Obama keeps claiming that the economy has recovered, but I don’t think he knows what that word means. And to confirm that, he keeps claiming that illegal alien amnesty will lead to an economic recovery.
It’s possible that when Obama says recovery, he means economic collapse.
The 162,000 increase in payrolls last month was the smallest in four months and followed a revised 188,000 rise in June that was less than initially estimated, Labor Department figures showed today in Washington. The median forecast of 93 economists surveyed by Bloomberg called for a 185,000 gain. Workers spent fewer hours on the job and hourly earnings fell for the first time since October.
So far the economists tend to continue overestimating economic figures. Must be some of that Krugmanism going around.
The slower pace of hiring suggests some employers are confident they’re able to meet demand with current staffing levels as the economy begins to emerge from a first-half slowdown.
Or they’re battening down the hatches for Hurricane Obamacare.
Average hourly earnings fell 0.1 percent to $23.98 in July from the prior month, and were up 1.9 percent over the past 12 months.
The average work week for all workers fell to 34.4 hours from 34.5 hours.
The household survey showed that part-time employment climbed by 174,000 in July, exceeding a 92,000 gain in full-time hiring.
The number of discouraged workers, those not looking for a job because they don’t believe one is available, climbed to 988,000 in July from 852,000 a year ago.
The labor force as a share of the population dropped to 63.4 percent from 63.5 percent.
Congratulations, Mr and Mrs. Democrat Voter. It’s a Recovery.