Yes, the news concerning U.S. jobs was positive:
- November’s payrolls grew by an astounding 321k jobs and the jobless rate for the month held at 5.8%. (Keep that adjective in mind. What kind of jobs were those? Keep that question in mind.)
- Of the ~156.4M who participated in the nation’s labor force, ~147.3M had jobs and 9.11M did not have jobs but were actively seeking jobs, constituting the 5.8% of the nation’s unemployed. (What about those who didn’t participate in the labor force? Keep that question in mind.)
So far, 2014 has been the strongest year for job creation since William Jefferson (“Bill”) Clinton was President. That’s why the President is crowing.
Upon reading all of this good news, New York Post business reporter John Crudele decided to so some homework. His findings:
The raw, unadjusted data from Labor showed that 523,000 new jobs
were created in November 2013. After that figure was seasonally adjusted,
the growth was reduced to 203,000.
The raw, unadjusted numbers reported Friday showed 497,000 new
jobs—or 26,000 less than last year’s 523,000 raw number. Yet, this
November’s adjustment resulted in a headline figure of 321,000—or
a whopping 118,000 more than last year.
If the seasonal adjustments stayed consistent Friday’s growth should
have been less than last year’s 203,000!
I called Labor and checked my figures. An economist there said they
were still working on an explanation and that I wasn’t the only one who
asked. She said the problem might be because there wasn’t a consistent
number of weeks for the survey between this year and 2013.
“This was a big question last month too,” she said, before referring me
to Labor’s PR people.
Then, too, The Motley Monk did some homework. Here’s three rather inconvenient facts the President didn’t announce:
- A significant proportion of the 321k jobs created in November were seasonal, part-time, and lower paying.
- Teen unemployment during November was 17.7%. That’s 300%+ greater the national unemployment rate of 5.8%.
- The labor force participation rate remained at a 36-year low of 62.8%. Of all people age 16 or older residing in the United States who were not in the military or an institution, ~92.45M did not participate in the labor force—they had no job and were not actively seeking one.
It ends up that listening to President Obama tout the alleged success of Obamanomics is pretty much a waste of time. The so-called “recovery” has been fueled by the loss of full-time jobs and the rise in part-time employees, part of which is due to Obamacare. Ever wonder why the President, Nancy Pelosi (D-CA), and their minions in the mainstream media are pushing so hard for an increase in the minimum wage “to give average folks a pay increase?”
When the November 2014 numbers are adjusted downward in December 2014 or January 2015, once again no one will notice. But, there sure will be a lot of part-time, seasonal workers who will be back on unemployment, teenagers who will remain unemployed, and almost 93M people who still won’t have a job or actively be seeking one.
That’s the true “miracle” of Obamanomics…lots of “hopium” but not much “changeum.”
Let the discussion begin…
To read the Bureau of Labor Statistics report for November 2014, click on the following link:
To read New York Post business reporter John Crudele’s article, click on the following link: