A disappointing jobs picture and no, we're not doing better than Europe

Fox News ^ | July 6, 2012 | John Lott

[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 doesn’t even come close to absorbing all these new workers, let alone employing those who have long been out of work. And then there’s 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 . . .

[Southack]

Idiotic article.

[Ron C.]

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!

[Southack]

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.

[xzins]

A decent article when one goes to the link:

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."

[Hillarys Gate Cult]

A liberal economy sinks all boats. The biggest challenge for leftists is to do it and avoid the blame for what you did, without the sheeple finding out that it was you. So far, it's worked.

[Hillarys Gate Cult]

I should add that if the sheeple ever do find out, it's game over for the left. Of course it's one our our current weaknesses until they can't blame us anymore.

[Anti-Bubba182]

http://www.bls.gov/webapps/legacy/cesbtab1.htm

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.

[devolve]

OBAMA THE BULLSHOOTER

....."We" created 500,000 "new" manufacturing jobs!

- Barack Hussein Obama II

<>

- 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.....

---

[Admin Moderator]

Breaking News is reserved for just that. Breakings News. Not editorials.

[Admin Moderator]

And one more thing Mr. Lott. You’re allowed one account while signed on in FR. Not multiple accounts. Choose the one to nuke.

[MissouriConservative]

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. Germany’s labor force participation rate has gone up by more than ours has fallen. Sweden, Poland, and Hungary have also all improved.”

[Southack]

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.

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.

[Southack]

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.

[Kickass Conservative]

>”Europe is indeed doing worse than is the U.S.”<

Just what we need, something to motivate Obama.