Job numbers are out.
And they aren’t good.
Michael over at Innocent Bystanders put together this graphic highlighting how 95% of all new jobs came from the Census.
The labor force shrank again, from 65.2% of the population down to 65%. So the modestly good news from last month is gone. You may remember all the MSM pundits who were saying last month “the unemployment rate went up, but that’s good news because more people came back to the labor market.” I doubt that they’ll be pointing out that this month the unemployment rate went down, but that that’s bad news because more people left the labor market.
So what are others saying?
The average duration of unemployment rose to a staggering 34.4 weeks in May,
up 1.4 weeks over April and up 11.5 weeks from May a year ago. The median duration of
unemployment rose 1.6 weeks to 23.2 weeks. This means that the typical unemployed worker has been out of a job for nearly six months.
…it could be that as much as 20 percent of the net private sector job creation in May was due to the oil spill. This is not the type of job creation that is the kind that makes one cheery about the long term prospects for the economy. – Larry Lindsey
A disappointing private payroll number to be sure. – John Ryding and Conrad DeQuadros of RDQ Economics.
Believe the GOP spin on job numbers. – Marc Ambinder
Now don’t get me wrong. These numbers shouldn’t make any Republican happy. But that doesn’t mean they shouldn’t be used to reinforce to voters that Democrats are failing to make the right choices to fix this economy.
Remember, it’s been 472 days since the stimulus went into law. A stimulus that President Obama promised would “jumpstart our economy.” A stimulus Vice President Biden stated would keep unemployment under 8%. A stimulus that has cost taxpayers more than the entirety of the War in Iraq.
Democrats have failed.