The United States Department of Labor released its statistics for June and the economy only added about 80K jobs, leaving unemployment at 8.2%. 150,000 jobs need to be added just so the economy can keep up with population growth. This is a far cry from what Barack Obama projected. Team Obama projected that if Congress passed $800 billion in stimulus that unemployment would be around 5.6% today. Well they took our money and we aren’t even close to that number.
Not only did Barack Obama fail to produce, but he has been touting pitiful numbers for the full term of his presidency. He has done this even though he was blasting the Bush administration back in 2004 for quoting “good economic numbers,” which were the very numbers he said he would attain with spending nearly a trillion of the American people’s money.
Mike Flynn reports,
Economists had been predicting a net gain of around 100k jobs. Payroll giant ADP yesterday suggested June job growth might even come in around 176k, blowing past expectations. For a while yesterday, the media and Wall Street wondered if today’s report would surprise with a strong jobs number. Alas, as with most jobs reports in recent months, it wasn’t to be. After three and a half years, one would think economists would be weary of always being surprised by “unexpected” bad economic news.
These numbers will be very hard for Obama and the Democrats to spin. BLS revised May’s jobs’ numbers up from 69k to 77k, taking away the spin that today’s report was at least an improvement over May. BLS also revised April’s numbers down, from 77K to 68K, meaning the the fall-off after the 1st Quarter was much steeper than originally thought.
Virtually ever other measurement in today’s report; unemployment rate, number of unemployed, labor participation rate and hiring levels in most industry sectors were unchanged from May. Its an across the board stall.
These numbers are only a reflection of bad economic policy by the Obama administration. But wait, among black Americans (yeah I don’t call them African American, since Africa is a continent not a country – they are fellow Americans) the unemployment rate is pushing 15%!
In addition to these numbers, it appears we are headed towards a deeper recession. Dr. Gary North points out:
Two indicators of recent economic activity serve as early indicators: the pair of indexes know as the PMI (purchasing managers’ index). One is for manufacturing (13% of the economy), and the other for services (most of the economy). Both are published by the Institute of Supply Management. Both are giving bad vibrations.
The less significant sector is manufacturing, but it is a better indicator. It moved into negative territory in June: under 50. This was the first time this had happened since July 2009. Especially grim was the decline in new orders. The services index declined in every category, but has not fallen below 50. The supply managers are becoming pessimistic.
“The recovery has been the weakest in post-recession American history since World war II,” North concludes. “It is about to end.”