Barack Obama will try doing a happy dance as the July Jobs Report for 2013 from the Bureau of Labor Statistics shows unemployment dropping from 7.6% to 7.4%. This despite the fact that non-farm job creation fell to just 162,000 for the month. The Labor Participation Rate also declined from 63.5% in June to 63.4%. Another 227,000 ′discouraged workers′ left the labor pool in July, explaining the drop in unemployment. Of the 162,000 new jobs created in July, 2013, only about 20,000 were full-time employment. The rest were part-time. Both average worker hours and income also fell by 0.2%. The July Jobs Report also adjusted the previous two months, showing a total of some 20,000 fewer jobs created than initially reported.
So once again, as usual, we have another stinky jobs report. Some on Wall Street like to call it a ′Goldilocks′ situation, as while the numbers appear to be slightly better, the reality of them still being bad means that Uncle Ben Bernanke will keep pumping $85 Billion dollars a month from the Federal Reserve Bank into equity markets to keep them inflated. Welcome to the New Normal of the Obama Era!
Of course, the big headline will be that the unemployment rate is down. Naturally, this is a lie. In the past year, while the population of work-aged citizens has increased by around 2.5 million people, less than one million new jobs have been created. I should note that in July, 2012, the unemployment rate was 8.4%, so Obama and his staff of liars have had to do some pretty fancy number crunching to get it down to 7.4% today. The bottom line is that America is still losing ground, thanks to Barack Hussein Obama and his economic policies. Just since Obama took office, the United States has lost some 9 million jobs.
The July Jobs Report for 2013 from the Bureau of Labor Statistics is pretty dismal. While the unemployment rate fell to 7.4%, the result is mainly due to more discouraged workers leaving the labor pool. Indeed, the Labor Participation Rate also fell, along with workers hours and pay. Job creation itself was also lower from last month, with just 162,000 jobs created. Only 20,000 of which were full-time jobs. Barack Obama and his White House of liars may try to spin wings of gold from the jobs report, but the truth is closer to a lead balloon.