Hmm. I wonder if Bush really means we are headed back downwards:
Hiring by U.S. employers slowed significantly in July, according to a government report Friday, as the number of new jobs added to payrolls came in far below Wall Street expectations.
The Labor Department report showed only 32,000 new net jobs added to payrolls during the month, down from a revised 78,000 jobs that were added in June. The increase was the smallest since December, when payrolls rose by just 8,000.
. . .
Economists surveyed by Briefing.com forecast a 243,000 gain in jobs, and the unemployment rate staying unchanged at 5.6 percent, while economists surveyed by Reuters had a median jobs growth forecast of 228,000, with a range of estimates between 200,000 and 300,000.
Not only was this growth well below economist’s estimates, but it’s also below the number needed just to keep pace with population growth.
Cue the boilerplate talking points on 9/11 and how this proves we need to abolish the estate tax in 2011.