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Saturday, November 03, 2012

http://www.heritage.org/research/reports/2012/11/october-employment-report-jobs-added-but-unemployment-rate-rises 
~ from The Heritage Foundation article yesterday.

Even CNBC, The Washington Post, Investor's Business Daily and Reuters wrote of the contradictions and "implausible" numbers in the October jobs report and described ALL the facts including "In the 44 months Obama has been in office, the unemployment rate has been below 8% in just two, and it was at or above 9% for 29 months. No president since the Great Depression has produced unemployment rates that high for that long" and "an unemployment average in the mid-teens for those with a high-school degree. For African Americans of any education level, the rate is 14.3%; for Hispanics, 10%...If you live in California, Nevada or New Jersey, the unemployment rate is at or above 10%."

The Heritage Foundatin explains the little details that the major media (who back Obama) forgot to tell us about:

"In October, the labor market continued its slow recovery by adding 171,000 jobs, but the unemployment rate climbed to 7.9 percent according to the latest jobs report from the Bureau of Labor Statistics (BLS)...At the current rate of job growth, a return to full employment is not expected until 2017 at the earliest.
...
"The duration of unemployment also climbed as many workers became long-term unemployed. The average length of unemployment increased to 40.2 weeks, the first time this measure has been back over 40 weeks since January.
...
"One unpleasant surprise in the payroll survey is that average hourly earnings and hours of work declined. For non-supervisory workers, average wages fell from $19.80 to $19.79, and hours of work fell from 33.7 hours to 33.6 hours per week.
...
"If unemployment rose because workers who had formerly given up looking for work started searching for jobs again, then that would be good news. It would show they were more confident about finding jobs.

"Sadly, that is not the case. The number of unemployed workers re-entering the job market did not change between September and October. Unemployment rose because the number of workers permanently laid off (+129,000) or who quit their jobs (+53,000) rose in October.

"In every recession in the post-war era—including the more severe 1981–1982 recession—employment fully recovered within four years of the recession’s onset. That has not happened in this recovery. Employers have 4.2 million fewer workers on their payrolls than they did in December 2007.

"Meanwhile, population (and thus the pool of willing workers) continues to grow, generally outpacing job growth. Over 12 million Americans remain unemployed. This is the slowest recovery since the Great Depression in the 1930s."

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