Obama administration officials and the President himself couldn’t have taken to their megaphones more quickly last week to tout the Department of Labor's unemployment and jobs numbers for September: They dropped to 5.9% and created 248k new jobs.
Wow! Bring out the band! “Happy Days are Here Again!”
Yes, unemployment rate fell in September. However, 97k Americans left the labor force in September. The labor participation rate is at a level that has not been experienced since 1978. That’s when Jimmy Carter was brilliantly managing the nation’s economy.
But, that’s not all:
- Unemployment among teenagers increased from 19.6% to 20%.
- Unemployment among those between 20 and 24 years of age increased from 10.6% to 11.4%.
Oh, and don’t overlook the fact that hourly earnings didn’t change. Neither did the average hours worked.
As the Wall Street Journal has reported, if part-time workers seeking full-time jobs and “discouraged” workers not seeking jobs were included, September’s unemployment rate was 11.8%.
How’s that “hopium et changium” treating the average folks?
Let the discussion begin…
To read the Wall Street Journal article, click on the following link: