The badly damaged Obamaconomy shed about a quarter-million jobs in July, meaning a quarter-million more people are unemployed in July than were in June. Yet the nation’s unemployment rate inched down one-tenth of one percent to 9.4%.
And the [state-run media] world rejoiced that magical Barack caused the Unemployment Rate to drop by 0.1% in a month when 250,000 less Americans had jobs. How can this be?
Jim Geraghty at National Review Online explains that this is possible because almost 800,000 people “were taken out of [the] definition of the workforce, and thus [the] unemployment calculations for [July].”
In other words, 800,000 workers believe that Barack Obama’s economy is so bad they have stopped looking for work all together.
Of course, if you take the July number of unemployed, 14.5 million, and add that 796,000 of discouraged workers, you get a total of 15,296,000.
In a work force of July’s number of 154,504,000, that’s an unemployment rate of 9.9 percent.
In a work for of June’s number of 154,926,000, that’s an unemployment rate of 9.8 percent.
There’s nothing nefarious going on in the calculation. This is the way the number has always been calculated.
In good times, when fewer workers are discouraged and give up on finding a job, it works against the administration in power because the worker pool constantly grows – inflating the unemployment number.
In bad times, when more workers get discouraged and give up on finding a job, it works in favor of the administration in power because the worker pool is shrinking – making the unemployment number look smaller than it is.
There is, however, something nefarious going on in how the media is treating this statistical anomaly as a sign that the recession is over.
Again, one quarter of one million Americans lost their jobs in July. About 800,000 Americans found a job market so bad that they gave up looking for work.
Neither is a positive figure for the economy.
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TaggedBarack Hussein Obama, Economy, Jobs, Media Bias, Unemployment
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