Here's How It Works

First, we start off with some pretty shitty job numbers. Reuters (08.03.07), via FirstDraft:

"U.S. employers boosted payrolls in July at the slowest pace since February, adding 92,000 jobs as the national unemployment rate ticked up to its highest level since the beginning of the year, a government report on Friday showed.

The Labor Department also revised down its estimates for job creation in each of the two prior months by a total of 8,000 - to 126,000 in June from a previously reported 132,000 and to 188,000 in May instead of 190,000."

July Job Growth Slowest Since February

Holden takes it from there (link in orginal):

"This is a truly wretched payroll report, since the economy must create 150,000 new jobs every month just to keep up with growth in the workforce. But watch, the White House will issue a press [release] today touting the x million jobs created since August of 2003. They always cite August of 2003 as their starting point because prior to that month the Bush Economy was producing a negative payroll number -- it was bleeding American jobs.

UPDATE: Sometimes I hate it when I'm right."

Only 92,000 Jobs Created In July