http://www.msnbc.msn.com/id/6205119/The report kept alive one of the principal economic complaints of Democratic Sen. John Kerry in his campaign to unseat the incumbent Republican. Even after accounting for an announced upward revision, the economy has shed more than 600,000 jobs since Bush took office, making it likely he will be the first president since Hoover to preside over a four-year term of net job losses.
Bush administration officials sought to find bright spots in the report, including an annual revision that showed the economy added about 236,000 more jobs this year than previously estimated.
In the first three years of the Bush administration, the economy lost more than 2.4 million jobs — losses that continued long after the recession formally ended in November 2001. Manufacturing was especially hard-hit, meaning significant economic pain in key battleground states like Michigan, Pennsylvania and Ohio.
“One of the other disturbing numbers was the sharp rise in the average duration of unemployment to 19.6 weeks,” said David Wyss, chief economist for Standard & Poor’s. “The good news is that layoffs have been cut back, things have stabilized. But we’re still not seeing much hiring. The people who are out of work are staying out of work.”