But then many people expected that the expectations were too rosy.
The Center for Economic and Policy Research reports:
The economy lost jobs for the ninth consecutive month in September, with the pace accelerating to 159,000 jobs. This was the largest one-month fall since March of 2003 when the economy lost 212,000 jobs. The unemployment rate held steady at 6.1 percent, even though the employment population ratio (EPOP) inched down to 62.0 percent. These data, together with other recent reports, leave little doubt that the economy is in a recession.
Virtually all the news in the household survey was negative. The EPOP fell to 62.0 percent which is equal to the low point from the last downturn reached in September of 2003. Unemployment for men rose by 0.5 percentage points to 6.1 percent. The unemployment rate for black men jumped 1.6 percentage points to 11.9 percent, the highest rate since February of 1994. ...
The number of workers involuntarily working part-time jumped by another 300,000 in September and now stands more than 2 million above its low point in 2006. The U-6 index, which is a broad measure of labor market slack including underemployed and discouraged workers, hit 11.0 percent, the highest level since April of 1994. ... [see chart]
The auto sector has been especially hard hit. It has lost 140,000 jobs over the last year and 441,000 jobs since peaking in February of 2000. This drop is equal to 36.2 percent of employment in the industry.
The not-quite-eight-years of the Cheney-Bush administration have...uh...coincided with the slowest rate of job creation on record, less than 5 million new jobs. And it could be considerably less given that we'll be afflicted for another three-plus months by this administration. Even at 5 million, that is half the number of new jobs created by Jimmy Carter in four years.
For the eight years of the Clinton administration, more than 22.75 million jobs were created. Thus, during Clinton's two terms, close to the same number of jobs were created as in Reagan's two terms, Bush I's term and Bush II's two terms - combined.
Today, the "fundamentals are sound." Even though we're likely to see at least one monthly job loss of 250,000 before year's end. Even though 37 million live in poverty and 47 million do without health care coverage in an economy that produces $13 trillion GDP each year. Even though foreclosure sales now make up one-fourth of all home transactions.
Heckuvajob, Mister Bush.