responsible for the largest percentage of the jobs lost in the financial world.
Bottom line is that September actually had a net loss of 45,000 jobs, resulting in the national unemployment level remaining at 9.1%. President Obama’s job plan will not create nearly as many jobs as he has been predicting and many of those that it will create will likely disappear in 2013 when all of the employer incentives end and his tax hikes on the employers take effect.
This is not exactly what I would call a positive sign of recovery.