Skip to comments.Meager August Jobs Growth Obscures A Disastrous Employment Picture
Posted on 09/07/2013 6:11:23 AM PDT by SeekAndFind
Another month of high expectations for jobs, another month of deep disappointment. How long does this lackluster performance have to go on before we recognize its true cause?
Some economists and pundits viewed the 169,000 new jobs created in August as confirmation of a continuing modest rebound in job growth that's now underway.
They're wrong. In fact, the data are far worse than they appear. Not only did the actual number of jobs come up short, but June and July totals were revised down by 74,000. Recovery summer, anyone?
Other data in the jobs report show similar weakness:
Some 90.5 million Americans are now out of the labor force, with almost a third of a million leaving in July alone and nearly 10 million workers departing since Obama took office. Meanwhile, 115,000 fewer Americans were employed in August than in July.
The "good news" of a dip in unemployment from 7.4% in July to 7.3% in August turns out to be a mirage. It was due to a decline of 312,000 in the workforce. Without that, joblessness would have risen to 7.5%.
Add the number of unemployed to part-timers who want full-time work and those who have given up looking, then the real unemployment rate is 13.7%.
At 63.2%, the labor force participation rate is now at the lowest since 1978. And the 69.5% for men is an all-time low.
Unemployment among blacks, Obama's most loyal supporters, rose to 13% from 12.6%.
Job growth over the last six months has averaged 160,000 a month. At this rate, it'll take until mid-2024 to return to 2007's pre-recession level. We've heard all the excuses.
Republicans who controlled nothing for the first two years of Obama's presidency and just one branch of the l
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You’d think after two completed “summer(s) of recovery” that we’d have full employment by now.
Don’t tell the Obama cult at CNBC that these are disastrous employment numbers that clearly show the usual summer regression in the economy. They dig through this pile of manure trying to find a pony.
Those of us on the ground know what’s really going on.
My business has dwindled to next to nothing as none of my clients want to commit to the long-term or undertake anything new.
Reminds me too much of the Soviet Union in the 50s and 60s. Everything is rosy and the new “5 year plan” will make everything even rosier. If it hadn’t been for 5 years of bad weather, the last 5 year plan would have been even better.
Read Street Smarts By Jim Rogers...If we do not start now we are doomed...he moved to Singapore...education sucks...governments sucks.. big business uses government to keep out competition..only bright spot oil and gas development..and that started with small companies..not the majors