{UAH} A STORY OF U S ECONOMIC FAILURE

A story of U.S. economic failure

Labor reports chronicle seven years of joblessness

ANALYSIS/OPINION:

The measly number of jobs that the Obama economy created last month is raising new fears of a steeper employment decline this year and next.

Last Friday’s shocking Bureau of Labor Statistics (BLS) report stunned economists, shook Wall Street, and offered little if any hope for long-term, unemployed Americans finding full-time work anytime soon.

“There’s nothing good in this morning’s report,” Carl Tennenbaum, chief economist at Northern Trust, said last week. “We had very low levels of job creation, wage growth isn’t budging, and the unemployment rate would have risen if the labor force participation rate hadn’t fallen.”

The U.S. Labor Department’s data-gathering arm said employers added only 142,000 jobs in September, far less than the 201,000 jobs that were forecast.

The BLS’ estimate in August was revised downward, too, showing that the economy had produced only 136,000 jobs, not the 173,000 jobs originally reported.

July’s jobs report was also revised lower from 245,000 to 223,000. The administration is big on revising job data, because the original, exaggerated estimate draws all the news coverage and the downward revision is ignored.

 

 

EM

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