Media Celebrates “Great Job Report” as Real Unemployment Rises to Highest Level Since 1978
Comrades, workers and peasants. The latest harvest has been brought in at 97% demonstrating once again the foresight and wisdom of the People’s Republic of Mediastan.
Jobs are being created left and right. Unemployment has been virtually eliminated. Health care is free. Food is healthy.
It’s going to be okay. If you just close your eyes and believe.
The US economy created 288,000 jobs in April, the strongest monthly job creation since January 2012. The unemployment rate fell to 6.3%, according to the latest figures from the US Labor Department.
That sounds super. Tell us more.
It is the lowest unemployment rate since September 2008.
Mr. Obama finally fixed that pesky old economy. Is there a catch?
“It’s a flat out good report. All of the metrics that you want to see improve, did,” said Tom Porcelli, chief US economist, RBC Capital Markets.
Whew. No catch.
“The one thing I would be careful with though is the decline in the unemployment rate, the decline in the unemployment rate was a function of the labour force falling by 806,000, that is gargantuan decline,” he added.
“What’s more, that good news was offset by some equally surprising bad news,” Peter Coy writes. “An alternate measure of employment, surveying households rather than establishments, showed an outright decline of 73,000 jobs. The only reason the unemployment rate fell is that the labor force shrank by about 800,000 people.”
The so-called participation rate, which indicates the share of working-age people in the labor force, decreased to 62.8 percent, matching the lowest level since 1978, from 63.2 percent a month earlier.
288,000 jobs created. 806,000 jobs lost. Good thing no one in the media knows anything except Common Core math.
Well at least we’re only back to 1978. Too bad we’re not back to 1978 prices. Or a 1978 standard of living.
In other unexpected news… “Jobless Claims in U.S. Unexpectedly Climb to Nine-Week High”
Like all bad economic news under Obama, this was completely unexpected.
Jobless claims rose by 14,000 to 344,000 in the period ended April 26. The median forecast in a Bloomberg survey of economists called for 320,000.
And somehow reality keeps beating the optimistic forecasts. And the news keeps getting worse.
And the number of people who held part-time jobs (holders of full-time jobs who lost hours, or who work part-time because they can’t find full-time work) remained steady, as did the number of people considered “discouraged workers” – people who want to work but who have given up hope of finding a job. In fact, the gap between part-time workers and the unemployment rate continued to widen, suggesting that those getting jobs aren’t necessarily getting full-time work.
But at least there’s someone to blame. Congress. At least according to the LA Times. When the economy was bad under Bush and a Dem Congress, it was Bush’s fault. Now under Obama and a GOP House, it’s the fault of the GOP.
That’s Common Core history.
But at least some jobs are being created. Right?
“Lower wage industries accounted for 22 percent of job losses during the recession, but 44 percent of recent employment growth,” concluded a study released this week from the nonprofit National Employment Law Project (NELP). “Today, lower-wage industries employ 1.85 million more workers than at the start of the recession.”
According to the NELP analysis of Bureau of Labor Statistics data, almost 2 million jobs that pay less than $14 an hour were lost during and in the eight months after the recession, but since February 2010 more than 3.8 million of these low-paying jobs have been created, largely thanks to a strong rebound in low-wage jobs, such as retail. At the same time, 6.8 million jobs paying between $14 and $33 an hour were lost in the recessionary period while only 4.9 million have since been created. In other words, the jobless recovery is looking like a jobs-for-less-pay recovery.
Obama sure has created a lot of jobs. Everyone should get at least two to get back to where they were under Bush.
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