President Obama loves to cite statistics to “prove” he’s fixed the economy.
But recent revisions on jobs growth isn’t one he’s touting.
Obama has claimed for nearly six years now that he has been responsible for “creating” net new jobs in every jobs report since 2010. But whether you believe the Bureau of Labor Statistics claim or not, even that sunny assessment vanished for the May jobs report as the bureau has now reported a net loss of 1,000 jobs. So for the first time since February 2010 the U.S. private sector officially lost jobs.
The BLS said the record of net new jobs lasted 74 months, and it is a stat Obama has highlighted in most of his speeches on the economy.
The downturn in jobs in the new report is a just one of those strange things, according to Politico.
“The current streak is over because of a statistical fluke: Nearly 40,000 striking Verizon workers were temporarily counted as lost jobs in May,” the online news site reported.
Still, despite Obama’s happy face on the U.S. economy, the labor participation rate is still at historic lows, meaning many American have simply given up looking for a suitable, full-time job.
According to the same federal statistics office, the labor-force participation rate stood in at 62.7 percent for 2015, which is a 38-year low. That translates to 93,671,000 Americans over 16 who were not working and not actively seeking work.
Further, Obama’s wonderfully low unemployment figures do not count workers who have dropped out of the workforce, so it is likely the low unemployment figures are skewed as a result.
“The ‘real’ unemployment rate average for 2015, or the U-6 measure, was 10.4 percent, which dropped from the 12 percent it was in 2014,” The Free Beacon reported in January.
The expansion rate for Obama’s economy has also been dismal making his the slowest economic recovery ever. In 2016’s first quarter, the U.S. economy expanded at its lowest rate in two years — just 0.5 percent, according to data provided by the Commerce Department.
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