Yesterday the Labor Department released their January jobs report on the heels of news this week that America’s economy contracted 0.1% in the fourth quarter of 2012. Not good. Since today is Groundhog Day, I decided to post on this now rather than yesterday being that for some reason I feel like I’ve written this post before — dozens of times!
Here’s some details about our monthly reminder that Obama’s “new normal” economy sucks:
Unemployment is back up to 7.9%, while the U6 number has been stuck at a seasonally adjusted 14.4% for three months now. The economy added around 157,000 jobs, but 169,000 people stopped looking for work. If the net 8.5 million Americans who left the labor force since January 2009 were counted by the BLS, unemployment would be closer to 11%. Seems like the perfect time to disband the “jobs council,” doesn’t it!
