Friday, July 5, 2013

Jobs Report: big increase in U-6 Unemployment Rate

by Clifford F. Thies 

The pathetic dinosaur media happily relays the palp released by the Department of Labor today, that the unemployment rate remained unchanged at 7.6 percent, with the number of jobs increasing at a pace consistent with no change in the unemployment rate. 

BUT the real news in the jobs report is the big increase in the U-6 Unemployment Rate. The U-6 number includes those working part-time who would like to work full-time and discouraged workers (persons not in the labor force even though they would like to work, because they don't think they can find work). The U-6 Unemployment Rate jumped from 13.8 to 14.3 percent. 

The legacy of Obama is becoming clear: diminished expectations for the future standards, continuing huge numbers of long-term unemployment, the use of disability to bail out of the labor force, and the large and growing number of people who eke by on part-time work supplemented by food stamps, etc. 

All hail Obama who, having crippled our economy, is so generous in dispensing walking canes! 

Dr. Thies is a professor of economics at Shenandoah Univ. in VA.


John Taylor said...

In the last ten years there has been a steady decline in the number participating in the work force. From 66.5 to 63.5 percent of the working age population. How many of those have just given up looking for work? Things are a lot worse than the official stats tell us.

Gary said...

We have a "povertyization" of America. The middle classes are being gutted in favor of the Elites who bribe Congress with endless campaign money.

Rational Nation USA said...

Yep, great mews, 7.6% unemployment and the trend is towards part time unemployment and away from full time employment with benefits.

ObamaCarel, patterned after RomneyCare, is doing wonders for our economy and standard of living.

But hey, the DOW and the new normal 7,6% is positive. Right?

The GWB administration paved the way laying the road to descent. They Obama administration put the pedal to the metal.

Enjoy the ride...

Johnson 2016 if he runs.

Clifford Thies said...

I agree. GWB got it started. Cato's Index of Economic Freedom started down for our country under W.