As commentators call Friday’s jobs report “good,” middle class wages fall and workers give up

by Ryan Streeter on December 10, 2012. Follow Ryan on Twitter.

There are 5.4 million fewer workers in the labor force today than when Obama took office. If that fact is ignored when talking about jobs reports, we can think we’re seeing progress when we’re not. As in, the way so many commentators called last Friday’s jobs report good news.

In case anyone didn’t notice, the BLS jobs report was terrible. Unemployment didn’t go down in November (from 7.9% to 7.7%) as the BLS reported, it actually went up. The true unemployment rate, calculated at the labor force participation rate that existed when Bush 43 left office (65.8%), increased from 10.7% to 10.8%. This put the true unemployment rate 1.3 percentage points higher than when Obama’s so-called “economic recovery” began, almost 3.5 years ago.

And if that’s not bad enough:

America moved another 246,000 jobs further away from full employment during November. We had fewer full-time jobs last month than we did in January 2005, which was almost eight years ago.

And then there’s this:

Assuming that November’s CPI comes in as expected (2.0% annual inflation rate), the real wages of ordinary (“production and non-supervisory”) workers were 1.9% lower in November 2012 than they were in November 2010. They were also 9.0% lower than they were in November 1964, for that matter.

The whole article is here.