So glad Obama dissolved his Jobs Council this week! With today’s unemployment number increasing to 7.9% that had to have been a great decision, hmm?
The Fiscal Cliff! Hurricane Sandy! It’s a good report! Drop in Defense spending! Republicans! That’s what the liberal media rushed to explain the surge in unemployment.
These were the same culprits earlier this week when Consumer Confidence crashed and the GDP went into negative territory. Funny how that works.
From Newsbusters comes this reality busting information, though:
The Bureau of Labor Statistics released jobs numbers for January Friday showing that nonfarm payroll employment increased by 157,000 and the unemployment rate rose to 7.9 percent.
Lost in these headline numbers was another rise in the number of people not in the labor force.
This number 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.
CNS also threw cold water on the celebrations:
The number of Americans not in the labor force grew by 169,000 in January, according to the Bureau of Labor Statistics’ latest jobs report.
BLS labels people who are unemployed and no longer looking for work as “not in the labor force,” including people who have retired on schedule, taken early retirement, or simply given up looking for work. There were 89 million of them last month.
The number of people not in the labor force had declined in December to 88.8 million from 88.9 million in November.
And before you young people get carried away in the frenzy, ZeroHedge has some info for you:
an even more disturbing trend is the conversion of America into a gerontocratic worker society, where the bulk of jobs are handed out to those 55 and over, which puts all young workers, not to mention college graduates, at a major disadvantage relative to far more experienced older workers. And sure enough, a quick update of the jobs by age-group change in January based on Household Survey data, the same data that showed that the unemployment rate actually rose from 7.8% to 7.9% (to give Bernanke more runway for QEternity as we predicted in December) shows that in the past month, 115,000 jobs were…. lost?
… based on BLS data which breaks down jobs gains and losses granularly by age group, in January there was a total of 115,000 jobs losses, with the biggest losses once again concentrated in the 20-24, and 25-54 age groups, a total of 205,000 job losses, offset purely by job gains in the 16-19 age category: hardly the “quality” of jobs worth writing home about.
And another perspective: in January jobs in the 16-54 age group declined by a total of -99K, while even America’s aged workers, those 55 and over, saw their first sequential jobs loss of 16,000 jobs, since July 2012. In Total, some 2.8 million jobs in the 26-54 age group have been lost since January 2009, offset by 3.95 million gains in the 55-69 age group.
Depressed? Just keep repeating the mantra: Fiscal Cliff, Republicans, Sandy, Republicans, Defense Spending… When those run out or get stale, the AP and others will provide other excuses. They will all include Republicans, however.