May 07 2010
Lots of false bravado coming out on the latest jobs report for April. Yes, 290,000 jobs (mostly part time census work) were added. But the real measure of employment, the percentage of those out of work from the total work force number, is not budging and has not moved for months. Here is the unemployment (U3) and underemployment (U6) numbers, and as can be seen they are just holding steady at a very painful level (click to enlarge – source data).
In this graph I show those on Emergency Unemployment Compensation – the last vestige of support for the chronically unemployed. Things have not really changed since last summer, and indications are they are starting to float back up again. There is no way this can be seen as a success for the once vaunted stimulus bill and that measly jobs bill congress passed (click to enlarge – source data).
As can be seen here again, the EUC rolls are stabilizing around 5.5 million people. Democrats have failed. They have been given plenty of time and opportunity to make a difference, and they have failed. And they will be rewarded this fall.