Thirty-one months after the start of the recession, last week’s jobs report for July was a fiasco. The Labor Department reported yet another 131,000 jobs lost in July. The Department also revised the June report downward to show 221,000 jobs lost that month from 125,000. The unemployment rate remained at 9.5% only because 181,000 additional discouraged workers left the work force, and so were not counted as unemployed. That makes one million who have fled the work force since April.
As this column has repeatedly noted, the historic data recorded by the National Bureau of Economic Research shows that the average recession since World War II has lasted 10 months, with the longest previously being 16 months. What is President Obama’s excuse for still losing hundreds of thousands of jobs 31 months after the recession began?
The July labor report records the army of the unemployed at nearly 15 million. The long-term unemployed, defined as those unemployed for more than 6 months, remained stuck at nearly 7 million, the highest since the Great Depression. The number of additional workers employed part time for economic reasons stood at 8.5 million. The Bureau of Labor Statistics (BLS) defines these workers as those who “were working part-time because their hours had been cut back or because they were unable to find a full time job.”
Read More: By Peter Ferrara, American Spectator
Photo Credit: Dustin C. Oliver Creative Commons
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