Obama Created 4.5 Million New Jobs — Fact Or Fib?

Anyone watching the Democratic National Convention on Tuesday night heard the number 4.5 million several times.

“Despite incredible odds and united Republican opposition, our president took action, and now we’ve seen 4.5 million new jobs,” San Antonio Mayor Julian Castro, the party’s keynote speaker, said. Chicago Mayor Rahm Emanuel, who served as President Barack Obama’s chief of staff, and Massachusetts Gov. Deval Patrick, who followed Obama’s November rival Mitt Romney as governor of Massachusetts, both cited the same number. It’s a big-sounding number, given the still-sputtering job market. So we’re giving it a close eyeballing.

The number Castro cites is an accurate description of the growth of private-sector jobs since January 2010, when the long, steep slide in employment finally hit bottom. But while a total of 4.5 million jobs sounds great, it’s not the whole picture. Nonfarm private payrolls hit a post-recession low of 106.8 million that month, according to the U.S. Bureau of Labor Statistics. The figure currently stands at 111.3 million as of July.


While that is indeed a gain of 4.5 million, it’s only a net gain of 300,000 over the course of the Obama administration to date. The private jobs figure stood at 111 million in January 2009, the month Obama took office. And total nonfarm payrolls, including government workers, are down from 133.6 million workers at the beginning of 2009 to 133.2 million in July 2012. There’s been a net loss of nearly 1 million public-sector jobs since Obama took office, despite a surge in temporary hiring for the 2010 census.

The figure of 4.5 million jobs is accurate if you look at the most favorable period and category for the administration. But overall, there are still fewer people working now than when Obama took office at the height of the recession.

How do you evaluate President Barack Obama’s performance in his administration? Are you going to vote for him this coming election?

Source: CNN

Image: The Grio

Blackberry Maker RIM Buckles Up Despite $125M Loss

Blackberry-maker Research in Motion (RIM) has said it plans to refocus its business back onto corporate customers.

The Canadian company made a net loss for the three months to 3 March of $125m (£78m), compared with a profit of $934m a year earlier. It has lost ground as its traditional corporate customers have switched staff to iPhones or Android smartphones. RIM also announced the resignation of former co-chief executive Jim Balsillie. Chief technology officer David Yacht will also be standing down.

For the full financial year, the RIM made a net profit of $1.2bn, down from $3.4bn in the previous year. The results were worse than analysts had expected and shares in the company fell as much as 9% in after-hours trading in New York. They have fallen by 80% over the past year. RIM has struggled to keep up with rivals in the smartphone market, such as Apple’s iPhone and handsets running on Google’s Android operating system. It has also struggled to gain a foothold in the tablet market.


Newly-appointed chief executive Thorsten Heins said the company would now focus on its traditional core market of corporate customers rather than on individual consumers as part of a strategy to turn the business around: ”We believe that Blackberry cannot succeed if we tried to be everybody’s darling and all things to all people. Therefore, we plan to build on our strength.”

Analysts said the company could continue to struggle until it became clear whether this turnaround plan would succeed.

Source: BBC News

Image: Pocket-lint