… But Real Unemployment Remains Unchanged and Horrible

 

 

  ” This morning’s jobs report is giving Obama’s media backers a chance to change the narrative, and you’ll be hearing throughout the day how this is “good news for the president” because unemployment has finally dipped below 8 percent to 7.8 percent, which is the lowest it’s been in 44 months. This will be accompanied by their celebratory announcement of a statistic you’ve probably never even heard before, that of an increase of 873,000 in employment from the “household survey.”

None of this represents anything good, but you have to understand what the numbers mean in order to recognize that. So let’s go through it:

– The Bureau of Labor Statistics reports that only 114,000 new jobs were added in September. That is slighly better than the 96,000 that were generated in August, but it is still terrible, and still well below what you need to even keep up with population growth.”