Americans wary about economy

But even if the markets are cheering a gain of 150,000 more jobs in October, it's not clear that will convince American workers, and voters, that there is a strong job market.
Such a gain would leave the year-to-date increase nearly 100,000 jobs behind the gain seen in the same period last year, even though that 2005 period included the hit to employment that took place in September and October from damage done by hurricanes Katrina and Rita.
The average American already seemed to be wary about the strength of the labor market, even with the unemployment rate hitting a low in recent months not seen since the summer of 2001, before the Sept. 11 attack.
The recent consumer confidence survey by the private research firm The Conference Board found 25.8 percent characterized jobs as plentiful in October, down from 26.2 percent in September and 29.4 percent who saw jobs as plentiful as recently as April. And those who said jobs are hard to get has risen to 22 percent of those surveyed in October, up from 20.9 percent in September and 19.7 back in April.
Compare that view of the labor market to July 2001, the last time the unemployment rate hit 4.6 percent before this spring. Then 35.6 percent saw jobs as plentiful, while 14.1 percent said they were hard to find, even though employers were already cutting jobs, the stock market bubble had already burst and the economy was already in recession at that time.
The current confidence index, along with consumers' view of the labor market, are close to where they were in October 1996, just before President Bill Clinton was re-elected fairly easily.
But this year the dissatisfaction with Republicans and the Bush administration on other issues, such as the war in Iraq, is bleeding over into people's view of the economy.
The most recent poll by CNN that asked about the economy two weeks ago found only 40 percent approved of President Bush's handling of the economy, compared to 58 percent who disapproved.
And Bush is getting those poor marks even as a separate CNN/USA Today poll conducted Oct. 27 to 29 showed 62 percent of those surveyed saying the economy is very good or somewhat good, up from 44 percent between Aug. 30 to Sept. 2, when gas prices were still a much more pressing concern and just before the stock market's record run.