"To announce that there must be no criticism of the president, or that we are to stand by the president, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public." -- Theodore Roosevelt


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Friday, July 6, 2012

Department of Labor's Jobs Report Dismal; Unemployment Holds at 8.2%



Here is the Department of Labor's Release.

As James Pethokoukis writes "This was not the employment report either the American worker or the Obama campaign wanted to see right now. The Labor Department said the U.S. economy created just 80,000 jobs in June, less than the 90,000 economists had been forecasting. And private-sector job growth was just 84,000, down sharply from 105,000 in May. Not doing fine.

"The unemployment rate stayed at a lofty 8.2%.

[...]

"This continues to be the longest streak — 41 months — of unemployment of 8% or higher since the Great Depression. And recall that back in 2009, Team Obama predicted that if Congress passed its $800 billion stimulus plan, the unemployment rate would be around 5.6% today."

But let us not forget how the shrinking American workforce is affecting the unemployment rate.

"If the size of the U.S. labor force as a share of the total population was the same as it was when Barack Obama took office—65.7% then vs. 63.8% today—the U-3 unemployment rate would be 10.9%. Even if you take into account that the LFP should be declining as America ages, the unemployment rate would be 10.5%"

Ouch. So, can we call the $800 billion "stimulus" a failure (see above graph-- click to enlarge)?

And the White House's response at their website? "Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available."

Huh. Seems like I've heard that before. Oh, that's right... I did.

The White House's response in May 2012: "Therefore, it is important not to read too much into any one monthly report and it is helpful to consider each report in the context of other data that are becoming available."

And in April 2012: "Therefore, it is important not to read too much into any one monthly report and it is helpful to consider each report in the context of other data that are becoming available."

And in March 2012: "Therefore, it is important not to read too much into any one monthly report, and it is helpful to consider each report in the context of other data that are becoming available."

In fact, this same excuse is used thirty times going back to November 2009 (h/t Pundit and Pundette). Unbelievable. I wish someone would ask the Obama Administration just how many dismal jobs reports they want us to overlook? I'd hazard to guess that the answer would be when everything stops being Bush's fault...

Obamanomics: better living through high unemployment, expanded government bribes programs, and billions of dollars of political payoff.

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