On Friday, the Bureau of Labor Statistics released the September jobs report. In September, we saw the unemployment rate fall to 7.8%. While it is encouraging to see job growth, many Americans are skeptical of the information in this jobs report. In order to keep up with population growth, our economy needs to add about 150,000 jobs per month; this report only showed 114,000 new jobs. In addition, two other important jobs metrics continued to show how badly our economy is fairing: the U-6 measure (includes unemployed, underemployed, and persons who have given up) remained virtually unchanged at 14.7%, and America's labor participation rate remained about the same at only 63.6%, still near an all-time low. So, how did the Bureau of Labor Standards (BLS) report show an inconsistent drop in the "official" unemployment rate (U-3) with no real improvement in job growth, the poor U-6 rate, or the weak labor participation rate? Many economists and job analysts are looking for answers and so am I. Stay tuned, and we will provide further updates as soon as we have more information. One reason that the unemployment rate could have dropped is that more Americans dropped out of the workforce for every person who found a job -- this trend has been recurring with nearly each job report of the Obama economy. As a result, if the labor force participation rate was at the same level as when the president took office, the unemployment rate would be at 10.7%. The bottom line is that more and more Americans have become frustrated and stopped looking for work. There are over 23 million of our friends and neighbors who are still asking: "where are the jobs under the Obama "recovery'?"
Vice President Biden was right when he recently stated that the middle class has been buried the last four years. Americans have grown tired of the president's failed record of deficits, doubt, and decline which has buried the middle class under debt, falling incomes, and high unemployment. Americans should not have to suffer under Obamanomics trickle-down big government policies. House Republicans have passed over 3 dozen real world jobs bills which would reduce uncertainty to help businesses flourish, encourage job creation, and grow our economy. Yet, the Democrat-controlled Senate refuses to take action on these bills as American families continue to hurt. There is no time like the present to forge a path for promise, prosperity, and security for our future.