Happy Labor Day!

By the Full Metal Patriot

Happy Labor Day in the Obama economy!

Unemployed face tough competition: underemployed

While it's bad enough at 9.1 percent, there's a number behind the number that paints a broader picture. The Labor Department compiles the figure to assess how many people want full-time work and can't find it — a number the unemployment rate alone doesn't capture. Combined, the 14 million officially unemployed; the "underemployed" part-timers who want full-time work; and "discouraged" people who have stopped looking make up 16.2 percent of working-age Americans. In a healthy economy, this broader measure of unemployment stays below 10 percent. It's been 15 percent or more since the Great Recession officially ended.
This is the first time since 1945 that the federal government has reported a net job change of ZERO. I'll bet we won't hear much mention of that in Obama's upcoming “jobs” speech.

US economy created no job growth in August

Employment growth ground to a halt in August, as sagging consumer confidence discouraged already skittish U.S. businesses from hiring, keeping pressure on the Federal Reserve to provide more monetary stimulus to aid the struggling economy. Nonfarm payrolls were unchanged last month, the Labor Department said Friday. It was the first time since 1945 that the government has reported a net monthly job change of zero. The August payrolls report was the worst since September 2010, while nonfarm employment for June and July was revised to show 58,000 fewer jobs. “The bottom line is this is bad,” Diane Swonk, chief economist with financial services firm Mesirow Financial, told CNBC Friday. Despite the lack of employment growth, the jobless rate held steady at 9.1 percent in August. The unemployment rate is derived from a separate survey of households, which showed an increase in employment and a tick up in the labor force participation rate.
And for all the black folks who voted for Dear Leader just because of the color of his skin, how's that Hopenchange™ working out for you?

Black unemployment: Highest in 27 years

The August jobs report was dismal for plenty of reasons, but perhaps most striking was the picture it painted of racial inequality in the job market. Black unemployment surged to 16.7% in August, its highest level since 1984, while the unemployment rate for whites fell slightly to 8%, the Labor Department reported. Black unemployment has been roughly double that of whites since the government started tracking the figures in 1972.
Cross-posted at Full Metal Patriot

1 comment:

  1. So does this mean that black underemployment\unemployment is around 32%? That is a tragic number that will lead to intense misery in that community. People talk about the economy and politics as if it is an intellectual exercise, but it is actually a matter of life and death.


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