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Obama’s Disappointment Economy

- August 2, 2013

Politico Headline: “Another Tepid Jobs Report.” (Patrick Reis, “Another Tepid Jobs Report,” Politico, 8/2/13)

  • “The Trend Of Sluggish Economic Growth Continued Friday…” “The trend of sluggish economic growth continued Friday, as federal economists reported that the economy added 162,000 jobs in July while the unemployment rate edged down from 7.6 percent to 7.4 percent.” (Patrick Reis, “Another Tepid Jobs Report,” Politico, 8/2/13)
  • “But The Stubbornly Slow Job Growth Left 11.5 Million People Unemployed, With Another 8.2 Million Part-Time Employees Unsuccessfully Looking To Add More Hours To Their Work Week.” “But the stubbornly slow job growth left 11.5 million people unemployed, with another 8.2 million part-time employees unsuccessfully looking to add more hours to their work week. Among the unemployed, 4.2 million have been unsuccessfully seeking work for 6 months or more.” (Patrick Reis, “Another Tepid Jobs Report,” Politico, 8/2/13)

The New York Times Headline: “U.S. Adds 162,000 Jobs As Growth Remains Sluggish” (Catherine Rampell, “U.S. Adds 162,000 Jobs As Growth Remains Sluggish,” The New York Times, 8/2/13)

  • “At The Average Rate Of Job Growth Seen So Far This Year, It Would Take More Than Seven Years To Close The So-Called Jobs Gap Left By The Recession.” “At the average rate of job growth seen so far this year, it would take more than seven years to close the so-called jobs gap left by the recession, according to the Hamilton Project at the Brookings Institution. Other indicators disappointed, too, with both average hourly wages and the length of the private-sector workweek shrinking modestly in July.” (Catherine Rampell, “U.S. Adds 162,000 Jobs As Growth Remains Sluggish,” The New York Times, 8/2/13)
  • Joshua Shapiro, Chief United States Economist At MFR, Says “The Composition Of Job Growth Has Not Been Particularly Great.” “‘Whether there’s less fiscal drag, more fiscal drag, or a train wreck, we still really don’t know,’ said Joshua Shapiro, chief United States economist at MFR. Analysts are also questioning the disconnect between job growth and other measures of the country’s economic health. … ‘The composition of job growth has not been particularly great,’ Mr. Shapiro said. ‘It’s a lot of temp services, retail, food services, health care. With low-end jobs contributing more than half the growth, the income generated would be not that great, and you wouldn’t be expecting it to drive strong consumer spending.’” (Catherine Rampell, “U.S. Adds 162,000 Jobs As Growth Remains Sluggish,” The New York Times, 8/2/13)

Los Angeles Times Headline: “Pace Of Job Growth Weakens In July” (Don Lee, “Pace Of Job Growth Weakens In July,” Los Angeles Times’ Money & Co., 8/2/13)

  • “The Latest Report Reflects The Slow Economic Growth In Recent Quarters.” “While unexpected, the latest report reflects the slow economic growth in recent quarters. Earlier this week, the government reported that the economy barely grew in the fourth quarter of last year and expanded by just 1.1% in the first quarter. Economic growth picked up in the second quarter to an annualized rate of 1.7%, a still sluggish rate.” (Don Lee, “Pace Of Job Growth Weakens In July,” Los Angeles Times’ Money & Co., 8/2/13)

CNN Money Headline: “Hiring Slumps In July” (Annalyn Kurtz, “Hiring Slumps In July,” CNN Money, 8/2/13)

  • “The Job Market Hit A Speed Bump In July, As Hiring Slowed And Both Hours Worked And Wages Fell Slightly.” (Annalyn Kurtz, “Hiring Slumps In July,” CNN Money, 8/2/13)
  • “The Report Was Discouraging In Many Regards.” “The report was discouraging in many regards. While the unemployment rate fell slightly to 7.4%, the drop was partly because 37,000 people dropped out of the labor force.” (Annalyn Kurtz, “Hiring Slumps In July,” CNN Money, 8/2/13)

CBS’ Money Watch Headline: “Job Growth Slowed In July” (Alain Sherter, “Job Growth Slowed In July,” CBS News’ Money Watch, 8/2/13)

