Obamanomics: July Unemployment Rate Up to 8.3% … 42 Straight Months Over 8%

The 2012 Presidential election is all about the economy and Barack Obama just got another bad jobs report. As reported at the WSJ, unemployment ticked up to 8.3% for July as only 163,000 jobs were added and a broader measure ticked up to 15%. This is the 42nd month in a row that the unemployment rate under President Barack Obama has been over 8%. This from the same President who stated that the $787 billion stimulus package would keep unemployment below 8%.

Nonfarm payrolls rose by a seasonally adjusted 163,000—the largest monthly gain since February—the Labor Department said Friday. The politically salient jobless rate, derived from a separate survey, ticked up to 8.3% from 8.2%.

Markets welcomed the news, powering the Dow Jones Industrial Average to its third-largest percentage gain of the year. The Dow, which had been down four consecutive days, rose 217.29 points, or 1.69%, to 13096.17 on Friday, its highest close since May 3. It was the largest one-day point and percentage gain since June.

As stated at the American Thinker, the jobs report gave Obama fodder to tout his awesome leadership and job creating. Sadly, the bar has been set so low for this presidents pathetic excuse of an economic recovery that people gush if job creation is over 100K. However, that paltry number does not even prevent the unemployment damn from leaking. Let’s put the meager jobs numbers into perspective, 163,000 represents an increase of 53 jobs per county in the United States in one month.

President Obama’s response to the uptick in the unemployment rate was to say that it really was only 8.254%. Really, is that all you got? That is the response to the millions of American out of work, who have lost their homes and businesses? If you want to get technical Barack, the real unemployment rate is much higher than 8.254% as the underemployment rate is 17%, those Americans who were foorced to take lesser and part time jobs to survive. Mull that over while you are golfing this weekend.