Perspective on the jobs report

by Ryan Streeter on January 4, 2013. Follow Ryan on Twitter.

Jim Pethokoukis always does a nice job breaking down the jobs reports…and leaving me fairly depressed for a few hours afterwards. Read his whole post here.

His summary:

2012 was another lost year for American workers.

Let’s run through some more of the December numbers to gain some perspective:

14.4%: The U-6 unemployment rate, which includes a) part-timers who want full-time work and b) the discouraged who want a job but haven’t searched for work in the prior month because they believe no jobs are available. Same as November.

10.7%: The U-3 unemployment rate if the labor force participation rate were back to its January 2009 level, when President Obama took office.

10.4%: The U-3 unemployment rate if the labor force participation rate were at the 2012 level predicted by the Congressional Budget Office before the Great Recession. This assumes that as the US ages, the LFP will continue to decline.

And this ….

5.2%: The unemployment rate that Team Obama predicted for December 2012 if Congress passed the $800 billion stimulus.