As of now, I am in control here, in the White House

Jobs Report Mixed

What? The Labor Department reported today that the economy created 217,000 jobs and Koffler is saying it’s a mixed report?

Yeah, it’s a mixed report. You wanna take this outside?

Sorry, its’ the New Yorker in me.

Yes, an increase of 217,000 jobs is a decent number. It’s not spectacular, but it’s good. The economy has added more than 200,000 jobs a month since February, which is also good.

But remember, we’re five years out of the recession. Job growth at some point should have been thumping at an even higher rate, and it never did. And it takes an increase of about 150,000 just to keep up with population growth.

What’s more, celebrating what finally seems to be a mildly humming job market at this point is like having a baby after being pregnant for two years. It’s nice to see the kid, but boy, what a miserable wait.

Now, here’s the other news. The unemployment rate was unchanged at 6.3 percent. Okay, it’s been coming down, hopefully this is just a pause. But there remains an intractable problem: The workforce is in decline. At 62.8 percent, the labor force participation rate stayed at its lowest level since the late 1970s.

Whether lured by expanding welfare benefits, conditioned to being out of work, depressed about their prospects, too old, or out of work so long they don’t think anyone will hire them, millions of people just aren’t working. This is the Obama economy – a new class of workers who seem to be completely stuck.

And so the jobs report is mixed.

Still wanna fight?

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31 Responses to Jobs Report Mixed

  1. My husband is one of the millions who arent being counted in the unemployment numbers. Laid off, unemployment ran out, he turned 55 and fortuntely had a pension he could take. But he needs and wants to work. I;m sure there are MANY in the same boat. These numbers don’t show the truth.

  2. The only fight I have is with the numbers and the unemployment rate.
    I don’t trust the people who do those figures anymore than I trust that my US Senator is looking out for the people of Arizona anymore.

    Other figures show 90+ million people unemployed in the US, so how does that figure into the unemployment calculus when there are @300 million of us? My ancient math says 90/300 is not 6% but much, much higher. If we just go with the food stamp recipients, @45million, who are un- or under-employed then we’re in big trouble here.
    With those figures, unemployment in the US is about 15-20%, not 6%.

    • We have to remember that there are several other things at work – for instance, my wife is able to be in the work force, but we find it more valuable for her to focus on our children – so she is an adult who is not in the workforce, but not unemployed. Of course children and retirees are in the total population, but not in the workforce (along with some odds and ends like prisoners, etc.). Despite all of that, if the workforce participation is declining – which it has done – the overall production of goods and services will be lower.That is why there is no recovery – we’re just liming by, not improving our economic well-being.

    • Weasel Zippers has the video and some of the tweets about Obama chewing his gum. Doesn’t he have anyone to teach him etiquette or protocol for these events? He chomped away, sometimes with his mouth open, and according to tweets, during the French National Anthem and the announcement of the Queen of England. He is an utter embarrassment!

      • Doesn’t he have people around to tip him on certain things like hint to him that your chomping on gum, by running their hand past their mouth. Same as if his tie were crooked, you would think he has some one near by to move their tie, to hint to him that his is crooked. Oh well..I also would think he had someone near by to let him know about his politics as well.

      • I’ve noticed the gum-chomping everywhere – West Point, the 9/11 Museum… He just doesn’t give a damn now. He might as well smoke a cigarette or some pot – he’s still addicted.

  3. Smoke and mirrors. We have a new record high of those not in the work force – 138.5M. (ZH)

    And this – from Zero Hedge:

    “… virtually every job gain since the trough of the depression has been matched by at least one person dropping out of the labor force. In fact, since December 2007, the total number of jobs is virtually unchanged, while the number of people not in the labor force has increased by an unprecedented 12.8 million from 79.2 million to a record 92 million. Recovery?”

  4. I’m sure that number will be quietly revised downward soon, just like every other economic statistic. Remember last quarter’s GDP increase? Oh yeah, it was actually a decrease!

  5. Article over at DRUDGE gives the figure of 92,009,000 Americans unemployed/not in work force.
    Hmmm. Obama’s Labor Departments numbers or DRUDGES.
    I think I’ll go with DRUDGES.

  6. Damn It Keith!
    Stop trying to use ECONOMIC FACTS & COMMON-SENSE to explain how great this so-called “US economy” is under Obama and all the wonderful new jobs Obama has created since 2008!

  7. Remember, all the “job numbers” come from the same people who having been reporting the “wait times” over at the V.A………..

  8. Perez. Department of Labor. No confidence in these numbers. Or any numbers from this Administration. Anybody been following Obamacare lately– now there’s a mess of number reporting for you.

  9. Also, Keith, more than 50% of the jobs created were in the service industry or other low-wage paying jobs. I was listening to CNN in my car today when Carol Costello tried to push it being a “fabulous” month with the 200K+ jobs that were created. She was quickly shot down by the business reporter who described what I mentioned above.

  10. OT but interesting. In February WAPO had an article detailing the Administration’s decision to trade 5 high level terrorists for Bergdahl. A fact brought out by Joe Trippi in a tweet and discussed by Kimberly Guilfoyle who hosted Greta tonight.

  11. OT Wow. If this has been covered I apologize. But here is a despicable NY Times editorial defending Bergdahl and, not suggesting but, charging that Republican political operatives have colluded with the men in Bergdahl’s unit in unfairly maligning him.

    So the NYT’s spits in the face of men who served and put their lives on the line for their country and for these fat cats at the Times to write this.

    This on the day before D Day. What a heap of trash.

    http://www.nytimes.com/2014/06/06/opinion/demonizing-sergeant-bergdahl.html?_r=1

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  13. The BLS numbers are bogus. Here is the headline from Shadowstats.com

    Monthly Payroll Gains Overstated by 200,000-Plus Jobs

    Contrary to Common Experience,
    May Payrolls Purportedly Regained Pre-Recession High

    May Unemployment: 6.3% (U.3), 12.2% (U.6), 23.2% (ShadowStats)

    Year-to-Year M3 Growth Jumped to 4.6% in May