Tuesday, May 08, 2007

this must be why I have so much time to blog. . .

Worst job creation record since Hoover Administration. A growing economy should be good news for those seeking jobs. But over the course of President Bush's term in office, his Administration has the worst overall job creation record since Herbert Hoover more than 70 years ago.

Overall non-farm payroll employment has increased by just 5.2 million since President Bush took office in January 2001 compared with 22.7 million during the Clinton presidency. Overall employment growth has averaged just 70,000 per month under President Bush - much lower than the approximately 150,000 jobs needed each month to keep up with population growth. It was not uncommon to see monthly job gains of 300,000 and even 400,000 during economic expansions under previous Administrations.

Private sector job creation has been especially poor during the Bush presidency, with an average annual job growth rate of only 0.5 percent per year since 2001. Just 3.8 million private sector jobs have been created during the Bush presidency, compared with over 20 million private sector jobs during the Clinton presidency.

The manufacturing sector, often the source of jobs with good pay and benefits, has lost three million jobs since the start of the Bush Administration. Nearly half of the jobs created since 2001 were part-time and freelance positions without benefits. This slow pace of private sector job creation is particularly troubling given that we are so far into the economic recovery.

Unemployment has increased 7.1 percent and long-term joblessness has nearly doubled. In part because of this failure to create a sufficient number of jobs, the national unemployment rate stands at 4.5 percent, which is 7.1 percent higher than the 4.2 percent rate when President Bush took office. Unfortunately, once unemployed, America's workers also are staying unemployed longer. In 2006, over one in six of the unemployed had been out of work for more than 26 weeks. The number of long-term unemployed has increased by 61 percent since President Bush took office.

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