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Today is a bad day for Obama, and his economic policies (notably the stimulus) are being derided as a disaster.
But if you're not interested in politics, we can at least be honest: What's killing the jobs market is the ongoing contraction of the public sector.
In July, the private sector created 156,000 new jobs, but total non-farm payrolls grew by just 85,000, meaning, that public sector layoffs reduced employment by 70,000.
This month, private payrolls grew by 17,000, although that includes the 45,000 lost jobs from the Verizon strike.
Meanwhile, the public sector shed another 17,000 this month.
Obviously this is all state and local, since the Federal government hasn't shrunk.
These two charts tell the story. The first shows private payrolls continuing a fairly v-shaped recovery, while the second shows grinding declines in state and local employment.
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