Feed the masses breadcrumbs. Always breadcrumbs…
The Obama administration and its fawning sycophants can praise this Obama economy all they want, but some facts and figures still cannot be discounted … Not the least of which is the cold hard fact that a record almost 95 million people are no longer in the American workforce…
(CNSNews.com) – A record 94,708,000 Americans were not in the labor force in May — 664,000 more than in April — and the labor force participation rate dropped two-tenths of a point to 62.6 percent, near its 38-year low, the Labor Department’s Bureau of Labor Statistics reported on Friday.
When President Obama took office in January 2009, 80,529,000 Americans were not participating in the labor force; since then, 14,179,000 Americans have left the workforce — some of them retiring and some just quitting because they can’t find work.
“By almost every economic measure, America is better off than when I came here at the beginning of my presidency,” President Obama told the people of Elkhart, Indiana three days ago. “We cut unemployment in half, years before a lot of economists thought we would.”
The unemployment rate in May dropped to 4.7 percent, BLS reported, less than half of its Obama-era high of 10 percent in October 2009.
But the labor force participation rate has deteriorated over Obama’s two terms.
But the administration has played very fast and loose with all the data involved and finding the accurate numbers in these things. In the report below the Verizon situation is an example of that magic math. As I have said for these last few years, this administration’s head-counters have been very creative when counting “new jobs”. Ahead (and after inception) of ObamaCare many employers reduced employees from full-time status to part-time to avoid the mandate that they must provide health insurance coverage for full-time employees. Hell, let us not forget the HHS secretary and the IRS mandated a reduction to the quota for defined “part time” from under 40 hours to under 30 hours, reducing working hours even more for those part-timers and their employers. And there are those bat-shit-headed career politicians in the Congress that rejoice in this! But the biggest stickler in all of this is the administration counted those full time-down-to-part time workers as “new jobs”.
And so, just realize some of these latest job numbers are temporary seasonal jobs in lawn/landscaping, construction, etc….
(FOX News) – The U.S. economy created the fewest number of jobs in more than five years in May, hurt by a strike by Verizon workers and a fall in goods producing employment, pointing to labor market weakness that could make it difficult for the Federal Reserve to raise interest rates.
Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010, the Labor Department said on Friday. Employers hired 59,000 fewer workers in March and April. The government said the month-long Verizon strike had depressed employment growth by 34,000 jobs.
The goods producing sector, which includes mining and manufacturing, shed 36,000 jobs, the most since February 2010. Even without the Verizon strike, payrolls would have increased by a mere 72,000.
The Verizon workers, who were considered unemployed because they did not receive a salary during the payrolls survey week, returned to their jobs on Wednesday. They are expected to boost June employment.
The jobless rate fell three-tenths of a percentage point to 4.7 percent in May, the lowest since November 2007. The decrease in the unemployment rate was in part due to people dropping out of the labor force.
Stephen Green @ Instapundit: “On cue now: “Recovery summer!”…”
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