The Homa Files

Last Friday, the President was spinning the 126,000 jobs gain as a continuation of the longest consecutive period of (meager) monthly jobs gains.

OK, I added the meager part …

And, he touted how he’d added 12 million jobs to the economy since he took office.

Not to nit-pick, but it’s 10 million since he took office … 12 million since the slide bottomed out.

.

OK, so 2 million more people are working since the worst recession since the depression.

That’s pretty good, right?

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Well, as loyal readers know, I think a better measure of the economy is the number of full-time equivalent workers.

Essentially, that metric normalizes things – if you hire 2 part-timers to do the work a 1 full-timer, they only count as 1 full-time equivalent job.

That measure paints a different picture.

The President’s 12 million new jobs only count for about 6 million now that part-time jobs have become the rage.

Referencing back to the pre-crash glory years, we’re still about 2 million full-time equivalent jobs short of the pre-crash levels.

And, that’s after 6 years and well over a trillion dollars in faux-Stimulus spending.

Hmmm.

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This entry was posted on April 7, 2015 at 6:59 am and is filed under BLS, Economy, Employment - Jobs, Unemployment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.