The Bureau of Labor Statistics reported today that the economy gained 308,000 jobs in March 2004, a gain of 0.24 percent.
This job growth pales compared to the previous administration. This job growth was matched seven times during the 96 months of the Clinton administration. And job growth during the Clinton administration exceeded this growth rate during 27 months. If we look at the entire first quarter of 2004, employment grew by 0.39 percent. That is equal to one of the 32 quarters during the Clinton administration and worse than 27 quarters. This may be the best quarter during the Bush administration, but it would rank as the fifth worst quarter during the Clinton administration.
Despite the job gains in March 2004, the Bush administration’s labor market record still remains the worst since the Hoover administration, even if employment growth persists at the rate of job creation in March. The record of the Bush administration on job creation is so bad that even if the economy produces 308,000 new jobs ever month between now and January 2005 employment will have grown by only 0.9 percent, less than two thirds the rate of growth of the second Eisenhower administration which was previously the worst administration since President Hoover in job creation.
