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| Obama's job recession still going strong long after everyone else's ended |
That's 4.75 years straight of unemployment above 7%, or 57 months.
Job gains averaging 184k/month are slightly higher on average than two months ago, despite revisions down to jobs added in June and July. Separately, not-seasonally-adjusted first time claims for unemployment in August were running 278,000 per week, the lowest yet under Obama.
The full report is here.
Two months ago the unemployment rate was 7.6% and we were adding an average 182,000 jobs a month. At that time hourly earnings were also up 2.2% year over year, and they still are in the August report.
Not-seasonally-adjusted, part-time for economic reasons is down 152,000 year over year while usually full-time (+35hrs/wk) is up 1,654,000. Usually part-time (-35hrs/wk) is up only 297,000 year over year, not-seasonally-adjusted.
If ObamaCare is supposed to be part-timing us all, I still don't see evidence of it. What it's really doing is helping to retard employment generally. We need to start viewing persistent, long-term employment deficits as a response by business to Obama administration policies. Otherwise full-time jobs would not have continued to decline throughout 2009 and 2010 the way they did. As late as February 2011 full-time was still at the 110 million level, only slightly off the low just under 109 million a year earlier in January 2010.
At just under 118 million now, full-time remains 5.35 million off the 2007 peak above 123 million. Factor in population growth and full-time should be trending close to 130 million by this time. We're 12 million full-time jobs behind where we should be.
The Bush jobs recession ended after 47 months, but the Obama jobs recession is still going strong at 67 months.
That's the real scandal of this so-called recovery.
