by Ryan Streeter on October 28, 2012. Follow Ryan on Twitter.
Tino Sanandaji counters the narrative, alive and well among liberals since Bill Clinton’s convention speech, that “employment is growing” under President Obama:
Contrary to the impression given by Clinton there has been no recovery in employment during the Obama Presidency. The share of American who work is lower now (70.9%) than when President Obama entered office (71.8%).
When you use the employment rate, which as Sanandaji point out is the best indicator of labor market health, the employment situation becomes clearer.
Among racial and ethnic groups, African Americans fared worse by this measure:
African-Americans fared worst during the Bush crisis and the Obama non-recovery. Their employment was already the lowest prior to the crisis, it declined the most during the downturn and recovered the least since. Currently the Black employment rate is 9 percent below where it was when the recession started and 2.5 percent below where it was when President Obama entered office.
Read his whole post here. He also looks at the output gap between real and potential GDP, which is interesting.