Commentary Magazine


Contentions

More Evidence of a Weak Economy

The Department of Labor releases the unemployment figures tomorrow morning. But here is a noteworthy economic finding. Unemployment, as measured by Gallup without seasonal adjustment, increased to 9.1 percent in February from 8.6 percent in January. The 0.5-percentage-point increase in February compared with January is the largest such month-to-month change Gallup has recorded in its not-seasonally adjusted measure since December 2010.

There’s more. In addition to the 9.1 percent of workers who are unemployed, 10.0 percent are working part time but want full-time work. (This  percentage is higher than the 9.6 percent of February 2011.) As a result, in February Gallup’s underemployment measure, which combines the percentage of workers who are unemployed and the percentage working part time but wanting full-time work, increased to 19.1 — or almost one in five people.

Gallup concludes, “Regardless of what the government reports, Gallup’s unemployment and underemployment measures show a substantial deterioration since mid-January.”

The president’s hopes for re-election hinge on the economy getting significantly stronger, not weaker, between now and November. We’ll see what tomorrow’s Bureau of Labor Statistics job report brings. But based on Gallup’s findings, David Axelrod might want to keep the corks in the champagne bottle.

 


Join the discussion…

Are you a subscriber? Log in to comment »

Not a subscriber? Join the discussion today, subscribe to Commentary »





Welcome to Commentary Magazine.
We hope you enjoy your visit.
As a visitor to our site, you are allowed 8 free articles this month.
This is your first of 8 free articles.

If you are already a digital subscriber, log in here »

Print subscriber? For free access to the website and iPad, register here »

To subscribe, click here to see our subscription offers »

Please note this is an advertisement skip this ad
Clearly, you have a passion for ideas.
Subscribe today for unlimited digital access to the publication that shapes the minds of the people who shape our world.
Get for just
YOU HAVE READ OF 8 FREE ARTICLES THIS MONTH.
FOR JUST
YOU HAVE READ OF 8 FREE ARTICLES THIS MONTH.
FOR JUST
Welcome to Commentary Magazine.
We hope you enjoy your visit.
As a visitor, you are allowed 8 free articles.
This is your first article.
You have read of 8 free articles this month.
YOU HAVE READ 8 OF 8
FREE ARTICLES THIS MONTH.
for full access to
CommentaryMagazine.com
INCLUDES FULL ACCESS TO:
Digital subscriber?
Print subscriber? Get free access »
Call to subscribe: 1-800-829-6270
You can also subscribe
on your computer at
CommentaryMagazine.com.
LOG IN WITH YOUR
COMMENTARY MAGAZINE ID
Don't have a CommentaryMagazine.com log in?
CREATE A COMMENTARY
LOG IN ID
Enter you email address and password below. A confirmation email will be sent to the email address that you provide.