(H/T of credit goes to Ed Morrissey who’s report on this subject is most excellent.)
From the Bureau of Labor:
Total nonfarm payroll employment rose by 148,000 in September, and the unemployment rate
was little changed at 7.2 percent, the U.S. Bureau of Labor Statistics reported today.
Employment increased in construction, wholesale trade, and transportation and warehousing.
In September, the number of long-term unemployed (those jobless for 27 weeks or more)
was little changed at 4.1 million. These individuals accounted for 36.9 percent of the
unemployed. The number of long-term unemployed has declined by 725,000 over the past
year. (See table A-12.)
Both the civilian labor force participation rate, at 63.2 percent, and the employment-
population ratio at 58.6 percent, were unchanged in September. Over the year, the labor
force participation rate has declined by 0.4 percentage point, while the employment-
population ratio has changed little. (See table A-1.)
The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) was unchanged at 7.9 million in September. These
individuals were working part time because their hours had been cut back or because they
were unable to find a full-time job. (See table A-8.)
In September, 2.3 million persons were marginally attached to the labor force, down from
2.5 million a year earlier. (The data are not seasonally adjusted.) These individuals
were not in the labor force, wanted and were available for work, and had looked for a
job sometime in the prior 12 months. They were not counted as unemployed because they
had not searched for work in the 4 weeks preceding the survey. (See table A-16.)
Among the marginally attached, there were 852,000 discouraged workers in September,
essentially unchanged from a year earlier. (The data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they believe
no jobs are available for them. The remaining 1.5 million persons marginally attached
to the labor force in September had not searched for work for reasons such as school
attendance or family responsibilities. (See table A-16.)
Ed Morrissey as always, provides some excellent analysis:
The jobless rate declined to 7.2%, but that’s not coming from an employment explosion. In order to keep up with population growth, the US economy has to add around 150K jobs net each month, which means we did slightly worse than tread water in September. Both the U-3 and the U-6 number declined in this case by a tenth of a point, with U-6 now at 13.6%. Before the Great Recession really got into high gear in the fall of 2008, U-6 was at 10.8%, and it was at 14.2% when Barack Obama took office.
This month, 136,000 people left the workforce in the population survey, which is almost the same number as the net jobs added in the establishment survey. The number of employed in the same population survey only increased 133,000. It’s a real demonstration of the continuing stagnation, and another indication of the decreasing value of the jobless rate as an economic indicator.
The business friendly media saw this and called it the following (Via CNBC):
Today’s blistering jobs report has quickly reminded America that our economic problems are getting worse, despite talking point reassurances from Federal Reserve officials,” said Todd Schoenberger, managing partner at LandColt Capital.
The report likely will do little to move the needle on monetary policy.
Most market-watchers now expect the Federal Reserve to continue its $85 billion a month bond-buying program until well into 2014. Consensus sentiment is now that the central bank won’t even start easing back on, or “tapering,” the purchases until the spring.
“You would think by now you would be consistently creating over a couple hundred-thousand jobs a month, at least,” said Brad Levitt, senior economist for Oppenheimer Funds. “The Fed wants to see over 200,000 jobs a month on a consistent basis before a change of policy.”
In short, the demand isn’t there and the money to pay additional workers isn’t there,” Kathy Bostjancic, director of macroeconomic analysis for the Conference Board, said in a statement. “Both job and income growth remain stuck in neutral.”
Okay, now it is time for me to rant a little here; after all the domain name here, and the former name of this blog was “Thoughts and Rantings” at one point. Now before I begin; please keep in mind that I have never been much of a partisan blogger. I have my political convictions and all, but I am not, nor have I ever been a “Republican” blogger. I am a Paleoconservative, a Pat Buchanan type. Basically, when it comes to matters like this here, Free Trade, and somewhat wall street —- I am still pretty much a populist, not a progressive populist, but still very much a populist.
You see my friends, this here is what you get when you put in a Neoconservative President for eight years, who puts America into a war. This is what happens when you put in neoconservatives in congress that spend like drunken sailors. This is what happens when Democrats come in, take over congress and promise the moon and the stars and proceed to do absolutely nothing! What did they do? Continued the damned spending, just like the Republicans did under Dennis Hastert.
All the Democrats did, when they were campaigning, was carp on about ending the war, not once did they ever say anything about the jobs situation. Then, finally, after they won the election, and routed out the Republicans; did they change anything? Did they stop the war? Did they even bother to slow down spending, did they bring the fed’s printing of money under control? Did they try to lighten the burden of taxes to the big and small businesses, did they try to clear some of the idiotic regulations for small businesses, so that job growth could actually happen? Hell no, they didn’t!
Now look what we have to show for it, Republicans and Democrats. A pure crap-hole for an economy! As for those job numbers; those numbers are a damn farce. When you add in the people, like myself, who have basically given up on trying to look for work, and have been out of the workforce for longer than say, six months; the numbers are much, much, higher. Some say, if you factor in ALL unemployed people, the number is as high as 30%. I believe if the United States Government would actually stop trying to fake the damned numbers on unemployment, and take a real damned survey; the numbers would be shocking and would plunge Wall Street into a full on panic.
The bottom line: The United States of America’s economy and jobs situation is an absolute disaster; and the United States Government continues under this neo-liberal Presidential administration to cover up the fact that America’s unemployment problem is extremely severe. Just like the previous neoconservative President did. The solution to this problem is to end the free trade deals, and get the federal reserve under control. This is when real economic reforms can begin.