Day By Day

Friday, December 07, 2007

The Bush Economic Miracle Rolls On

From the AP:
Employers added a solid 94,000 jobs to their payrolls in November, the unemployment rate held steady at 4.7 percent and wages grew briskly, encouraging signs the nation's employment climate is holding up in the face of turbulence in the housing and credit markets.

he fresh snapshot of the labor market, released by the Labor Department on Friday, showed that hiring was brisk in education and health services, retail, professional services, the government and elsewhere. That helped to offset job losses in construction, manufacturing and financial services -- casualties of the housing slump and credit crunch.

The 94,000 new jobs in November came after a surprisingly strong payroll gain of 170,000 in October. The unemployment rate stayed at a relatively low 4.7 percent for the third straight month.

And of course:

The performance was better than economists were expecting.
Isn't it always?

Will Bush get credit for shepherding the economy through three major crises?

Don't bet on it.