  • “As Of June, There Were A Record 28.1 Million Part-Time Employees, According To The U.S. Labor Department.” “Some experts are more pessimistic about economic growth over the rest of the year. Lance Roberts, chief economist at investment management firm StreetTalk Advisors, notes that GDP has grown at a rate of less than 2 percent, stall speed for the economy, for three straight quarters. Of particular concern is the recent slowdown in personal consumption, which accounts for nearly 70 percent of economic activity, he said. …Roberts also raised concerns about the trend in recent years among employers to add more part-time than full-time workers. As of June, there were a record 28.1 million part-time employees, according to the U.S. Labor Department.” (Alain Sherter, “Job Growth Slowed In July,” CBS News’ Money Watch, 8/2/13)

Bloomberg’s Sarah Eisen: The Long-Term Unemployed Make Up “37% Of The Unemployed. Economists Say If You Really Want To Look For Every Covering That For A Recovery, We Need To See More Traction. That Number Is Staying The Same.”  BLOOMBERG’s SARAH EISEN: “Another problem that a lot of folks and economists are focused on is the length of employment. More than 27 weeks or more, and is staying the same at 4.2 million. That is 37% of the unemployed. Economists say if you really want to look for every covering that for a recovery, we need to see more traction. That number is staying the same.” (Bloomberg’s “In The Loop,” 8/2/13)

  • Eisen: “Clearly This Is A Disappointing Number” Of Jobs Created.  SARAH EISEN: “Clearly this is a disappointing number.” (Bloomberg’s “In The Loop,” 8/2/13)

 “Stephen Bronars, Senior Economist With Welch Consulting, Said The Unemployment Rate Has Fallen, In Part, Because People Are Giving Up Their Job Searches And Leaving The Labor Force.” “Stephen Bronars, senior economist with Welch Consulting, said the unemployment rate has fallen, in part, because people are giving up their job searches and leaving the labor force. The report indicated the labor force participation rate, which measures the percentage of adults who are either employed or jobless but actively looking for work, fell to 63.4 percent in July from 63.5 percent in June. ‘Even more troubling is that the participation rate is down 0.3 percent from one year ago,’ Bronars said. Another concern, Bronars said, is that over the past two months, half of the gain in employment has been due to an increase in part-time jobs. In addition, there has been a substantial increase over the past two months in the fraction of full-time workers who are working part-time due to slack work and business conditions, he said.” (Susanna Kim, “July Jobs Report: Only 162,000 Jobs Added,” ABC News, 8/2/13)

Over Four Years Later, Obama’s Economy Has Yet To Do Much Else Other Than Disappoint

In July, The Unemployment Rate Is 7.4 Percent. (Bureau Of Labor Statistics, Accessed 8/2/13)

  • The Real Unemployment Rate, Including Those That Are Working Part-Time Due To Economic Reasons, Is 14 Percent. (Bureau Of Labor Statistics, Accessed 8/2/13)

22.2 Million Americans Are Unemployed, Underemployed Or Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 8/2/13)

The Number Of Workers Working Part-Time For Economic Reasons Is 8.2 Million. (Bureau Of Labor Statistics, Accessed 8/2/13)

  • Since Obama Took Office, The Number Of Workers Working Part-Time For Economic Reasons Has Increased By 203,000. (Bureau Of Labor Statistics, Accessed 8/2/13)
  • There Are Currently 988,000 Unemployed Workers That Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 8/2/13)

Since Obama Took Office, The Average Duration Of Unemployment Has Nearly Doubled From 19.8 Weeks To 36.6 Weeks. (Bureau Of Labor Statistics, Accessed 8/2/13)

In July, The Hispanic Unemployment Rate Increased From 9.1 To 9.4 Percent. (Bureau Of Labor Statistics, Accessed 8/2/13)

Since Obama Took Office, The Nation Has Lost 761,000 Construction Jobs.  (Bureau Of Labor Statistics, Accessed 8/2/13)

Since Obama Took Office, The Nation Has Lost 581,000 Manufacturing Jobs.  (Bureau Of Labor Statistics, Accessed 8/2/13)

 

 


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