"...In his weekly address for Labor Day weekend, Barack Obama boasted of “the longest streak of job creation on record.”
Indeed, Friday’s jobs report had some good headline numbers — who could argue with 5.1% unemployment?But the underlying story isn’t so hot.
As we noted Friday, black unemployment is at 9.5%, which increased 0.4% from July.
And as has been true throughout the Obama “recovery,” much of the decline in the overall unemployment rate was caused by people leaving the workforce.
The labor force participation rate remained at 62.6% — the lowest level since 1977 — and there are a record 94 million Americans not in the workforce..."
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