The View From 1776
Saturday, July 06, 2013
Another Look At The Numbers
The Obama administration’s spin meisters call latest jobs reports proof that stimulus spending five years ago, coupled with the Fed’s loose money (currently $85 billion of phony money created out of thin air every month), have produced a solid jobs recovery.
Investors’ Business Daily editorialists disagree: America’s Job Recovery Is Only For Part-Timers
In short, this jobs recovery isn’t solid. It’s pathetic.
It’s even worse when you consider all of the net addition to June jobs — repeat, all — were part time. Compared with the 360,000 part-time positions created, full-time employment shrank by 240,000.
Year to date, only 130,000 full-time jobs have been added to our economy. The rest of the jobs — 557,000 — have been part time.
And tucked deep into the jobs report was this little tidbit: The underemployment rate, which measures those working in a job for which they’re overqualified, or working part-time when they really want full-time work, shot up from 13.8% to 14.3%.
This isn’t a solid jobs report. It’s a crisis.