Obama also rode a unicorn today.
Well this is encouraging. The economy added 431,000 jobs in May. Don’t get excited; 411,000 of those jobs were census workers, temporarily employed by the government. Only 41,000 jobs in the private market were added, down from 218,000 in April and the fewest since January. Apparently viewing the creation of any jobs to be a step in the right direction, President Obama focused on the positive:
the economy is getting stronger by the day.
Well, there’s no doubt that adding is better than subtracting. When financial markets expected private employment to rise 190,000, however, one has to wonder when the President’s economic plan is actually going to start working.
Hold on though. The unemployment rate fell from 9.9% to 9.7%, which is good right? Wrong. The unemployment rate is virtually useless, because it only estimates the number of persons out of work who are actually looking for jobs. It doesn’t include the underemployed or unemployed that have simply quit looking. The primary reason for the dip in unemployment was the 322,000 people that left the workforce in May.
“Things never go completely in a smooth line,” [Obama] said. Obama urged patience, said his policies are working and said the economy is “moving in the right direction” because it is producing jobs again.
If by “moving in the right direction,” the President means we’re no longer digging the hole deeper, then he may be right. It’s difficult to argue that we’re doing anything other sitting at the bottom of that hole, however. Of course, when 125,000 new jobs are needed each month just to keep up with population growth and prevent the unemployment rate from rising, 41,000 new jobs certainly seems to signify additional digging.
But then again, President Obama and his policies haven’t exactly spent much time outside of fantasy land lately.