The truth about last Friday’s jobs report (while Obama golfs)

Obama the golferWhile the economic malaise continues to hurt millions of our fellow citizens, at least we need not have any concerns about our president: No worries! Obama golfs 150th round as superstorm devastates Philippines, Iran deal enrages.

The following excerpt is from Mike Shedlock’s article A Full Run-Down on Friday’s Jobs Report:

Were it not for people dropping out of the labor force, the unemployment rate would be over 9%. In addition, there are 8,050,000 workers who are working part-time but want full-time work.

Grossly Distorted Statistics

Digging under the surface, much of the drop in the unemployment rate over the past two years is nothing but a statistical mirage coupled with a massive increase in part-time jobs starting in October 2012 as a result of Obamacare legislation.

Moreover […] this month’s numbers are extremely distorted due to temporary layoffs. Next month we will have a better understanding of various factors including the unemployment rate.

This excerpt is from Daniel J. Mitchell’s article “Obamanomics and the Vanishing American Worker“:

The Department of Labor has issued its monthly employment report and the item that will attract the most attention is that the unemployment rate marginally increased to 7.3 percent.

That number is worthy of some attention, but I think it distracts attention from a far more important set of data. What we should be more worried about is the overall supply of employed workers.