Last week’s BLS numbers were worse, naturally, than the media let on.

Unemployment was “down” to 8.2% – after moving at 8.3 for a few months.  But remember, that percentage is against the “Labor Force Participation Rate”.

And that rate stands at 63.8%.

So you lop 8.2% off of that figure, and you get a grand dotal of 58.57% of the workforce actually working.

By way of comparison – in October of 2009, when the official unemployment rate was 10%, the participation rate was an even 65%, and 58.5% of the workforce was working.  The actual employment rate bottomed out at 58.2%, back in December of 2009.  That means that in terms of Americans working, we’re about a third of a percent better than the lowest point in the recession.

When Barack Obama was inaugurated, 60.58% of the workforce was working. That is over two points higher than it was last month.

The administration and media will try to spin these numbers as “recovery, with work to do”.

The truth is, in terms of Americans working, there is no recovery at all.

For nostalgia buffs?  The low point in the Bush Administration was 61% – half a point higher than the best Obama rate.  The high point was 63.5.