July 6, 2012
Related: U.S. Employers Add 80,000 Jobs As Economy Struggles. “About one-third of the jobs gained in June were in temporary services.”
UPDATE: CNBC: Worst hiring period in 2 years. “There is little hope of an acceleration in the pace of job growth any time soon.” Not until November at the earliest.
Plus: “A measure of unemployment that includes discouraged workers ticked higher to 14.9 percent, its highest level since February, while the labor force participation rate stayed near a 30-year low at 63.8 percent.”
Remember back in 2009, when President Obama and his team told us that we needed to squander $800 billion on a so-called stimulus package.
The crowd in Washington was quite confident that Keynesian spending was going to save the day, even though similar efforts had failed for Hoover and Roosevelt in the 1930s, for Japan in the 1990s, and for Bush in 2008.
Nonetheless, we were assured that Obama’s stimulus was needed to keep unemployment from rising above 8 percent.
Well, that claim turned out to be quite hollow. Not that we needed additional evidence, but the new numbers from the Labor Department re-confirm that the White House prediction was wildly inaccurate. The 8.2 percent unemployment rate is 2.5 percentage points above the Administration’s prediction.
Here’s the chart:
Mitchell: “The one thing that is unambiguous is that we’ve never had a jobs recovery as anemic as the one we’re experiencing today.”
Here’s another chart on that, from the Minneapolis Fed:
The red line is the current recession. Click through for a bigger version with more data. This is a predictable result of having an Administration — and for the first two years, a Congress — that views Atlas Shrugged not as a cautionary tale, but as a how-to manual. . . .