There’s no good way to spin the news that came out of today’s monthly U.S. jobs report. The economy generated only 18,000 total new jobs, the unemployment rate increased to 9.2 percent, and the number of unemployed Americans has gone up by 445,000. In other words, the recovery appears to have slowed markedly. President Barack Obama’s stimulus-infused “recovery” refuses to ignite, unsurprisingly to all but him.
And to make matters worse, May’s paltry job growth numbers were revised even farther downward, from the initial estimate of 54,000 to 25,000. Sadly, the record continues—the Obama recovery remains the weakest recovery of the post–World War II era. In past recessions, employment fully recovered within two to three years. Today, U.S. job growth is stopped dead in its tracks.
If you want a comparison of what job growth could look like, go back to the 1980s’ Reagan recovery. By the 20-month mark, the unemployment rate had dropped from 10.8 percent to 7.5 percent – a 3.3-point drop. In contrast, under Obama, the unemployment rate has risen a full percentage point to today’s 9.2 percent.
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