Another mixed bag in economic news. The private sector, for the ninth straight month in a row, added jobs. Unfortunately, state, local and federal agencies continued to shed jobs, thus negating the gains made in the private sector.
Expectations that the Federal Reserve would step in with monetary policies more conducive to economic growth pushed the Dow past 11,000 for the first time in five months, also on the heels of September, historically a horrible month for the stock exchange. This past September was the best the indices have experienced in 70 years.
As I heard on the radio: if the President is a socialist, as many right wingers are fond of saying, then why is it that he’s presided over nine consecutive months of private sector job creation (850,000 in total this year) while government payrolls continue to shrink? Obama’s not a socialist, but giving him any credit for turning around the trainwreck that was the US economy in January 2009 wouldn’t resonate with voters. Apparently we’re more intent on being angry than employed.