Trick or Treat Jobs Report
Beneath the surface rot explains reality.
by Stephen Lendman
Friday's headline number belies dire economic reality. Main Street's in protracted Depression. Nearly 25 million Americans are jobless.
Real unemployment approaches 23%. On November 6, Americans vote. Neither candidate proposed ways to create jobs. Obama's done more to destroy them than create them. More on that below.
Hours worked and income gains were missing in Friday's report. Average weekly hours for production and nonsupervisory workers declined 0.3%. Weekly manufacturing hours dropped by the same amount. So did average weekly earnings.
Aggregate weekly hours represents total labor input. It edged up a meager 0.1% for private sectors workers. At the same time, it fell that amount for production and nonsupervisory ones. Doing so shows weakness, not strength.
Unemployment duration rose to 40.2 weeks. It represents a 10-month high. Moreover, recently laid off workers are hard-pressed to find jobs. Hardest hit are African Americans, Latinos and 20 - 24 year olds.