What, no pom-poms and “rah-rah-econo-meh” from the usual suspects today?
Here’s why: Putting a positive spin on 7.3 percent unemployment is a fast track to beclownment no matter how cute the Left thinks its Obama cheerleader uniforms are.
We’re looking at downward revisions of June and July employment numbers and a 35-year low in workforce participation.
Big ouch on this month's jobs report. Downward revisions and 300+k dropped out of the workforce.
— Andrea Darbi Bradley (@darbibradley) September 6, 2013
https://twitter.com/ReformedBroker/status/375959836770312194
Labor force participation fell to its lowest level since 1978.
— Ben Casselman (@bencasselman) September 6, 2013
Nonfarm payroll employment for June was revised from +188,000 to +172,000, and the change for July was revised from +162,000 to +104,000.
— James Pethokoukis (@JimPethokoukis) September 6, 2013
10.8%: Jobless rate if labor force participation were at January 2009 levels
— James Pethokoukis (@JimPethokoukis) September 6, 2013
Again, the Obama White House in 2009 predicted August 2013 would be 2nd straight month of 5% unemployment
— James Pethokoukis (@JimPethokoukis) September 6, 2013
At 169,000 jobs a month, it will take 9 yrs and 10 months to return to pre-recession employment levels. See you in 2023
— James Pethokoukis (@JimPethokoukis) September 6, 2013
Also sizable jump in long-term term unemployment, both median duration and distribution
— James Pethokoukis (@JimPethokoukis) September 6, 2013
https://twitter.com/davidharsanyi/status/375966724568662016
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Remember how we thought Obama's dead-parrot economy actually created a smidge of net job growth in July? Nope. Downward revision. Bummer.
— John Hayward (@Doc_0) September 6, 2013
https://twitter.com/Neil_Irwin/status/375961123557634049
With the participation rate still falling, the unemployment rate is less relevant than ever. And all the Fed board knows it.
— Felix Salmon (@felixsalmon) September 6, 2013
Jobs report bottom line today: Massive downward revisions in June/July. 300k leave workforce, participation rate at 3-decade low.
— Michelle Malkin (@michellemalkin) September 6, 2013
C’mon, give us an “O!”
https://twitter.com/ezraklein/status/375960826823598080
Or not.
Update:
As always, the White House whips out the pom-poms.
"the recovery continues to make progress" – WH economic adviser Jason Furman
— James Pethokoukis (@JimPethokoukis) September 6, 2013
Chairman of the Council of Economic Advisers Jason Furman swears “the recovery has been durable in the face of several headwinds.”