Minutes after yesterday’s jobs report came out, the White House started the spin cycle with this post by Alan Krueger. Here’s the key paragraph in the article:
While more work remains to be done, today’s employment report provides further confirmation that the U.S. economy is continuing to recover from the worst downturn since the Great Depression. It is critical that we remain focused on pursuing policies to speed job creation and expand the middle class, as we continue to dig our way out of the deep hole that was caused by the severe recession that began in December 2007.
Here’s what ZeroHedge’s Tyler Durden wrote in deciphering the meaning of yesterday’s jobs report:
As a reminder: jobs have quantity and quality components. The quantity component was good enough to convince the 10 Year the taper is imminent (if not stocks, which continue to trade dislocated from any and all fundamentals). But how about the quality? In a word: not good. In June, the household survey reported that part-time jobs soared by 360,000 to 28,059,000 – an all time record high. Full time jobs? Down 240,000. And looking back at the entire year, so far in 2013, just 130K Full-Time Jobs have been added, offset by a whopping 557K Part-Time jobs. And there is your jobs “quality” leading to today’s market euphoria (if only for now).
That’s a stunning piece of information. It ties inperfectly with this article:
Of the 144 million Americans employed last month, only 116 million were working full-time. Friday’s report showed that 58.7% of the civilian adult population of 245 million was working last month. Only 47% of Americans, however, had a full-time job.
Other people can write about the complexities of President Obama’s and the Democrats’ economic policies. I’ll just quickly sum it by saying that Obama’s and the Democrats’ policies have failed miserably. Here’s the title to Durden’s post:
Obamacare Strikes: Part-Time Jobs Surge To All Time High; Full-Time Jobs Plunge By 240,000
Until the PPACA is repealed in its entirety, the US economy will struggle. (During yesterday’s Lightning Round, Charles Krauthammer used the term of treading water. Both terms fit.)
As for Krueger’s happy talk about building the middle class, that’s nothing but spin. It’s impossible to build the middle class when his boss’s policies are killing full-time jobs and creating record amounts of part-time jobs. More and more companies are hiring part-time workers to avoid the penalties included in the PPACA. This isn’t surprising. In fact, it’s rather predictable.
As long as the PPACA is intact, this type of job report will be the rule, not the exception.