July jobs report showed that the nation’s unemployment level has promptly decreased and totally recovered from George W. Bush’s Great Recession. It signifies a complete triumph for President Obama.
Chairman of the Council of Economic Advisers, Jason Furman, claims that unrounded data shows the moving of the unemployment rate’s headline below its pre-recession average. It happened for the first time in the recovery.
This fact, though, testifies a clearly defined tendency of the labor market recovery. Still, some alternative measures of the modern labor market haven’t managed to recover yet. The rate of long-term unemployment remains 34% above its pre-recession average. This slow restoration in the long-term rate of unemployment is caused by a short-term one which remains now below its pre-recession average.
The U-6 ‘unemployment rate’ differs from headline unemployment as it includes discouraged workers, who take risks lying in CV and those who prefer a part-time job to a full time one. This unemployment rate remains 14% above its pre-recession average. The female and Hispanic’ nations unemployment rates hadn’t been fully discovered yet. The situation with the male, black, white and Asian American employees is better. Its unemployment rates are now below their pre-recession average.
According to Furman’s speech, the long-term unemployment rate is higher than pre-recession levels. Moreover, for female and Hispanic workers, the unemployment rate remains above the pre-recession average. So, there are still weak sides on the jobs front.
The economy could be sent into overdrive by the next president if he/she manages to fix the long-term unemployed. President Obama played a significant role in long-term unemployment tackling. He made numerous attempts including job retraining programs and recruiter incentives for hiring the long-term unemployed. Nevertheless, this issue was refused to being discussed seriously by Republicans in Congress. They tended to direct their attempts and forces to pointless Benghazi and Hillary Clinton email investigations.
Still, there is good news. In 15 of the last 17 months, there were created in a total 200,000 jobs with President’s Obama initiative. During the last two years, numerous private sector jobs were created. It is more than at any other period since 1997-1999.
Consequently, the private sector provided thirteen million jobs over sixty-five undeviating months of growth. The unfortunate trickle-down policies supported by the Republican candidates can’t even touch what Obama has done.
President Obama proved his election promises and his place in the White House.