Another month, another lousy jobs report. The June report out this morning is no worse than the May report that was considered a disaster for the Obama re-election effort, but it’s no better either. Unemployment stayed the same at 8.2 percent, but the broader measure that includes part-time workers who would prefer full-time work ticked up a notch from 14.8 percent to 14.9. While the economy created an average of 226,000 jobs a month in the first quarter, it created only 75,000 a month in the second.
Just how dismal has been the recovery that began way back in June 2009, in the Obama administration’s earliest days, is graphically (quite literally) demonstrated in an interactive chart from the Federal Reserve Bank of Minneapolis. George W. Bush owns the recession (fairly or unfairly), but the Obama administration owns this dismal recovery lock, stock, and barrel.