Yeah, folks… the economy is terrible. Soooooo terrible.
Non-farm payroll employment increased by 111,000 new jobs in January, following increases of 206,000 in December and 196,000 in November.
- January marks the 41st consecutive month with payroll job gains.
- Over 7.4 million new payroll jobs have been created in that period.
- Over 2.2 million new payroll jobs were created in 2006 alone.
- Over the past three months, payroll job gains have averaged a robust 171,000 per month.
- Since the enactment of tax relief in 2003 (i.e., from July 2003 to January 2007), monthly payroll job gains have averaged a healthy 172,000. In contrast, average monthly payroll job losses between the beginning of 2001 and enactment of pro-growth tax relief were -88,000.
· The January employment report includes the annual “benchmark” revision which updates past employment gains based on more complete information.
- The benchmark revision increased the level of payroll employment in March 2006 by 752,000, or about 0.6% (this is a larger-than-normal revision—the average benchmark revision over the prior 10-year period was plus or minus 0.2%).
- As a result of the revision, average monthly job creation for 2006 was revised up to a robust 187,000, from an earlier estimate of 153,000.
The stats say it all. This is one of the most successful economic periods since World War II by any account. Well, that rely on facts, not lies. Maybe it is Groundhog Day after all — the Roaring Eighties again!