Mitt Romney’s time at Bain, week of jet skiing combined with 8 years of Bush cause another troubling jobs report
**Written by Doug Powers
Obama campaign ad possibly coming soon to a tv/radio/website near you: “If you want to know what a Mitt Romney presidency would do to America, we need look no further than the damage caused by his candidacy.”
The much anticipated June jobs numbers have been released:
U.S. employers added only 80,000 jobs in June, a third straight month of weak hiring that shows the economy is struggling.
The Labor Department says the unemployment rate was unchanged at 8.2 percent.
The economy has added just 75,000 jobs a month in the April-June quarter. That’s one-third of 226,000 a month created in the first quarter. Job creation is also trailing last year’s pace through the first six months of 2012.
A weaker job market has made consumers less confident. They have pulled back on spending, even though gas prices have plunged.
The economy needs to add around twice that number just to keep pace with those entering (or trying to enter) the job market. Ed Morrissey notes that second quarter ’12 was the worst hiring period in two years.
A few more numbers worth a mention:
If the size of the U.S. labor force as a share of the total population was the same as it was when Barack Obama took office — 65.7% then vs. 63.8% today — the U-3 unemployment rate would be 10.9%. Even if you take into account that the LFP should be declining as America ages, the unemployment rate would be 10.5%.
– The broader U-6 unemployment rate, which includes “all persons marginally attached to the labor force, plus total employed part time for economic reasons,” is 14.9%, up a bit from May.
– The average duration of unemployment ticked up to 39.9 weeks.
– It will take 219,000 net new jobs a month for unemployment rate to be below 8% on Election Day if current participation rate holds steady.
At this point there’s not much we can do except wait for Joe Biden’s “500,000 jobs a month” promise to come to fruition.
The good news? President Obama is still betting on you, America.
The White House hasn’t yet released their reaction, but rest assured it’ll contain some variation of “slower than expected recovery after a decade of irresponsible spending,” “Europe,” “Congress needs to work together to pass items on the president’s to-do list,” and “won’t be fixed by returning to the same policies that created these problems.”
Update: A “step in the right direction”?
GOP’s kind of economics have never worked: check.
Romney’s fault: Check.
Still recovering from Bush: Check.
Update II: More people went on federal disability in June than got new jobs:
The economy created just 80,000 jobs in June, the Bureau of Labor Statistics reported Friday. But that same month, 85,000 workers left the workforce entirely to enroll in the Social Security Disability Insurance program, according to the Social Security Administration.
Update III: Today, Team Obama is reminding everyone it’s important not to read too much into a single monthly jobs report. If that sounds familiar, it’s because they’ve already said that dozens of times in previous months.
**Written by Doug Powers
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