Rising U.S. Labor Force Belies Republican Criticism of Obama
- More than 2 million Americans join workforce since September
- Increased participation is also good news for Yellen
An employee welds together a frame for a sports utility vehicle during production at the General Motors Co. (GM) assembly plant in Arlington, Texas, on March 10, 2016.
Photographer: Matthew Busch/BloombergIt’s standard Republican criticism of President Barack Obama’s handling of the economy. Sure, unemployment has been halved from 10 percent in 2009 to 5 percent today. But that’s mainly because so many people have gotten so discouraged that they’ve just given up looking for work. Factor that in and real joblessness is a lot higher -- 20 percent plus, according to an estimate by Republican presidential contender Donald Trump.
Don’t look now, but over the last six months the narrative in the jobs market has changed for the better -- for Obama and for ordinary Americans. Encouraged by improving employment prospects, more than two million people have flooded into the work force since September, the biggest six-month gain in records going back to 1990, using data adjusted for changes in population estimates. And unemployment has continued to fall, though admittedly by a smidgen, from 5.1 percent.