By Gary P Jackson
The unemployment rate increased to 9.2% (red line).
The Labor Force Participation Rate declined to 64.1% in June (blue line). This is the percentage of the working age population in the labor force. The participation rate is well below the 66% to 67% rate that was normal over the last 20 years, although some of the decline is due to the aging population.
The Employment-Population ratio declined to 58.2% in June.
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The current employment recession is by far the worst recession since WWII in percentage terms, and 2nd worst in terms of the unemployment rate (only the early '80s recession with a peak of 10.8 percent was worse).
This was very weak and well below expectations for payroll jobs, and the unemployment rate was higher than expected (both worse). A terrible report. I'll have much more soon ...
Read more here.
Click image to enlarge
Never fear though, Obama has plenty of time to beat the numbers of the 80s, Carter induced, recession. He's much better at making things worse than Carter was.