The jobs report for August was released this morning and it was anything but encouraging.
The bottom line is that the unemployment rate ticked down to 7.3%, but for all the wrong reasons. We added 169,000 jobs in August, but more people continue to leave the labor force, which is a big problem for future economic growth. The fact is that the labor force participation rate is now 63.2%, which is the lowest level since 1978! To give you some perspective, when Barack Obama took office in January 2009 the rate was 65.7%. James Pethokoukis estimates that if we had the same labor force participation rate today as we did when Obama was inaugurated, our unemployment rate would be 10.8%. Our economy is not growing. Thank you President Hope and Change.
Here are some more important facts related to the latest jobs report.
- June and July jobs figures were revised down by 74,000 jobs, putting the three-month average at a paltry 148,000. (James Pethokoukis)
- Even at 169,000 jobs a month, it would take an unbelievable 9 years and 10 months to return to pre-Great Recession employment levels. (James Pethokoukis)
- A record 90,473,000 are not in the labor force, which is up almost 10 million under Barack Obama. (CNSNews)
- Hollywood, the motion picture and sound recording industry, lost 22,000 jobs in August. (Weekly Standard)
- The unemployment rate in the African American community climbed from 12.6 percent in July to 13.0 percent in August. (CNSNews)
- Over the last 56 months – since Barack Obama became president in January 2009 --unemployment has dropped 0.5%, from a rate of 7.8% in January 2009 down to 7.3% in August 2013. (CNSNews)
Even the Washington Post labeled it as “a very bad jobs report!”
“This [jobs report] has enough signs of weakness embedded in enough places that it has to make economy-watchers — including those at the Federal Reserve who meet in less than two weeks — reassess their confidence that a solid, steady jobs recovery is underway.
Consider this: The nation has averaged 148,000 new jobs a month for the last three months. The number was 160,000 for the last six months, and 184,000 a month over the last year. That looks to me like a downward trend, no two ways about it. It’s certainly not the gradual acceleration that most mainstream economists have forecast as 2013 advances and the impact of tighter fiscal policy fades.”
Barack Obama's policies have failed us domestically and he is a boondoggle abroad. How many more years do we have to endure this?