Friday, September 13, 2013

PJ Media » This Depressing Economy

 

It is true that 164,000 seasonally adjusted payroll jobs were added during the month, per the Establishment Survey of employers, but June and July were revised down by a combined 75,000. The Household Survey used to determine the unemployment rate had even grimmer news, as it showed that 115,000 fewer Americans were working in August than in July. The only reason that the official (“U-3″) unemployment rate fell to 7.3 percent is because the civilian workforce shrunk by over 300,000, taking the labor force participation down to 63.2 percent, that figure’s lowest level in since 1978.

Looking back further, since President Obama was first inaugurated in January 2009, seasonally adjusted employment per the Household Survey has increased by just over 2 million, while the number of adults not in the labor force has skyrocketed by almost 10 million.

PJ Media » This Depressing Economy

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