The Weekly Standard‘s Jay Cost has some thoughts on the recently reported headline jobs data. The perspective into which these headline data fit can be neatly summarized in a table and a graph.
One aspect of this perspective is the overall economic situation in which the present data sit. This table shows that situation for the last several Presidential election years. It’s true enough that the President Obama’s Employment growth number isn’t too different from those of past presidents in election years. Keep in mind, though, that Obama’s number is for employment growing from an historically low employment condition: in December 2009, after a year of Obama Stimulus, unemployment was over 10%, with 15 million Americans unemployed. Obama’s policies in 2011 have produced 0.52% annual growth against that start. In short, we’re maintaining/growing employment very slightly at our present high unemployment rate, just as during the Clinton and Bush the Younger years, we maintained/grew employment very slightly in a time of already full employment.