Obamaconomy Continues To Plummet

by JASmius



Here are the three things you need to know about today's bogus Regime "jobs report" for May.

1) They claim to have added 223,000 more of what we all know are part-time, benefitless, minimum wage burger-flipping positions:

Total nonfarm payroll employment increased by 223,000 in June, and the unemployment rate declined to 5.3%, the U.S. Bureau of Labor Statistics reported today.

2) The U3 unemployment rate dropped to 5.3% not because any jobs were added, but because twice as many Americans left the labor force altogether, voluntarily or involuntarily:

The civilian labor force declined by 432,000 in June, following an increase of similar magnitude in May. The labor force participation rate declined by 0.3 percentage points to 62.6% in June. The employment-population ratio, at 59.3%, was essentially unchanged in June and has shown little movement thus far this year.

That's the lowest labor participation rate in thirty-eight years.  And it artificially gooses the "official" unemployment rate down because the employment rate ratio's denominator - i.e. the total size of the labor force - continues to shrink even faster than the total number of working Americans does.  Or as I always say, when the last American leaves the labor force, Barack Obama will stride triumphantly into the Rose Garden or the East Room or wherever and announce that "he" has achieved "full employment".  Or, rather, "infinite" employment, since zero divided by zero technically equals infinity, insofar as it equals anything.

And, lastly but not leastly....

3) Manufacturing is going down the Obamacommode:

New orders for manufactured goods in May, down nine of the last ten months, decreased $4.5 billion or 1.0% to $470.5 billion, the U.S. Census Bureau reported today. This followed a 0.7% April decrease. Shipments, down two consecutive months, decreased 0.3 billion or 0.1% to $482.1 billion. This followed a virtually unchanged April decrease. Unfilled orders, down five of the last six months, decreased $6.4 billion or 0.5% to $1,194.6 billion. This followed a 0.2% April decrease. The unfilled orders-to-shipments ratio was 6.98, unchanged from April. Inventories, up three of the last four months, increased $0.1 billion or virtually unchanged to $649.7 billion. This followed a 0.2% April increase. The inventories-to-shipments ratio was 1.35, unchanged from April.

New orders for manufactured durable goods in May, down three of the last four months, decreased $5.0 billion or 2.2% to $227.6 billion, down from the previously published 1.8% decrease. This followed a 1.7% April decrease. Transportation equipment, also down three of the last four months, led the decrease, $5.0 billion or 6.5% to $71.6 billion. New orders for manufactured nondurable goods increased $0.5 billion or 0.2% to $242.9 billion.

Everybody's buying less, because everything costs more, household incomes continue to decline along with jobs, which employers have to eliminate in order to try and control the aforementioned costs, and so on and so on and so on.

You could even call it an economic death spiral.

Or the triumph of Obamanomics.  Take your pick.

Which means that the U.S. economy is "officially" racist, of course.

Exit question: How much of the underground economy (which, increasingly, will become the de facto U.S. economy) will be dominated by sales of contraband Confederate flag merchandise?  Heck, I'd buy some of it myself, if I could afford to do so.