I guess it's time to break out the party favors, pour a glass of champagne and celebrate. Happy days are here again! Except for one teeny, tiny little thing: labor force participation is at a new 30-year low. Both the civilian labor force (154.6 million) and the labor force participation rate (63.5 percent) declined in August. The employment-population ratio, at 58.3 percent, was little changed.
The economy saw an increase of 96,000 jobs. Keep this number in mind. Just to keep up with population growth, we need to add around 240,000 jobs per month.
This, gentle reader, is pathetic. It's a direct result of Obamanomics, that curious blend of Soviet-style command and control economics, coupled with far too many regulations and laws that stifle job and wealth creation. In other words, this is the "new normal" we hear so much about. Despite this administration's attempts to cook the books to make these figures appear to be not quite as bad as they look, the results are the worst "recovery" since WWII.
But wait! There's more!
One thing you won't hear on the nightly news from the MSM is that the July figures were revised downward, "unexpectedly."
But job reports for June and July were revised lower. The June count fell from 64,000 to 45,000, while July’s number came in at 141,000 from an originally reported 163,000.Oh joy.
Despite hopes that job creation would be better than expected, the monthly report fell short of economist expectations that 125,000 jobs were added for the month. The government said private payrolls increased by 103,000, about half the 201,000 that ADP reported Thursday.
But take solace that things are proceeding as planned. President Obama said the private sector is "doing fine."
Here's a video to help you understand how Obamanomics works, courtesy of Professor Glen Reynolds...