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Press Release - What They're Saying About The Obama Economy

August 03, 2012


"Dismal" ... "Slow" ... "Static" ... "Considerably Worse Than Indicated"

Reuters: "The Unemployment Rate Rose From 8.2 Percent In June, Even As More People Gave Up The Search For Work And A Survey Of Households Showed A Drop In Employment." (Lucia Mutikani, "U.S. Employers Step-Up Hiring, But Fed Still In Picture," Reuters, 8/3/12)

CNBC: "Private-Sector Job Growth Relied On To Fuel The Employment Recovery Is Even Weaker Than It Looks..." "Private-sector job growth relied on to fuel the employment recovery is even weaker than it looks, according to one economic expert who says government subsidies distort the true picture." (Jeff Cox, "Why Private Job Creation Is Even Slower Than It Looks," CNBC, 8/3/12)

Economist Joshua Shapiro: "Conditions In The Labor Market Are Considerably Worse Than Indicated."  "With a 63.7% labor force participation, 'conditions in the labor market are considerably worse than indicated' in July's report, writes economist Joshua Shapiro at MFR." (John Shipman, "Participation Rate Reveals Real State Of The Jobs Market," The Wall Street Journal, 8/3/12)

  • Shapiro: "If The Participation Rate Were At 66% ... The Headline Unemployment Rate Would Be A Little More Than 3pp Higher Than Currently Reported." SHAPIRO: "Indeed, if the participation rate were at 66%, which is around where it hovered for many years ahead of the recession, the headline unemployment rate would be a little more than 3pp higher than currently reported." (John Shipman, "Participation Rate Reveals Real State Of The Jobs Market," The Wall Street Journal, 8/3/12)

The Wall Street Journal's Stephen Moore: "We Should Be Looking At The Two, Three-Year Average, And That Has Been Dismal."  MOORE: "Yeah, look, I think that is the point, that we should be looking at the two, three-year average, and that has been dismal. I mean we've had the slowest job rate growth of any recovery, obviously, since the great recession, since the great depression, actually." (Fox News, 8/3/12)

The Washington Examiner: "No U.S. President Since Franklin D. Roosevelt Has Been Re-Elected With Unemployment Above 8 Percent." (Brian Hughes, "Economy Adds Jobs, But Unemployment Also Rises," The Washington Examiner, 8/3/12)

The New York Times' Nate Silver: "This Report Ought To Mostly Reinforce Pre-Existing Impressions About The Economy: That The Recovery Is Slow..." "So I think this report ought to mostly reinforce pre-existing impressions about the economy: that the recovery is slow, but that the nation is probably not on the verge of a double-dip recession." (Nate Silver, "July Jobs Report Likely To Preserve Status Quo," The New York Times, 8/3/12)

The Wall Street Journal, On The Jobs Report: "Still Far From Where The Economy Needs To Be To Get The Still Very High Unemployment Rate Lower." "And then there is the fact that the job gains the economy did manage to achieve were only roughly in the range needed to absorb new entrants to the labor force. That is better than losing ground like in recent months, but it is still far from where the economy needs to be to get the still very high unemployment rate lower." (Michael S. Derby, "Weather Distortions Draining Out Of Jobs Data," The Wall Street Journal, 8/3/12)

The Daily Beast's Zachary Karabell: "What Is Most Striking About This Report Is How Truly Static The Job Picture In The United States Is Overall..." "Yet what is most striking about this report is how truly static the job picture in the United States is overall and how that stasis masks the American economic system's continued, relentless transformation—which has been going on for years." (Zachary Karabell, "Jobs Report Hides Real Change In U.S. Economy," The Daily Beast, 8/3/12)

Mitt Romney, Press Release - What They're Saying About The Obama Economy Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/302235

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