Good News! Unemployment drops to 6.1%, Bad news: workforce participation at 36-year low
According to the recent BLS data, June added 288,000 jobs, dropping the unemployment rate to 6.1%. That’s only two years after the financial gurus at the White House said we’d be here and only four years after the administration’s now infamous “recovery summer" (which turned out much more like the "Summer of George" than a recovery).
From BLS.gov (H/T HotAir):
Total nonfarm payroll employment increased by 288,000 in June, and the unemployment rate declined to 6.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains were widespread, led by employment growth in professional and business services, retail trade, food services and drinking places, and health care.
Household Survey Data
In June, the unemployment rate declined by 0.2 percentage point to 6.1 percent. The number of unemployed persons decreased by 325,000 to 9.5 million. Over the year, the unemployment rate and the number of unemployed persons have declined by 1.4 percentage
points and 2.3 million, respectively. (See table A-1.)
Among the major worker groups, the unemployment rates for adult women (5.3 percent) and blacks (10.7 percent) declined in June, and the rate increased for teenagers
(21.0 percent). The rates for adult men (5.7 percent), whites (5.3 percent), and Hispanics (7.8 percent) showed little change. The jobless rate for Asians was 5.1 percent (not seasonally adjusted), little changed from a year earlier.
Read the Rest
No doubt the media will be all over this. They’ll tell you that the economy is back, that the Obama has personally removed us from the brink of destruction by his mighty hands. But here are some secrets that they probably won’t share: 1) Workforce participation is at a 36-year low, 2) the GDP is shrinking (and it ain’t just because of the weather) and 3) While quantitative easing and government spending (i.e. unfathomable debt) might be propping things up on some level, it is utterly unsustainable.