You nearly needed shades last week to stand in the bright sunshine of the Obama administration’s glowing employment picture.
“With solid job growth in November – in addition to strong data on manufacturing activity and auto sales – it is clear that the recovery continues to gain traction,” Jason Furman, chairman of the Council of Economic Advisers, summed up the situation in a White House news release Friday.
But while Furman and friends trumpeted the 203,000 non-farm jobs the U.S. economy added last month, higher than analysts expected, and news that the unemployment rate dropped three-tenths of a percent to 7 percent, some key points aren’t contained in the back-patting release.
“While the administration is having this glowing report … it fails to recognize that the labor market is stuck in the mud, that people have given up on looking for a job or full-time work,” said Veronique de Rugy, senior research fellow at the Mercatus Center at George Mason University.
Here’s what the Obama PR team left out:
Meek by comparison
Yes, a 200,000-plus job month is good, by comparison. But it takes some 180,000 new jobs needed per month just to keep pace with population growth, de Rugy said. During the recovery of the early 2000s the economy was creating jobs at a clip of between 400,000 and 500,000 jobs per month.