We all know that vintage media won’t publish charts that reflect the true state of the economy. The media have a theme to promote (that Obama is competent) and are on a mission (to reelect him). And nothing will get in their way, save a few brave souls at Fox News, on talk radio, and in the conservative blogosphere.
As Calculated Risk reports:
…job growth has really slowed over the last three months with only 225,000 payroll jobs added (a 900,000 annual pace), and only 274,000 private sector jobs (a 1.1 million annual pace). This is very sluggish employment growth.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 8.2 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
The unemployment rate was unchanged at 8.2% in June The household survey showed a another increase in employment (128,000 jobs added), and since the participation rate was unchanged at 63.8%, that was just enough to keep with the increase in the labor force…
This graph shows the job losses from the start of the employment recession, in percentage terms – this time aligned at maximum job losses.
U-6, an alternate [Ed: and superior] measure of labor underutilization that includes part time workers and marginally attached workers, increased slightly to 14.9%…
In short, the real unemployment rate remains at the horrific level of 15 percent.
And the “recovery” (if you believe that’s what we’re experiencing) is the worst for job growth in modern American history.
Other low-lights of the jobs report (or, as I like to call it, the no-jobs report):