According to Obama’s Bureau of Labor, the economy added 242,000 jobs in February, “extending the longest streak of private-sector job growth on record.” On Friday, President Obama gleefully announced “Today, American businesses are creating jobs at the fastest rate since the 1990’s,” adding “in other words, the numbers, the facts, don’t lie.”
President Obama even lies about the numbers “not lying”. Here’s the economic reality that the administration is not telling you.
Today, 94 million Americans are unemployed, more than almost any other time in history. The labor force participation rate is less than 63%. This figure represents the number of able-bodied working-aged people who actually have jobs.
The government does not count people who have given up looking for work as unemployed. They are just conveniently removed from the unemployment rate.
As for all those factory workers who lost their job last year and are now working at Subway? They are considered fully employed as well.
Also buried in the Bureau of Labor’s report on Friday, “The average workweek for all employees on private nonfarm payrolls declined by 0.2 hour to 34.4 hours in February.” That means that employers are cutting hours for their employees.
Another statistic in the report, “In February, average hourly earnings for all employees on private nonfarm payrolls declined by 3 cents to $25.35.” In other words, employees are making less per hour than they were the previous month.
This is good news?
OK, there is some actual good news in the report; if you like flipping burgers. The report states “Food services and drinking places added 40,000 jobs in February. Over the year, employment in the industry has grown by 359,000.” Would you like fries with that, Sir?
Oh, and the retail sector grew jobs. Again, from the Labor Department, “Retail trade continued to add jobs in February (+55,000). Retail trade has added 339,000 jobs over the past 12 months.” Would you like to try that on, ma’am?
Yes, the American economy is growing lots of low-wage service sector jobs. It is also losing lots of high-paying manufacturing and mining jobs (19,000 mining jobs were lost in February).
The fawning press helped promote Obama’s ridiculous numbers. USA Today‘s headline read “Employers add better-than-expected 242,000 jobs in February.” Ironically, above the article, they posted this “Help Wanted” sign. Can you see the employer name just above the sign? (USA Today tried to crop it out). It’s a Subway Sandwich Shop.
USA Today is promoting Obama’s great economy with this photo
Welcome to the Obama economy.