Last Friday, after the Labor Department released it’s most recent jobs report, The New York Times' Paul Krugman wrote under the header, No News On Jobs:
The headline number came in a bit below expectations, but that’s probably just the noisiness in the data. The best hypothesis about the US economy this past year and more is that it has been steadily adding jobs at a pace roughly fast enough to keep up with but not get ahead of population growth. Today’s report was consistent with a continuation of that story. Nothing to see here.
This is pure head-in-the-sand partisan spin. Here is a chart exposing how quickly the jobs market is imploding under Obama:
The headline 96,000-jobs-created number can be seen in blue. Like Krugman says, it is flat. But look at the red “employed” Americans number. This is the actual number that the Labor Department uses to calculate unemployment. As you can see, not only has the number of Americans getting new jobs slowed, it has actually been negative for the past two months. The number of Americans looking for work, the “civilian labor force,” has also collapsed over the last three months.
Friday’s jobs report was not, as Krugman clams, “just the noisiness in the data.” The last three jobs reports clearly show that the Obama jobs market is collapsing.
