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February 1, 2013

Obamanomics Update: 157,000 Jobs Added In January, Unemployment Rate 'Rises' to 7.9%


Via Zero Hedge:

The goldilocks economy continues as January nonfarm payrolls number comes in right as expected, or 157,000, a tiny miss to expectations of 165,000, down from the upwardly revised 196,000 (was 155,000 previously), leading to an unemployment rate of 7.9%, higher than the 7.8% expected.
More here.

Ed Morrissey points out that the broader U-6 measure of unemployment remained unchanged ... at 14.4% ... which is no where near what it should be at this point of an 'expansion':

[...] . That measure, which includes underemployed and discouraged workers left out of the more well-known U-3 unemployment rate, is still above the 14.2% rate of January 2009, when Barack Obama took office. One year ago, it was 15.1%. During the last expansion, it reached a low of 8.0% in 2006 and 2007.

And all this is even worse than it first appears. Lost in the headline numbers was another rise in the number of people not in the labor force, which now stands at a staggering 89 million, up from 80.5 million when President Obama took office:

[...] This means that there are currently 8.5 million more Americans not in the labor force than just four years ago.

Forget all the other numbers.

This continued explosion of people not in the labor force should be tremendously concerning as it represents an obstacle for the government to ever balance the budget without drastically raising taxes on those still working.

However, none of this appears to be of any concern to Obama, he has other priorities that are far more central to his ideology than jobs and the economy.

Posted by Hyscience at February 1, 2013 8:52 AM

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