Hey, you guys! Things are looking up, according to former Michigan governor and lefty commentator Jennifer Granholm. The drop in unemployment is totally “Gr8 news,” tweeted Granholm as she tapped into her inner Tony the Tiger.
Drop? No.
The May jobs report noted a slight uptick to 7.6 percent unemployment. And while the report was apparently better than expected, “Gr8” is a stretch. Granholm corrected her error, but note: She still thinks the report is pretty sweet.
Correction: unemployment rate rose slightly to 7.6%; ironically good news b/c seems more people have confidence to look for work.
— Jennifer Granholm (@JenGranholm) June 7, 2013
Now that the unemployment rate has jumped, media suddenly discovers labor participation rate. #Hacks
— Burn, Democrat-Run Cities, Burn! (@NolteNC) June 7, 2013
More on what the current labor participation levels mean:
11.4%: What the US unemployment rate would be if labor force participation were back to January 2008 levels
— James Pethokoukis (@JimPethokoukis) June 7, 2013
Now is 11.4% a fair estimate given demographics? Probably not. Using Goldman Sachs analysis, 9.1% a better number
— James Pethokoukis (@JimPethokoukis) June 7, 2013
Forward!
More analysis and context from James Pethokoukis:
BREAKING: May Jobs Report: 175,000 net new payrolls; 7.6% U-3 unemployment rate
— James Pethokoukis (@JimPethokoukis) June 7, 2013
The broader U-6 underemployment rate down a tick to 13.8%
— James Pethokoukis (@JimPethokoukis) June 7, 2013
Labor force participation up a tick, employment-population ratio dead in the water
— James Pethokoukis (@JimPethokoukis) June 7, 2013
Recommended
Context: At May job creation pace, US back to 5% unemployment in just 58 months
— James Pethokoukis (@JimPethokoukis) June 7, 2013
Average duration of unemployment actually rose to 36.9 weeks
— James Pethokoukis (@JimPethokoukis) June 7, 2013
Number of new jobs needed to get back to trend: 6 to 12 million
— James Pethokoukis (@JimPethokoukis) June 7, 2013
FLASHBACK: Back in January 2009, Team Obama predicted jobless rate just above 5% by May 2013 if Congress passed stimulus
— James Pethokoukis (@JimPethokoukis) June 7, 2013
Still 1.9 million private-sector jobs below January 2008 peak
— James Pethokoukis (@JimPethokoukis) June 7, 2013
Actually, if you equalize for labor force participation, U-3 rate the same as when Fed started QE3
— James Pethokoukis (@JimPethokoukis) June 7, 2013
US private-sector jobs created since January 2009, 1.9 million. Not a year. Total
— James Pethokoukis (@JimPethokoukis) June 7, 2013
Why the Obama jobs miss? GDP growth has been less than half of what WH predicted back in 2009
— James Pethokoukis (@JimPethokoukis) June 7, 2013
Exit question:
https://twitter.com/LilMissRightie/statuses/342990394449076225
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