Employment numbers disappoint yet again – Nobamanomics is failing the US Economy (updated)
“If last night was the party, this morning is the hangover. For every net new job created, nearly four Americans gave up looking for work entirely. This is more of the same for middle class families who are suffering through the worst economic recovery since the Great Depression. After 43 straight months of unemployment above 8%, it is clear that President Obama just hasn’t lived up to his promises and his policies haven’t worked. We aren’t better off than they were four years ago. My plan for a stronger middle class will create 12 million new jobs by the end of my first term. America deserves new leadership that will get our economy moving again.”
“Look,” he said, “if borrowing, and spending, and regulating, and taxing were the secret to economic success, we would be entering a Golden Age… along with Greece.”
The WSJ Reports:
Nonfarm employment was up by a seasonally adjusted 96,000 and figures for the previous two months were revised down, the Labor Department said Friday. The report portrayed a sluggish economy that continues to move sideways…
The unemployment rate—which is politically salient and comes from a separate survey than the jobs data—fell to 8.1% from 8.3%. That was because an estimated 368,000 people gave up looking for work. Throughout this year, the unemployment rate has bounced between 8.1% and 8.3%. Meantime, the labor force participation rate, which is the share of the population that is working or looking for work, fell to its lowest level since 1981.
Bernanke and Nobama plan their response: