"The labor force itself declined by 50K ... "170,000 in just the past two months (BLS)."
1/6/12, "NFP Payrolls At 200K, Expected At 155K; Unemployment Rate Drops To 8.5%, Labor Force Participation At Lowest Since 1984," Zero Hedge, Durden
"The nonfarm payroll number prints at 200K on expectations of 155K. The Unemployment rate comes at 8.5%...down from an upward revised 8.7%. U-6 15.2% down from 15.6% in November. Average hourly earnings rose at 0.2%, in line with expectations, previous revised to -0.1%....Manufacturing payrolls rose 23K vs Expectations of 155K. Yet the unemployment rate trickery still continues, with labor force participation (prior revised), now at a 27 year low of 64%, and the labor force itself declined by 50K from 153,937 to 153,887. In fact,
- persons not in the labor force have increased by 7.5 million since January 2007!
- Bottom line - dropping out of labor statistics is the new killing it."...
1/6/12, "Obama's Low Expectations On Jobs," IBD Editorial
"The labor force, for example, has shrunk by more than 840,000 over the past 30 months — it fell 170,000 in just the past two months (BLS). That's virtually unheard of in previous recoveries.... The labor force participation rate — a measure of how many are employed or looking — is now just 64%, well below the long-term average. When you adjust for that unusually low participation rate, unemployment would be more like 11.5%.
A separate Bureau of Labor Statistics measure that includes all not normally counted as unemployed — such as discouraged and underemployed workers — puts the real unemployment
- rate at an astounding 15.2%.
Far from rescuing the economy, Obama's massive spending hikes, towering deficits and expansive regulations managed to turn what should have been a normal recovery into an historic slog."...
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8/31/11, "Long-Term Unemployed Losing Hold On Middle Class," Huffington Post, Peter Goodman
As of 7/1/11, only 58.1% of America's working age population was employed. (parag. 12):
"As recently as the middle of 2007, 63 percent of the working age population was employed, according to Labor Department data. As of July, that percentage had sunk to 58.1 percent. That swing -- a drop of nearly five percentage points in the so-called employment-to-population ratio over the course of about four years -- is the steepest such decline
- since the government began keeping track in 1948."
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12/14/10, "The Hard Truth: Companies Don't Hire Unemployed," NPR
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7/1/11, "The economic recovery turns 2: Feel better yet?" AP, News.com.au
"The jobs that are being created pay less than the ones that vanished in the recession. Higher-paying jobs in the private sector, the ones that pay roughly $19 to $31 an hour,
- made up 40 percent of the jobs lost from January 2008 to February 2010
- but only 27 percent of the jobs created since then."...
- (AP): "The economy's meager gains are
- going mostly to the wealthiest.
Workers' wages and benefits make up 57.5 percent of the economy,
- an all-time low. "...
7/13/11, "WOLF: ‘German Miracle’ Barack Obama doesn’t see," "Blinded by big government, the Obama Depression is no accident," Washington Times, Dr. Milton Wolf
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9/2/11, "From Unemployed to Unemployable," NPR, Planet Money
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4/1/2010, "The Obama Coalition," The Atlantic, Thomas Byrne Edsall
"One of the most striking indicators of the potentially enduring unemployment status of many of those now out of work is the increase in the number of people who have been without jobs for six months or more. These people have the hardest time making it back into the workforce, and the growth of this population suggests that more and more people who lose a job face the danger that
- unemployment will become permanent....
While both the “have” and “have-not” coalitions have been growing,
- with the middle waning...
(Obama) could effect—
- as promised—
- the long-awaited transformation of American politics."
via Lucianne
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