The last jobs report before the presidential election from the Department of Labor Bureau of Labor Statistics is out today. Here is the “progress” President Obama is talking about today in Fayetteville, NC while he campaigns for Hillary Clinton.
Two things you should know about what you will hear from the mainstream media. One is that they will report an unemployment rate below 5%, 4.9% (Table A-1) The number is only that low because they don’t count millions of people who’s unemployment benefits have run out. It’s like they don’t exist any more. The real unemployment, the U-6, is 9.5%, not 4.9%. (Table A-15)
There were 161,000 jobs created in October 2016. (Table B-1) And this number includes people who have lost their FT job and taken on a PT job. It also includes those who have a job and got a 2nd or 3rd job. Taking into account births, deaths, immigration, and retirements, a minimum of 250,000 jobs is considered break-even. So 161,000 jobs created represents an 89,000 net job loss.
At the start of the Obama administration in 2009, there were 80,380,000 people not in labor force. As of Oct ’16, this has increased to 94,609,000. Obama’s economy since taking office represents a net negative job growth. And minorities are hit worst.
Black labor participation rate (Table A-2), the number of people who can work that are working, is Oct 2015, 62%. Oct 2016, 61.8%. Fewer Blacks working this year than last year.
Black unemployment Oct 2015, 8.3%. Oct 2016 8.6%. (Table A-2) Unemployment rate for Blacks is double that for Whites at 4.3%.
The jobs being created are not the better paying jobs. Comparing Oct ’16 to LY, employed persons by occupation, the largest sector growth is in the low-paying services sector at 1.12 million. (Table A-13)
Oct ’16 compared to Oct ’15, there is a 430,000 increase in people having multiple jobs. Because they have to just to get by. (Table A-9)
October ’16 compared to LY, there were 163,000 more people NOT in the labor force. Compared to the previous month, Sept 2016, the increase is 425,000. (Table A-1)
This dismal economic situation should open your eyes to what you can expect if Hillary Clinton should become the next president, because she is campaigning on continuing, if not exacerbating, Obama’s path.