22 Oct 2013 Project 21’s Green Unchanged in Pessimism About Obama Economy
After 18 days of waiting due to the government slowdown (the Bureau of Labor Statistics was a shuttered agency), today’s release of the September jobless numbers ended up being much ado about nothing. In a word, used throughout the BLS press release, the misery for so many Americans was “unchanged.”
The overall official unemployment rate was 7.2 percent, down just one-tenth of one percentage point from August. But there were 45,000 fewer jobs created. Status quo for the Obama recovery. Go figure.
Unemployment among men, women, teens, whites, blacks, Hispanics and Asians? “[L]ittle or no change.” The rate for the long-term unemployed (27 weeks or more) was “little changed.” Part time: “unchanged.” The labor force participation rate (already at a 35-year low of 63.2 percent) was “unchanged.” Employment-population ratio (58.6 percent)? “Unchanged.”
Another thing that was virtually unchanged was the “U-6” jobless rate that figures in those out of work as well as those who are both underemployed and so turned off they are no longer looking for a job. The U-6 rate edged down only slightly from 13.7 percent to 13.6 percent.
On the actual scheduled day for the September jobless report’s release, Project 21 member Derryck Green issued his regular report on the state of the Obama economy. Back then, a privately-calculated report suggested the jobless rate for last month would remain steady at 7.3 percent (completely unchanged).
Today, Derryck comments on the actual, almost unchanged, figures:
As a result of the partial government shutdown, September’s job numbers were just released by the federal Bureau of Labor Statistics. As expected, the economic situation remains negligible from the previous month.
The overall unemployment rate is at 7.2 percent, while black unemployment is 12.9 percent. The unemployment rate for black teens stands at 35 percent.
More importantly, despite the 148,000 jobs created last month, the number of unemployed Americans not in the workforce is 11.3 million, and labor force participation rate remains at 63.2 percent — maintaining its 35-year low.
Unfortunately, these numbers — which represent actual, unemployed Americans — will not get the attention they deserve. Then again, have they ever? The focus, instead, has been on the inept and embarrassing roll-out of the President’s signature ObamaCare law.
These realities are a poor but accurate reflection of the President’s leadership and the liberal policies he promotes.