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AUSTIN, July 10, 2014 —The U.S. Labor Department released the all-important Employment Situation Report last Thursday afternoon, just before the long Fourth of July holiday weekend.
Given the timing, the report almost went unnoticed, except by President Obama, who hastily threw together an afternoon appearance to trumpet the new numbers.
On the surface, things could not look better. 288,000 new nonfarm jobs were created in June and the unemployment rate dropped two tenths to 6.1 percent, over a one percentage point drop just since last October, now to its lowest level since September 2008.
However, things aren’t always how they appear to be.
275,000 new part-time jobs
275,000 of the 288,000 net new jobs created last month were part-time taken “for economic reasons”, according to Labor Department Report A-8.
In June, there was a net gain of just 13,000 full-time nonfarm jobs.
In his 7-minute speech, President Obama apparently celebrated the loss of 275,000 full-time jobs in favor of 275,000 part-time jobs taken for economic reasons by desperate Americans.
We’ve now seen the fastest job growth in the United States in the first half of the year since 1999 (applause)… We’ve seen the quickest drop in unemployment in 30 years… 10 million jobs created over the course of the last 52 months
-President Obama, 1776, 7/3/2014
The Administration has viewed job creation through rose-colored glasses for so many years it is incapable of facing reality. Reality is that seven million jobs were permanently lost in the Great Recession, never to return. Reality is that many of the new jobs are low paying or part-time. Reality is that millions of discouraged Americans have simply dropped out of the workforce entirely.
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