Posted on 07/06/2012 6:04:31 PM PDT by Bobbys1963
Americans faced another disappointing jobs picture today. Of course, we could go through the numbers again. With the working age population growing by 191,000 last month, 80,000 more jobs doesnt even come close to absorbing all these new workers, let alone employing those who have long been out of work. And then theres the most important number of all: for 41 months, the unemployment rate has been above 8 percent.
But how does the US labor market compare to Europe or the rest of the world? Earlier this week news reports may have made Americans feel a little better, if only by comparison. Reflecting the philosophy that you should be thankful for what you have because things could always be worse, the headline in the Los Angeles Times read: Think 8.2% unemployment is bad? It's a record 11.1% in Europe. An Associated Press article carried by Fox News and a host of other outlets made the same point.
The point has not been lost on President Obama, whose administration frequently references Europe as an explanation for our slow growth. Last month, Obama noted: slower growth in Europe means slower growth in American jobs.
The problem with such a seemingly obvious comparison is that . . .
(Excerpt) Read more at foxnews.com ...
Idiotic article.
BS - we have 20%-%25 percent (probably more) unemployed. Liberal Media and this Fed Gov are lying through their teeth, and they damned well KNOW IT!
Except, the U.S. *is* doing better than Europe. The U.S. private sector is growing and hiring, for one thing. Fixed Private Investment is up 10%, for another.
The U.S. enjoys a structural, systemic competitive edge by having cheap natural gas (thanks, fracking!) that Europe does not have.
Europe pays more for Brent (oil blends via the North sea) than the U.S. pays for superior grade WTI crude.
Europe’s regulatory environment is even worse than is the U.S.’s, and Europe’s tax system is even worse.
Europe’s banks are insolvent, countries are bankrupt, and their currency is headed to default.
So yes, the article for this thread sux.
Europe is indeed doing worse than is the U.S.
The problem ...is that the US and most of Europe define unemployment quite differently. For example, in the United States you are only counted as unemployed if you are actively searching for work. In most of Europe you merely have to think about the idea and look at job advertisements from time to time.Most of the drop in unemployment in the US unemployment rate has occurred because people have simply given up looking for work. Many of those individuals would still be counted as unemployed in Europe.
So, the point of the article is that US unemployment numbers do not account for all of the unemployed while Europe's numbers do. That would be like not counting ground outs as an at-bat in a baseball batting average in the American League but counting them in the National League.
You would say, "The hitters in the American League are much better based on batting average."
Seasonally Adjusted
Super Sector: Total nonfarm
Industry: Total nonfarm
NAICS Code: -
Data Type: ALL EMPLOYEES, THOUSANDS
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2002 | 130591 | 130445 | 130421 | 130337 | 130328 | 130375 | 130275 | 130264 | 130209 | 130330 | 130338 | 130175 | |
2003 | 130270 | 130111 | 129898 | 129849 | 129840 | 129840 | 129865 | 129820 | 129929 | 130126 | 130140 | 130259 | |
2004 | 130421 | 130465 | 130802 | 131051 | 131361 | 131442 | 131488 | 131610 | 131771 | 132119 | 132182 | 132316 | |
2005 | 132453 | 132693 | 132834 | 133194 | 133364 | 133607 | 133981 | 134174 | 134240 | 134320 | 134654 | 134814 | |
2006 | 135097 | 135413 | 135696 | 135877 | 135891 | 135967 | 136176 | 136359 | 136516 | 136507 | 136711 | 136882 | |
2007 | 137118 | 137211 | 137401 | 137473 | 137612 | 137687 | 137647 | 137629 | 137702 | 137781 | 137893 | 137982 | |
2008 | 138023 | 137939 | 137844 | 137636 | 137446 | 137248 | 137038 | 136764 | 136332 | 135843 | 135040 | 134379 | |
2009 | 133561 | 132837 | 132038 | 131346 | 130985 | 130503 | 130164 | 129933 | 129734 | 129532 | 129490 | 129319 | |
2010 | 129279 | 129244 | 129433 | 129672 | 130188 | 130021 | 129963 | 129912 | 129885 | 130105 | 130226 | 130346 | |
2011 | 130456 | 130676 | 130922 | 131173 | 131227 | 131311 | 131407 | 131492 | 131694 | 131806 | 131963 | 132186 | |
2012 | 132461 | 132720 | 132863 | 132931 | 133008(P) | 133088(P) | |||||||
P : preliminary There were more people employed when Obama took office than now.
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OBAMA THE BULLSHOOTER....."We" created 500,000 "new" manufacturing jobs! - 4 days ago... US manufacturing shrinks for first time in 3 years ... A gauge of production in the ISM's survey fell to its lowest level in more than three years..... |
Breaking News is reserved for just that. Breakings News. Not editorials.
And one more thing Mr. Lott. You’re allowed one account while signed on in FR. Not multiple accounts. Choose the one to nuke.
The whole key to the article and the issue is found near the end....
“If you look at the countries that have rejected a Keynesian-style economics stimulus with large spending increases and big deficits, the picture looks even better. Germanys labor force participation rate has gone up by more than ours has fallen. Sweden, Poland, and Hungary have also all improved.”
No, I would say what I said: the U.S. *is* doing better than Europe. The U.S. private sector is growing and hiring, for one thing. Fixed Private Investment is up 10%, for another.
The U.S. enjoys a structural, systemic competitive edge by having cheap natural gas (thanks, fracking!) that Europe does not have.
Europe pays more for Brent (oil blends via the North sea) than the U.S. pays for superior grade WTI crude.
Europes regulatory environment is even worse than is the U.S.s, and Europes tax system is even worse.
Europes banks are insolvent, countries are bankrupt, and their currency is headed to default.
So yes, the article for this thread sux.
Europe is indeed doing worse than is the U.S.
The “labor force participation rate” is the booby prize.
Sure, Germany has won that prize, but the U.S. economy is growing even as our labor force participation rate declines. That means that we are moving back where conservatives want us: prosperous-enough for 1-earner households again.
Just what we need, something to motivate Obama.
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