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May 4, 2012
If the same percentage of adults were in the workforce today as when Barack Obama took office, the unemployment rate would be 11.1 percent. If the percentage was where it was when George W. Bush took office, the unemployment rate would be 13.2 percent.
Ezra Klein • Remarking on declining labor force participation in the US. It’s often noted that official unemployment numbers understate the real percentage of people out of work, as they only tally people actively searching for a job. One consequence of this is that when labor force participation decreases—that is, when unemployed folks just give up and stop looking for work—employment actually “increases.” That’s why only 115,000 jobs were added last month, yet unemployment decreased from 8.2% to 8.1%. Since Barack Obama took office, labor force participation has declined 2%. It’s now at 63.6% which, Klein notes, is “a level not seen since the early days of the Reagan administration.” Here’s a chart. source (via • follow)
17:56 // 2 years ago
April 19, 2012
Romney’s unfortunate choice of speech venue
- planArguing against President Obama’s economic policies, Mitt Romney gave a speech today in a shuttered Ohio drywall plant forced to close during the economic downturn.
- backfireThe plant in question actually closed its doors during the Bush administration. Meanwhile, unemployment in Ohio has fallen since Obama took office. source
18:29 // 2 years ago