Historically Slow Jobs Recovery Trucks On Due to Determined Industry

The usually quoted unemployment rate went up from 7.8% to 7.9%, but this always quoted number is fairly meaningless in a very long recession, nearly never-ending recession. The unemployment rate went up because a few more people decided there might be hope of finding a job, so they renewed their effort to find a job.

American industry forced the economy slowly forward in October 2012 despite the full application of brakes by Obama and his henchmen.  Industry added 973,000 jobs in October, perhaps in anticipation of a win by Romney on 6 November.  If it was not that, then there are a lot of lunatics in American business, but history suggests otherwise.  Government added 20,000 jobs, despite all of Obama's moaning that government has been hurt most by the recession.  Government had hired madly in September.

Unincorporated self-employment in non-agricultural jobs fell by 172,000.  The decrease in unincorporated self-employed is almost certainly further indication that the huge rise in unincorporated self-employment over the last couple of years was an act of desperation on the part of Americans who could not find jobs otherwise.  Any self-respecting American creates his own job when he cannot get a job from someone else.  But in a bad, Obama economy with no capital to invest in your business, being self-employed is really rough.  Now that industry is hiring, these suffering Americans are shifting to the better jobs bigger companies can offer them.

Let us examine the household survey employment numbers:

The number of missing jobs is falling at a very slow rate.  In October 2010, the percentage of missing jobs was 13.73% and this October is down to 12.53%, or 1.20% over two years.  This is
an average rate of missing jobs recovery by the economy as abused by Obama of 0.60% a year.  At this rate, it will take us more than 14 more years to lower the missing job rate back to the 4.04% rate of January 2000.  Obama's new normal economy is one that takes a total of 18 years to recover from a recession.  His braked economy is actually mired in a GREAT DEPRESSION, that being the only historical precedent for an 18 year recovery period in American history.

One of Obama's favorite campaign claims is that he has created, note the hubris, 5,000,000 jobs.  Once again, employers did not do it.  No, the government did.  At least if it was good.  If it was bad, then businessmen did it.  This is a matter of big government definition.

Actually, there are 144,039,000 employed Americans now and there were 143,338,000 million employed in George W. Bush's last full month as President in December 2008.  So, there are only 701,000 more Americans employed now than at the start of the Obama presidency. This is only 14% of Obama's claim, but as he says, he cannot do 7th grade math.

Meanwhile there are 8,948,000 more working age civilians available for work now than there were in Bush's last month.  The added 701,000 jobs distributed among the 8,948,000 new potential workers is enough to provide a job for 7.83% of them.  Pathetic.  That is an employment rate which is lower even than Obama's super-high unemployment rate overall is.  But this is the new Obama Normal.