Skip to comments.Ho Hum, It's Another Lousy Jobs Report For Obama
Posted on 01/05/2013 9:27:56 AM PST by SeekAndFind
We're told Friday's jobs report is evidence of slow and steady progress. But it actually documents the new normal of Obama's economy - anemic job growth, chronic long-term unemployment and falling wages.
Given how long the economy has been underperforming, even the smallest bit of good news is welcome. But the latest jobs report offers little of even that.
The 155,000 new jobs created in December weren't enough to make a dent in unemployment. And at this pace, it will take more than two years just to reach the previous jobs peak set back in January 2008.
And while the unemployment rate of 7.8% appears to be the same as when Obama took office, it obscures the fact that millions have given up looking for jobs and so aren't being counted as unemployed.
If you account for the unprecedented drop in labor participation under Obama, the real unemployment rate is 10.7%.
Meanwhile, the pool of long-term unemployed was a staggering 4.8 million in December, which is 2 million more than when Obama took office. The average length of unemployment was 38 months - almost 20 months longer than four years ago and 15 months longer than when the recession ended in June 2009.
And, despite Obama's endless talk about growing the economy from the bottom up, the nation's workers aren't seeing slow, steady progress when it comes to household income.
In fact, real average weekly earnings have dropped about 1% over the past two years, according to the Bureau of Labor Statistics. And median household income is down 7% since January 2009, according to Sentier Research.
In the face of this ongoing calamity, we get various and changing excuses about "head winds," or the lingering effects of the Bush recession, or the uncertainty caused by the fiscal cliff.
(Excerpt) Read more at realclearmarkets.com ...
It's not lousy "for" Obama. It is exactly what he wants. When everyone is poor, no one is poor.
American mediocrity . . . the new normal under Obama.
The dominant media really outdid themselves putting lipstick on that pig jobs report yesterday.
But we’re on the “right path.”/sarcasm