We don’t need no stinkin’ jobs!!
Another dismal jobs report; another whirlwind of spin.
Courtesy of Yahoo News:
“The unemployment rate ticked down again,” (President Obama) said in a speech to a raucous and friendly crowd of students at Washington-Lee High School in Arlington, Va. “So after the worst economic crisis since the Great Depression, our businesses have now created more than 4.2 million new jobs over the last 26 months—more than 1 million jobs in the last six months alone. So that’s the good news.”
Except…that’s a farcical interpretation of the facts.
Again from Yahoo News:
The economy created just 115,000 jobs last month, below expectations, and the slight ebb in the unemployment rate was chiefly due to people giving up on looking for work—and therefore no longer being counted in the figure.
That’s closer to the truth, but not quite there.
How about this headline instead, from the Washington Free beacon:
‘Obama won’t rest …until every American has given up looking for work’
Okay; THAT I believe.
In that same Beacon article, the first couple of paragraphs place the actual unemployment number into the proper context:
United States labor participation rate fell to 63.6 percent in April, the lowest recorded level since December 1981, according to the the latest jobs report from the Bureau of Labor Statistics.
The April report fell short of analyst expectations – 115,000 jobs added compared to consensus expectations of about 160,000 – and is the smallest reported gain in six months.
This is backed up by a chart from the Bureau of Labor Statistics website, which shows the dramatic drop-off in the Labor Force participation rate. Look at the past three years, as compared to the last ten:
Data extracted on: May 5, 2012 (11:27:43 AM)
Labor Force Statistics from the Current Population Survey
Isn’t that a cheery graph? THAT is our country’s disastrous employment situation which Obama is attempting to spin as a positive.
Zerohedge.com goes one better in putting the lie to the President’s rose-colored-goggles:
In April the number of people not in the labor force rose by a whopping 522,000 from 87,897,000 to 88,419,000.
This is the highest on record.
Obama’s painting the lowering unemployment number as “Good News” (when that number is dropping because people are giving up and exiting the workforce), is akin to saying the survivors of the infamous Andes flight disaster had plenty to eat, without bothering to mention that cannibalism had just become their only dinner option.