Worst. Jobs. President since the Great Depression.
Unemployment rose back up to 7.9% in January.
The new year started off with an old story: Employment grew again in January but not at a pace able to lower the jobless rate.
Nonfarm payrolls rose 157,000 for the first month of 2013 while the unemployment rate edged higher to 7.9 percent, news unlikely to alter the Federal Reserve’s monetary policy or instill confidence that the recovery is gaining steam.
Economists were looking for 160,000 net new jobs created with the unemployment rate holding steady at 7.8 percent.
The ho-hum jobs numbers for January were accompanied by substantial revisions higher for previous months, according to the report from the Bureau of Labor Statistics.
November’s numbers rose from the originally reported 161,000 to 247,000, while December was pushed upward to 196,000 from 155,000.
“The gains we’ve received on the January jobs report are the start of positive readings for the foreseeable future,” said Todd Schoenberger, managing partner at LandColt Capital. “The first quarter has historically delivered surprises to the upside anyway, so expect January revisions and February-March readings to be significantly positive.”
Barack Obama is the worst jobs president since the Great Depression.
The unemployment rate is once again higher today than it was the day Barack Obama took office in 2008.
Of course, the state-run media will completely ignore this fact.
Another 169,000 Americans dropped out of the work force in January.