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Friday, October 3, 2014

YET ANOTHER EMPEROR'S NEW CLOTHES JOBS REPORT DURING THE GREATEST DEPRESSION OF ALL-TIME

Jared Bernstein, former Obama greenshooter Ph.D economist called it a "solid jobs report."

On November 1, 2007, near peak credit, Total Non-farm Payroll, which consists of about 80% of workers who contribute to GDP, tallied to 139,443,000 hired and working. The number of Americans hired and working plunged by almost 11 million to 128,692,000 by January 1, 2011. As of September 1, 2014, Total Nonfarm Payroll stood at 139,752,000




It has taken almost seven years, a whopping 80 months to gain a paltry 309,000 jobs.  

Total population has grown 12.89 million since January 2008. According to Wikipedia, 60% of Americans fall within the ages of 20 to 64. So, there are 7.73 million more working age Americans today than at peak credit and peak employment.

For every new job created for the economy, there are 24 new working-age Americans lacking jobs. Said another way, for every 25 new working-age Americans, only one gets lucky enough to land a job.

From the Obama Low to September 1, the jobs count has grown 8.59%, growing at a yearly rate of 2.22%. Yet, this rate is slower than the job loss rate from the Bush jobs peak of November 2007 to the Obama jobs low.

From the Bush jobs peak near the peak of the greatest credit bubble in world history to the Obama low of January 2011, jobs fell -7.71% falling at a rate of -2.44% a year.

Total job growth rings in at a bit more than two-tenths of one percent (0.22%) from November 1, 2007, to September 1, 2014. The yearly growth rate is a barely perceptible three-one hundredths of one percent (0.03%).

To give you more perspective, under the policies of Congress and Obama as well, rounded up, 3,862 jobs a month have been added since he Bush jobs peak of November 2007.

Who could claim this as a good jobs report but the dishonest or stupid?

Also, if you hear Obama or anyone else say there has been bla-bla months of uninterrupted job growth, either Obama or anyone else is lying. There have been seven months since the Obama jobs low, where Total Non-farm Payroll fell from the month before.