[Ed. – This is a statistical disclosure that people can validate in their own lives — unlike the smiley-face numbers pumped out from the Obama Labor Department and the MSM. The people who carry the economy on their shoulders are the ones whose job prospects haven’t recovered from the depths of the recession. This is a set of statistics that actually describes what I see in my neighborhood and among my acquaintances. And it explains a very great deal, both economically and politically. Emphasis in original.]
Pundits may be trying to spin this Friday’s jobs report as indicative of an ongoing recovery, emphasizing that as of May, all the jobs that were lost since December 2007 have now been recovered…
However the same pundits fail to mention is that…the US population, which grew by 14.8 million since December 2007, has lost a record 12.8 million people form the labor force, which remains at an all time high 92 million!
Further digging into the data, here are two other things you won’t hear from the permabulls: while the May job gain of 217K was respectable, breaking down the jobs by age group as shown by the household survey, shows that not only did the majority of the jobs go to the lowest paying wages for yet another month, but for Americans in their prime working years, those aged 25-54, May was a month in which some 110K workers either lost their jobs, or were moved into the oldest, 55-69 age group.
Furthermore, while the total number of jobs may have recovered its post December 2007 losses, for Americans aged 25-54, there is still a long, long time to go, with the prime US age group still over 2.6 million jobs short of recovering all of its post December-2007 losses.
Finally, continuing the qu[a]litative breakdown of the jobs breakdown in the US, one group that has gotten the decidedly short end of the stick are stay at home dads, which according to a recent Pew research study have increased by a whopping 100% to 2 million from the 1.1 milion in 1989:
The number of fathers who do not work outside the home has risen markedly in recent years, up to 2 million in 2012. High unemployment rates around the time of the Great Recession contributed to the recent increases, but the biggest contributor to long-term growth in these “stay-at-home fathers” is the rising number of fathers who are at home primarily to care for their family.