America's Weak Jobs Report - by Stephen Lendman
America's economy is deteriorating, not healing.
ABC News quoted an unnamed White House spokesperson, saying the November jobs report provides "further evidence that the economy is continuing to heal."
Obama's Chairman of the Council of Economic Advisers Alan Krueger hyped the 0.4% unemployment rate drop to 8.6%, "the lowest (figure) since March 2009." He didn't explain why. More on that below, including the real unreported employment rate.
The New York Times tried having it both ways. On December 2, Catherine Rampell's article headlined, "Jobless Rate Dips to Lowest Level in More Than 2 Years," saying:
"Somehow the American economy appears to be getting better, even as the rest of the world is looking worse."
She called it "good news for President Obama as he heads into the 2012 presidential election - especially since just a few months ago the picture looked bleak."
For America's 26 million unemployed, it never looked bleaker. It's reflected in what Bureau of Labor Statistics (BLS) figures and major media scoundrels don't report - the nation's near-23% unemployment rate (including millions wanting work but dropped out for lack of jobs), its highest since the Great Depression.
A same day Times editorial more accurately explained conditions headlined, "Been Down So Long...," saying:
Despite a reported 120,000 new jobs created at a time nearly double that's needed to keep up with population growth and people entering the workforce, the unemployment rate drop "was not because jobless people found new work."
"Rather, it is because 315,000 people dropped out of the work force, a reflection of extraordinarily weak demand by employers for new workers."
In fact, 349,000 adult women dropped out last month at a time seasonals should have stimulated new hiring through Christmas.
"It is also a sign of socioeconomic decline, of wasted resources and untapped potential, the human equivalent of boarded-up Main Streets and shuttered factories."
The editorial stopped short of explaining a protracted Main Street Depression expected to last years because austerity measures adopted and (others planned) are wrongheaded, not stimulative to reignite growth.
The Times partly noted that most new jobs are low-pay, low-benefit temporary or part-time ones. At the same time, manufacturing is slowing, construction is flat, and most higher-paying jobs went overseas.