Thanks, Obama! Unemployment Rate Drops To Lowest Level Since September 2008

Obama-Smile-full-side-feat

 

The Bureau of Labor Statistics released June’s jobs report on Thursday. The report was released a day earlier than normal due to Friday being a national holiday. The BLS showed that the economy added 288,000 jobs in the month of June. Also, the jobs numbers for both May and April were revised upwards, revealing that the economy added an additional 29,000 jobs over those two months compared with initial projections. Overall, the unemployment rate dropped to 6.1%, the lowest level the nation has seen since September 2008, when the financial crisis was hitting full steam.

Economic forecasters predicted a good month for jobs in June, but nowhere near this high. For the most part, forecasts figured June would see an addition of about 215,000 non-farm payroll jobs. The actual figures from BLS blew those predictions out of the water. Also, April’s figures were revised up to 304,000 and May’s to 224,000. This represents five straight months where the economy has added 200,000+ jobs.

Income inequality and stagnant wages still appear to be an issue. Over the past 12 months, wages have risen by 2.0%, which is pretty much in line with inflation. Overall, the median wage in June was $24.45 an hour, which was up 6 cents from the previous month. Also, involuntary part-time employment increased by 275,000 while long-term unemployment declined by 293,000. This seems to indicate that with long-term unemployment benefits cut, those who have been out of work for more than 6 months are now having to work part-time, low-wage jobs to make ends meet.

Still, all in all, this was yet another positive jobs report. It shows that under President Obama, the country has fully pulled itself out of the despair of the Great Recession. The unemployment rate has fallen from a high of 10.0% in 2009 to today’s 6.1%. Under Obama’s watch, the unemployment rate has nearly been cut it half. However, if you were to listen to the conservative media and Republicans on Capitol Hill, you’d think that President Obama has spent the last five-plus years decimating this nation’s economy. Any good economic news will either be downplayed or completely ignored.

Want proof? On Thursday morning, after the jobs report was released, CNN and MSNBC both featured it as their top story on their websites. Fox News, on the other hand, barely mentioned it, pushing it off to the side in small print.

 

fox news jobs reportedited

 

Shocking, I tell you.

34 Replies to “Thanks, Obama! Unemployment Rate Drops To Lowest Level Since September 2008”

  1. This is awful news. I have made every effort to keep this from happening. DARN! I guess i’ll have another Scotch and soda.

  2. While it’s true that the “unemployment rate” has dropped to 6.1, that only tells part of the story. And while I appreciate what the Obama administration has done to help make this happen, the reality is that a huge number of good paying jobs have evaporated, and a big portion of the “employed” are doing so in low paying service jobs or part time jobs. If you look for full information, the current rate of full employement at desired jobs is at an unemployement rate of 10.5. This is a lot better than 12.5, but certainly not good enough.

  3. Not to bad considering you have 1 president working on trying to create jobs, and 0 Congress members helping him. I tweeted Boehner this morning and asked him where are the jobs? I like to tweet him everyday and ask how his law suit is coming along, and then remind him we are voting in November.

  4. the republicans hate to hear good news because it makes the president look good. they stomp on the president and the president stumps them back. heeeheee.

  5. Great so when is Obama going to tell the feds to stop feeding wall street if things are so great…..save us some money and stop giving investors a bail out….

  6. NO!! Can’t be … So we’re back to where it was when the Repugs saw that they were going to lose control of the govt and had to sabotage everything… After all couldn’t hand over a working economy to a Dem… unlike the one they got from Bill

  7. In a classic example of right wing “political contrarianism”, FOX News is now trying to suggest that a drop in unemployment might actually be BAD for the nation’s economy — at least for those who like to invest in futures markets.

  8. I am sure all the unemployed in America that is over 22% are going to cheer….you all should be careful cheering this and then going to the unemployed asking them to vote for your party after spitting on them….

  9. Then spit on your American teabaggers who have done nothing to help because of your racist attitudes. May all of you rot in hell

  10. Bruce, you need to take off your I’m an ignorant Repub glasses and read the full report. A lot of the jobs were good jobs in healthcare and manufacturing. Also, not all service jobs are low-paying.

    I don’t expect any different from the I’m a member of the stupid party people like you, all I had to do is read comments on other websites with many RWs posting and it is like you are all clones, no original thoughts whatsoever.

    You would feel a lot better if you got over your resentments and re-purposed your life to doing something other than being a chronic crybaby.

  11. TARP was a law passed by Congress. Should President Obama stop “feeding wall street”, he would be committing an impeachable offense.

    Please educated yourself about your own dang government before you write ignorant posts, “Rhonda”.

