August Unemployment Numbers Not Looking Good for Barack Obama … However, Obama More Interested in Romney’s Taxes
Hey America, How’s that “Hopey-Changey” thing working out for ya?
Not only was unemployment up in 44 states in July 2012, according to Gallup, the August numbers do not look good either. Gallup’s unemployment survey shows the Obama economy is getting even worse and there was an uptick in joblessness in their latest survey of 30,000 households. The unemployment numbers are due out on September 7, the day after the Democrat National Convention end. Any perceived bounce that Obama would have received from the convention will be squashed by a bad jobs report.
As stated at the PJ Tatler, unless there is a dramatic turnaround in the next two weeks, unemployment for the month will either stay the same, or rise to as much as 8.7%.
New Gallup unemployment data suggest an increase in the government’s seasonally adjusted unemployment rate for August when it is reported on Friday, Sept. 7. During recent months, Gallup’s measurements have been more optimistic than those of the BLS. Barring a sharp reversal in this relationship, the government’s unadjusted unemployment rate might be expected to stay the same or increase in August.
Gallup’s Daily tracking of the unemployment situation is based on interviews with more than 30,000 adults over the 30 days ending Aug. 15, and shows essentially no change in the unadjusted unemployment rate at 8.3% compared to 8.2% in July. In turn, this suggests that the government’s unadjusted unemployment rate could increase to 8.7% in July from 8.6% in June. The government’s measurement of the unadjusted unemployment rate has been known to differ with Gallup’s findings, but a drop of 0.3% in July is necessary to bring the government’s unadjusted rate down to Gallup levels.
More interestingly, there were no BLS seasonal adjustments in August 2011. If this remains the same in 2012, the Gallup seasonally adjusted unemployment rate for August would be 8.3% while that of the BLS would be 8.7%, assuming a similar increase to that shown in the Gallup data. Further, Gallup’s data show the labor force participation rate to be increasing in August. In turn, that could have an additional negative impact on the unemployment rate for August if the government’s data show a similar pattern.
Any increase in the unemployment rate is going to be devastating to Obama’s reelection chances. Is it any wonder why Obama keeps trying to make Romney’s tax returns an issue or Biden is doing a gaffe a day? These are intentional distractions meant to trick Americans. It is Obama’s slight of hand magic trick; however, the only thing disappearing are jobs.
Remember when Barack Obama said, that if he can’t turn the economy around after three years “then there is going to be a one term proposition”? It is time to hold Obama to his word in the 2012 Presidential election.