Another Friday, another confusing jobs report
The latest jobs report confirms that the US economy is still struggling 5 years after a "stimulus."
Are we creating jobs? Yes!
Are we creating enough jobs or the kind of full time work needed to maintain a family? The answer is no.
As Dionne Searcy of The New York Times wrote: "Little to rave or rant about." That's right, not much to get excited about!
Friday's jobs report looks a lot like the ones before:
"11.4 million Americans age 16 and over have left the workforce since President Obama took office in January 2009, according to data released today from the Bureau of Labor Statistics (BLS).
In July 2014, there were 92,001,000 Americans, 16 and over, who were classified as “not in the labor force,” meaning they not only did not have a job, but they didn’t actively seek one in the last four weeks.
This number has increased by 11,472,000 since January 2009, when the number of Americans not in the labor force was 80,529,000.
The number of Americans not in the labor force dropped slightly in July, down 119,000 from the 92,120,000 Americans not in the labor force in June.
The participation rate, which measures the percentage of the civilian non-institutional population that participated in the labor force by either having a job or actively seeking one, increased from 62.8 percent in June to 62.9 percent in July."
Sounds familiar? It should. We've been reading reports like that for some time.
We will continue to get these reports until the Obama administration gets out of the way and lets employers do their thing.