  12. the number of people who have left the labor force hit another all-time record high , half a million full-time jobs were lost, replaced by 800,000 part-time jobs. Back to the recovery, available 24/7 on all channels

  13. The republican administration of George Bush left Obama with a DOW average around 8000, this weekend it hit 17000, it’s all Obamas fault.
    The US has a car industry, it is also Obama’s fault.
    It is Obama’s fault that we have the ACA – Even though the rethugs are trying to demolish it.
    Just think what the economy would look like if the rethugs had not blocked every jobs bill, infastucture etc. Alternative energy
    and immigration reform, we would be on top of the world.
    Assad has no chemical weapons now, gays are getting the rights they deserve, and I heard this am that Putin has called Obama and said he wanted better relations with the US -guess Obamas sanctions worked.
    Yeah I guess he must be the worst president!

  14. The labor participation rate is unchanged meaning the drop in unemployment was due to people getting jobs, not people dropping out of the labor market. I know it’s too much to ask right wingers to read, but you really should get all the facts before you post your nonsense.

  15. will obama get credit for having the lowest workforce participation since 1979 also?this is why unemployment is so low-people out of the workforce.they don’t get counted when they aren’t getting unemployment.just imagine that-we have as many people working today as we had back in 1979?!?!?!?!?!?that’s a great recovery isn’t it??????

  16. I hate to call people stupid, but if the shoe fits… Do you know who voted against the first UI benefit extension bill in the Senate? GOP. know who wouldn’t even bring the damn thing up in the house? GOP. Know who voted against the 2nd UI benefits extension bill in the Senate? GOP. Know what party is not bringing it up for a vote in the house? GOP. I would say that shoe fits YOU Cinderella, otherwise known as ” Rhonda”.

  17. Strongest five months of job growth since 1999. Who was president back in 99? A Democratic president you say. See a pattern taking shape yet America? Funny how things work out isn’t it? When America has Democratic liberal policies job growth ignites and deficits begin to fall. Republican conservative policies equals lower job growth and rising deficits. Lord willing broader America wakes up to this fact and votes the correct way come November. With our crappy stupid mainstream media that we unfortunately are stuck with I fear November will be a terrible outcome.

  18. Parse it anyway you want The Obama administration has been a disaster for those seeking full time employment.

    “Full-time employment was 121,875,000 right at the onset of the recession in November 2007. Today full-time employment is 118,204,000. The difference is 3,671,000.

    In the last month, full-time employment declined by 523,000 while voluntary part-time employment rose by a whopping 840,000. Meanwhile, those wanting full-time employment (but only finding part-time employment) rose by 250,000.

    Full-Time Employment 1970-2014

    Never before has it taken so long to recover employment back to pre-recession peaks.”

    http://globaleconomicanalysis.blogspot.com/2014/07/trends-in-full-time-employment-vs.html

    Bob

  19. May BLS Jobs Statistics at a Glance

    Nonfarm Payroll: +288,000 – Establishment Survey
    Employment: +407,000 – Household Survey
    Unemployment: -325,000 – Household Survey
    Involuntary Part-Time Work: +275,000 – Household Survey
    Voluntary Part-Time Work: +840,000 – Household Survey
    Baseline Unemployment Rate: -0.2 at 6.1% – Household Survey
    U-6 unemployment: -0.1 to 12.1% – Household Survey
    Civilian Non-institutional Population: +192,000
    Civilian Labor Force: +81,000 – Household Survey
    Not in Labor Force: +111,000 – Household Survey
    Participation Rate: +0.0 at 62.8 – Household Survey

    Additional Notes About the Unemployment Rate

    The unemployment rate varies in accordance with the Household Survey, not the reported headline jobs number, and not in accordance with the weekly claims data.
    In the past year the working-age population rose by 2,262,000.
    In the last year the labor force declined by 128,000.

    Bob.

  20. Continued:

    In the last year, those “not” in the labor force rose by 2,390,000
    Over the course of the last year, the number of people employed rose by 2,146,000 (an average of 178,833 a month)

    The working-age population rose by over 2 million, but the labor force declined. People dropping out of the work force accounts for nearly all of the declining
    unemployment rate.

    Just the facts.

    Bob.

  21. Yes, Rhonda…we should definitely make sure that we never forget to be miserable, negative and cynical about EVERYTHING. After all, how can we be doing better when we don’t even like the President? No, ALL is doom, NOTHING good is real, it’s all lies.

    You people scare me.

  22. Imagine the gains that would be made if Congress would get off its collective ass and pass legislation that would create jobs. Perhaps it might also be a good idea for Congress to extend unemployment benefits for the long-term unemployed so they don’t fall further into poverty – it would be nice for them to do that since they’re not passing legislation to create jobs for some of them.

    We have a Congress for a reason but they seem to have lost their reason. Hard to do much of anything when you’re dealing with people that have tossed aside the one job requirement they have: GOVERNING.

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