James Pethokoukis, writing on the blog of American Enterprise, broke down the June jobs numbers. Here are some of the main points:
With all of this in mind, let's revisit the Obama Administration's chart showing where we should be unemployment-wise since the passing of the stimulus bill. It would be funny if so many Americans weren't out of work.
- We have had 41 straight months of unemployment over 8%. This is the longest it has been since the Great Depression.
- If the labor force participation rate was the same today as it was when Obama took office, the unemployment rate would be 10.5% (Even if you take into consideration the LFP rate should be declining because of age. )
- If you include people marginally attached to the workforce, plus part-time workers, the unemployment rate would be 14.9%
- The average time spent unemployed went up to 39.9 weeks.
- Job growth during Obama's first three years averaging 75,000 per month. During Reagan's first three years, job growth averaged 273,000 per month
With all of this in mind, let's revisit the Obama Administration's chart showing where we should be unemployment-wise since the passing of the stimulus bill. It would be funny if so many Americans weren't out of work.
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