The economy generated another 209,000 jobs in July, marking the six straight month it has created 200,000 jobs or more, the Labor Department announced this morning.
Nevertheless, the labor force participation rate remains near a 40-year low, rising just barely from 62.8 percent to 62.9 percent. And unemployment moved back up a tenth of a point to 6.2 percent, reflecting the increased number of people who have joined the job market and are looking for work.
President Obama and his economic team of course have begun relentlessly crowing about the jobs market after five and a half years of, well, nothing to crow about.
In a statement, White House Council of Economic Advisors Chairman Jason Furman set up the fall guy – Republicans in Congress – should the jobs numbers go south:
To ensure this momentum can be sustained, the President is pressing Congress to act to create jobs and expand opportunity, while simultaneously using his own executive authority to encourage investment in the United States, boost the income of working families, and ensure safe and fair treatment of American workers.
And in a typically misleading White House assertion, Furman claimed:
Looking at a range of indicators of unemployment, it is clear that we are far into the economic recovery—and that progress has been broadly shared—but we are not all the way there yet. The official unemployment rate is 80 percent of the way back to its pre-recession level.
Right. But Furman is deep into cherry picking here.
It was just two months ago when the nation finally recouped the 8.7 million jobs lost during the recession. However, because of population growth, the economy is still about 6.5 million jobs short of where it should be.
That is, assuming a decent jobs growth rate continues, we’re still three years away from getting back to where we were.
And an increasing share of the jobs created are part time or low-pay.
Crummy jobs created at a sloth’s pace. That’s the Obama record.