The real unemployment, cont’d

Featured image Walt Whitman famously observed to a friend in 1863 that “the real war will never get in the books.” Whitman knew what he was talking about, so the proposition can’t be discounted. But in the case of the Civil War, if the real war hasn’t gotten into the books, it’s not for lack of trying. Louis Masur even made a good book out of Whitman’s challenge. I have Whitman’s feeling »

How Bad Is the Economy? This Bad

Featured image I have often said that in order to understand how bad our economy truly is, you have to have children at an age where they and their friends are getting out of school and looking for jobs. After five years of ostensible recovery, the job situation is brutal for young people. This was confirmed once again by a study of recent Minnesota graduates that was covered in yesterday’s Minneapolis Star »

More of the same in the latest jobs report

Featured image In January, the U.S. economy added only 113,000 jobs. Most forecasts were for job growth of closer to 200,000, which still would not have been all that impressive. On the other hand, the unemployment rate dropped slightly, from 6.7 to 6.6 percent. This has become the familiar pattern — anemic job growth coupled with very small decreases in the unemployment rate. Indeed, the theme of BLS’s “Employment Situation Summary” is »

More On Today’s Awful Jobs Numbers

Featured image Paul has already noted how weak the December jobs report was. This paper, released yesterday by the liberal Economic Policy Institute, includes several charts that provide a valuable overview on the Obama jobs disaster. This chart shows that if the workers who have dropped out of the labor force were still looking for work, the unemployment rate would be virtually unchanged since 2009: As of November, it would have required »

The latest weak jobs report

Featured image I admit it — I expected the jobs report for December to be in line with the mildly encouraging recent reports. I was wrong. John Steele Gordon has the story: Job creation slowed markedly in December, with only a dismal 74,000 jobs created last month, the worst monthly report in three years. Economists, notorious for their clouded crystal balls, had been predicting 200,000 new jobs, above the 2013 average of »

About That Jobs Report [Updated]

Featured image Last week’s jobs report was hailed by some as good news, and, with a net gain of 203,000 jobs (pending correction), it could have been worse, even with 41% of those jobs in the public sector [UPDATE: See clarification below]. But in the larger perspective, the jobs picture remains bleak. James Pethokoukis of the American Enterprise Institute provides this sobering context: 1. There are still 1.1 million fewer employed Americans »

Obamacare and part-time employment

Featured image It’s difficult to crank out economic analysis while live-blogging an event. So during yesterday’s Sebelius hearing, when Democrats argued that Obamacare isn’t inducing employers to push employee hours below 30 per-week, so as to avoid paying for health insurance, I simply reported the argument and said that “some fact-checking is in order.” The argument seemed fishy. House Democrats were saying that in recent years, part-time employment has declined as a »

Year of the Unemployed Woman

Featured image Via Drudge, the Bureau of Labor Statistics reports that women are dropping out of the labor force in droves. And, no, it’s not because times are so good they can stay home and bake: American women participated in the nation’s labor force in September at a rate that matched the lowest level in 24 years, according to data released today by the Bureau of Labor Statistics. At the same time, »

Baghdad Bobs of Obamacare

Featured image The technical issues that have bedeviled the rollout of Obamacare don’t go to the root of the law’s evil. Nonetheless, the dishonesty with which the administration has publicly addressed them is endemic and representative of the foundational lies of Obamacare. In the rollout we see that Kathleen Sebelius is the Bagdhad Bob of Obamacare. Appearing in Pittsburgh with Steelers’ owner Dan Rooney to promote the wonders of Obamacare — the »

Wages of Obamacare

Featured image Obamacare has been an enormous engine of economic destruction even prior to its passage, from the time it emerged on the legislative horizon. The evidence is obvious and ubiquitous. White House flack Jay Carney has responded to a question on one aspect of the damage done — the suppression of growth in full-time employment — with the usual falsehoods and non sequiturs: I would say broadly that if you look »

Jeff Sessions Blasts Obamanomics

Featured image Regular readers of this site know that I am a big fan of Senator Jeff Sessions. Sessions has been the most effective opponent of the Senate Gang’s immigration bill; his opposition is based primarily on the damage that a massive influx of new, low-skill immigrants would do to America’s working men and women. Sessions has now embarked on a series of speeches on the economy, and how it has been »

Labor Force Participation Hits 34-Year Low

Featured image A comprehensive disaster like the Obama administration can’t be summed up in one statistic, but the one that comes closest is labor force participation. The combined effect of many misguided policies–Obamacare, ballooning spending, massive debt, tax increases, subsidizing of inefficient energy, anti-growth regulation, encouragement of food stamp fraud, and many more–has been to drive many millions of Americans out of the labor force. Express Employment Professionals has produced a white »

Who Cares About Unemployment When We’ve Got Gay Marriage?

Featured image Today the Minnesota Senate passed a bill authorizing gay marriage which will be signed into law by our governor, Mark Dayton. That is the context for this text, which my oldest daughter sent me a few minutes ago: If I had a dollar for every #time4marriage hashtag on my feed I’d be rich. Someone should start a #time4jobs trend, seeing as there are approx. twice as many unemployed Americans as »

The sequester, jobs, politics, and national security

Featured image The White House, through economist turned flack Alan Krueger, wasted no time in blaming yesterday’s lousy jobs report on the sequester. It’s a ridiculous claim. As we observed, government employment held steady, and the sequester is too recent to have affected the private sector. Mark Zandi, chief economist at Moody’s, who is frequently cited by the Obama administration, agrees that the sequester is not yet in play. Zandi told CNBC: »

The Jobs Report and Immigration

Featured image Senator Jeff Sessions released this statement about today’s disappointing jobs numbers: Today’s jobs report reveals that 90 million Americans are now outside the labor force. We need to be getting Americans back to work, helping people move off of food stamps and welfare, and find good jobs with steady incomes. But the comprehensive immigration bill being drafted right now would provide nearly immediate work authorization to millions of illegal immigrants »

U.S. added only 88,000 jobs in March

Featured image The latest government jobs reports finds that only 88,000 jobs were added in March. That’s half of the 12 month average and less than half of what most experts expected. The unemployment rate actually declined slightly to 7.6 percent. This is the result of the decrease of folks looking for work. The labor-force participation rate dropped from 63.5 percent to dropped to 63.3 percent, its lowest point since 1978, according »

Tough times in Europe

Featured image Under President Obama, the old normal unemployment rate in the former Western Europe — around 8 percent — seems to have become the new normal in the United States. I guess there’s at least poetic justice in this, since leading Democrats like Obama and John Kerry tend to see Western Europe as a model for the U.S. Unfortunately, though, the new normal unemployment rate in Europe is much higher than »