Posted by
Nate G. on Thursday, September 18, 2008 4:03:21 PM
John McCain should have stuck to his guns on the comment that "the fundamentals of our economy are strong"
Because he was right.
| On September 5, 2008, the Bureau of Labor Statistics released new jobs figures for August. Nonfarm payroll employment decreased by 84,000 jobs in August, and the unemployment rate rose to 6.1 percent. While these numbers are disappointing, what is most important is the overall direction the economy is headed. Last week, the economy posted a strong gain of 3.3 percent at an annual rate in the second quarter, led by growth in consumer spending, exports, and a well-timed and appropriately sized stimulus package. This level of growth demonstrates the resilience of the economy in the face of high energy prices, a weak housing market, and difficulties in the financial markets. Orders for durable goods have been rising in recent months. In addition, productivity growth over the past four quarters has been strong at 3.4 percent – above the averages for each of the past three decades over the course of the Administration. |
I don't know why he won't just enunciate that 3.3% annualized growth and 3.4% productivity growth is very good. 6.1% unemployment isn't great, but it's not catastrophic either.
Yes, our financial markets are in a degree of turmoil, but the financial markets do not equal the sum total of the economy.a