New Jobs Report: Only Slightly Horrible

The new jobs number: 103,000. Not so great, especially because it”partially reflected the return to payrolls of about 45,000 telecommunications workers who had been on strike in August.” No jobs report that fails to show mid-six-digit growth numbers is really good, but the Democrats really could have used this adjustment a month ago.

The change in total nonfarm payroll employment for July was revised from +85,000 to  +127,000, and the change for August was revised from 0 to +57,000.

All Republican attacks on “President Zero” have been upgraded to “President 57,000.” Also, government employment keeps shrinking, with an federal government job loss of 34,000 and a local government employment decline of 35,000. But the simple fact that this number is positive will avoid the psychic shock of September, when the “zero” stuff created more impetus for the president to attack Republicans on inaction.