The Committee for Tax, Monetary & Spending Reform
Recovery (dot) Fail | Not Jobs
Employment Situation Worse: Year-Over-Year
By: Larry Walker, Jr.
The Bureau of Labor Statistics (BLS) released their employment situation report on Friday July 2, 2010. My analysis is meant to expose facts that most casual observers ignore. Instead of the general month-to-month comparison, I am assessing changes in the employment situation over the last twelve months. This expanded view will tell us whether or not the Recovery Act is working. I will begin with my conclusions, followed by excerpts from the BLS report, and end with my analysis.
Conclusion: The employment situation is worse than it was a year ago. Although the U-6 unemployment rate stood unchanged at 16.5%, the population increased by 2.0 million, while the labor force fell by 1.0 million, making the employment situation unsustainable. The number of marginally attached and discouraged workers rose to 2.6 million, an increase of 415,000 year-over-year. The number of unemployed persons rose by 317,000. There are 919,000 fewer jobs than there were a year ago.
So much for, “the recovery is working.” So much for Progressive-Economics, the main tenets of which appear to be:
Borrow huge sums of money from taxpayers and foreigners.
Spend it in ways that won’t necessarily lead to job creation (i.e. tax cuts for all except for those who would use it to create jobs; more government jobs; mandatory health care; etc…)
Raise taxes on the remaining smaller pool of workers who survive Steps 1 and 2, in order to pay for Step 1.
Repeat Steps 1 through 3 (if you manage to survive after Step 2).
The following excerpts are from the latest BLS report entitled, THE EMPLOYMENT SITUATION -- JUNE 2010:
Total nonfarm payroll employment declined by 125,000 in June, and the unemployment rate edged down to 9.5 percent, the U.S. Bureau of Labor Statistics reported today. The decline in payroll employment reflected a decrease (-225,000) in the number of temporary employees working on Census 2010. Private-sector payroll employment edged up by 83,000….
Both the number of unemployed persons, at 14.6 million, and the unemployment rate, at 9.5 percent, edged down in June….
In June, the number of long-term unemployed (those jobless for 27 weeks and over) was unchanged at 6.8 million. These individuals made up 45.5 percent of unemployed persons….
In June, about 2.6 million persons were marginally attached to the labor force, an increase of 415,000 from 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….
Among the marginally attached, there were 1.2 million discouraged workers in June, up by 414,000 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 1.4 million persons marginally attached to the labor force had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities….
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