As usual, the United States Bureau of Labor Statistics (BLS) released it’s monthly Employment Situation Summary, and for November 2011 it reports:
to 8.6 percent in November, and nonfarm payroll employment rose by 120,000…”
While still high, at least the BLS didn’t use the word “unexpectedly” to describe it… a word permanently ensconced in the lexicon of the mainstream press whenever they’re talking about the job market.
For a President who promised to “…save or create 3.5 million jobs..” between February 2009 and February 2011 if Congress approved his massive stimulus package – thereby keeping unemployment below 8% – this came as good news he and the mainstream press were only too happy to trumpet.
However, every silver lining has a cloud: Despite Obama’s repeated pledge that “…I’m not going to rest…until everybody who’s looking for work can find a job…”, their official unemployment rate has remained above 8% for the past thirty-four months (yep, 34!)… that’s nearly three years!
“Not enough shovels, maybe?
(Click image to enlarge, Click here to read more)”
And, it appears that “silver lining” might be infinitesimally thin…and not even precious to boot…especially when pondering the details:
- The 120,000 new non-farm payroll jobs created either barely or doesn’t cover the 90,000 to 150,000 new jobs needed each and every month for people entering the workforce for the first time (depending on who you read).
- The BLS reports that 315,000 workers left the Civilian Labor Force during November (154,198 minus 153,883, in thousands). Where did these people go? They’ve left the workforce by (a) retiring, (2) becoming a “discouraged worker”, or (sorry to say) (c) discovering the afterlife.
- The “8.6%” official number is optimistic. Called the “U-3″, it’s only one of six (6) numbers used to measure the unemployment rate, and only counts “people unemployed 15 weeks or longer, job losers, and people completing temporary jobs”… Oh, and they still have to be collecting unemployment benefits.
- The BLS “U-6″ number is a better (but still not complete) measure: That’s all “people unemployed 15 weeks or longer, job losers, and people completing temporary jobs, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers.” BTW”: The phrase “marginally attached” are those workers available for work but have not found work during the past 12 months. For November, 2011, the U-6 number was 15.6%
- The actual, satisfy-Maslow’s-basic-safety-needs, unemployment rate? Probably much higher, as the U-6 doesn’t include people out of work longer than 12 months.
- Want more details? Then check out a far more complete list of sobering facts here.
With the average period of joblessness now at 40.9 weeks, it’s no wonder Mr. Obama has added a new unemployment tracking metric – those unemployed longer than two years but less than five years – although, if he starts right now and creates 245,000 250,000 254,000 261,200 new jobs per month for the next five years he won’t need this new measurement. Or, maybe he can just make stuff up as he goes along. Otherwise, it’s a cute ploy for him and his Socialist cronies to argue for another “jobs-producing” stimulus just in time for the 2012 Presidential Election cycle.
I have a suggestion: How about the Democrat Senate considering one of the seventeen jobs bills already passed by Republicans in the House?
Thanks for reading!
