If you were watching the business channels today you saw another catastrophe brought to you by the Obama administration. The official jobs report came in at just 38,000 jobs for the month of May, far below the number that economists were expecting and indicative of the continuing collapse of the economy under the socialist/communist policies of the Obama administration.
To listen to President Obama, Americans live in a liberal paradise—a robust economy, 75 consecutive months of jobs growth, and a government aggressively promoting social justice.
For those employed in the liberal industrial complex—media, universities, and political consultants advising Democratic candidates—it’s all true.
It’s time for Hillary. How could Americans not enjoy a historic march from the worst excesses of capitalism!
Meanwhile CNBC provides us with this report on the real unemployment numbers that are quite a bit worse than the rosy figures put forward by the administration.
What’s the Real Unemployment Rate?
Every month on jobs day, the Labor Department’s Bureau of Labor Statistics puts out a ton of employment-related data, each of which tells its own story about the state of the economy. Economists look past the official unemployment rate — known as the “U-3” number — to other metrics that provide more nuanced views of the employment situation.
The U-3 rate is defined as the “total unemployed, as a percent of the civilian labor force,” but doesn’t include a number of employment situations. A broader figure is the U-6 rate, which many economists rely on as a more accurate portrayal of employment in the country.
The U-6 rate remained unchanged at 9.7 percent in May.
Combine this with the above jobs report and you have a seriously dismal day for the economy and the market. The dollar was down as were the major market indices. The ten-year treasury yield dropped as people ran for cover and gold spiked up by about 3%. There is no way to put a happy face on this. The economy has been doing worse and worse under Obama as more people lose their jobs, drop out of the economy or are downsized to part-time work or watch their previously high-paying jobs go to India, Mexico and China. Meanwhile the elites in Washington are on the taxpayer-funded gravy train and have not a care in the world. They go on $100,000,000 dollar African Safari Vacations and send the dog off on his own taxpayer-funded private jet. The good times keep-a-rolling.
