The Bureau of Labor Statistics released the employment figures for September. With the election in about a month, the Democrats will of course brag about how wonderful the job market is with 156,000 new jobs and an unemployment rate hovering around 5 percent.
But for intelligent voters, the figures aren’t that bright.
First, the real unemployment rate – that includes people who stopped looking for work – is still at 9.7 percent. Since Bernie Sanders was cheated out of the race, Democrats will just ignore these people and promise them handouts.
This is why they will never mention overall participation rates, which are still hovering around 38-year lows at 62.9 percent, a 0.1 percentage point increase since last month. It is worse when one looks at young millenials (age 16 to 19), whose participations rates are still around historically low participation rates of 35.8 percent, more than 3 percent less than when President Barrack Obama took office in 2009.
Hillary Clinton then wonders why she can't get their vote...
(Photo by Spencer Platt/Getty Images)
And their supposed favored minorities, African Americans and Hispanics, have also suffered greatly from Obamanomics. Participation rates for youth age 16 to 19 for both groups still hasn’t recovered since February 2009 – it decreased 1.4 percentage point to 30.6 percent for the former, and it increased 2.4 percentage points for the latter at 32.3 percent. That is still 3.5 percentage points lower than in 2009.
Second, while there has been a net job creation, where the jobs were created is nothing to brag about. Nearly 130,000 of them were government jobs, which usually crowd out productive, private-sector jobs. It did for the self-employed, where there are now 53,000 fewer workers.
Fortunately, there has been an improvement in the part-time economy. There are nearly 140,000 fewer part-time workers for economic reasons, meaning that our present bubble economy is still inflating. However there are also 300,000 more multiple-job holders, a 0.2 percentage point increase to 5.2 percent.
Third, high added-value sectors like mining and manufacturing continue their stagnation or decline. The former created no net job, while the latter lost 13,000 jobs. While the bulk of the jobs created was in both education and professional services, nearly 40 percent of the new jobs are in low valued-added sectors like retail trade and leisure and hospitality.
Finally, the duration of unemployment still hasn’t recovered during the Obama “recovery.” The average duration is 27.5 weeks, a 0.1 week decrease but still more than seven weeks longer than in 2009. The median duration decreased 0.9 weeks to 10.3 weeks, which is comparable to the rates of eight years ago.
This is all thanks to a 1.2 percentage point decrease of very long-term unemployment (at least 27 weeks) to 24.9 percent. That is still 1.5 percentage points higher than in 2009, and higher than any president since record keeping began in 1948.
And that trend will very unlikely improve with another Democrat in the White House. Their big government worshipping will crush the economy even more, and when the bubble pops they will unleash either the forces of spending by pressuring the Federal Reserve to do more quantitative easing or of regulating by blaming the private sector for their policies that lead to the bubble in the first place.
Remember that when you vote in about a month.
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