But we are not turning the corner and there are no good signs, not according to Friday's job report from the Labor Department, whose statistics are nails in the coffin for Democrats.
The main facts are as follows for August: unemployment went from 8.3% to 8.1%. But everyone agrees that does not demonstrate a recovery of jobs but a loss of jobs, because people who give up looking for work are not counted in calculating the unemployment rate. The rate fell because 368,000 Americans dropped out of the work force. Moreover, hourly pay fell. In 2009 President Obama pushed his $830 million stimulus with the prediction that it would reduce unemployment to 5.6% by providing 5 million more jobs than we have now.
Economists say the Fed will now come to the rescue. Are they kidding? What has the Fed got left? Negative interest rates? A new bond-buying program. Well, it bucked up the stock market.
Before going to editorials or news digests, go to the Labor Department's "Economic News Release: Employment Situation Summer of September 7, 2012, for the raw data: August Employment Summary by BLS
Here is reaction:
Morton Zuckerman Editorial:
Jobless Numbers Worse Than They Look
Wall Street Journal Report:
Jobs Data Weigh on Fed, Obama