The July jobs report came in from the Bureau of Labor Statistics this morning. There were 162,000 jobs created last month and the unemployment rate fell from 7.6 to 7.4 percent. That’s the lowest unemployment rate since December 2008, the month before Barack Obama became president. That will, undoubtedly, be tomorrow’s headline in the Obama media.
But the civilian participation rate and the employment-population ratio both went down and lag behind where they were a year ago. Unemployment among groups such as blacks (12.5 percent) and teenagers (20.3) remains dismal. The unemployment rate among black teenagers is a horrendous 41.6 percent. In other words, more than two in every five teenage blacks who want a job can’t find one.
People working part-time who would rather be working full-time has shrunk in the last year by a grand total of 3,000 people, from 8,104,000 to 8,101,000. This is probably an effect of the mandate in ObamaCare to insure full-time workers if they number over 50, but part-time workers working less than 30 hours a week don’t count.
In the three years and nine months after unemployment hit its peak in the 1981-82 recession, in December 1982, unemployment shrank by 35 percent. Since unemployment peaked in June 2009, it has shrunk by only 26 percent, and if you take the number of people working part-time who would rather be working full-time, it’s much worse than that.
All in all, the Obama nonrecovery proceeds apace.