Unemployment edges down, but economic weakness still prevails

By Norman Leahy | Friday, November 4th, 2011 | Policy, Virginia

The nation’s unemployment rate dipped slightly last month to nine percent. The one tenth of a point drop, while encouraging to some, masks a grimmer reality:

…the overall jobs picture remains bleak: almost 14 million Americans are unemployed, with nearly 6 million of them without a job for more than six months.

Though even here, there is what passes for good news:

In a mildly positive development, the government’s broader measure of unemployment edged down to 16.2% in October from 16.5% the prior month. The comprehensive gauge of labor underutilization, known as the “U-6″ for its data classification by the Labor Department, accounts for people who have stopped looking for work or who can’t get full-time jobs.

Any change in this much broader measure should be welcomed. But as Tim Iacono notes:

…this report is consistent with the recent “slow growth” performance of the U.S. economy where economic activity is, basically, just keeping pace with population growth but nothing more.

In a press release from Rep. Eric Cantor’s office, the blame for all this sluggishness can be laid, in part, at the feat of the do nothing Democrats:

“I call on President Obama to ask Leader Reid to allow the Senate to vote on the 22 bipartisan jobs bills that we have passed here in the House. Just this week, the House passed four bills that the President supports, in addition to the one we passed last week. House Republicans agree, ‘we can’t wait,’ which is why we continue to pass common sense legislation to help small business men and women and spur job creation for the millions who are out of work.

Cantor’s Jobs Tracker website has the details what the House has done to spur the economy, while the Senate orders another bowl of bean soup from the canteen.

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