The latest BLS statistics are out. The media are portraying this as a mild win for the Administration.
The unemployment rate ticked up to 8.3% – which is about .3% higher than the peak “The One” promised before unleashing Porkulus.
But worse than that? The Labor Force Participation Rate, which this past April was the lowest it’d been in thirty years (68.6%) before ticking up in May and June, dropped another tenth to 68.7%. That’s a good chunk of the reason the unemployment rate held as steady as it did – people left the workforce.
What that means, if you remove the unemployment rate from the participation rate, is that 58.41% of the workforce is working. That is…:
- 2.16% (3.6 million people) worse than when Obama took office in January of 2009.
- Two and a half points – 3.7 million or so – lower than George W. Bush’s worst record, and 5.3% lower than Bush’s peak (that’s over seven million jobs)
- Almost a tenth of a power lower than when unemployment “peaked” at 10%, in October of 2009
- 4.2% – thats 6.3 million jobs – lower than the nadir of the 9/11 Recession.
Put another way? It’s been three years since more than 59% of the American people were working.
How long can economy sustain itself with less than three out of five people working?