Last Friday, the President was spinning the 126,000 jobs gain as a continuation of the longest consecutive period of (meager) monthly jobs gains.
OK, I added the meager part …
And, he touted how he’d added 12 million jobs to the economy since he took office.
Not to nit-pick, but it’s 10 million since he took office … 12 million since the slide bottomed out.
OK, so 2 million more people are working since the worst recession since the depression.
That’s pretty good, right?
Well, as loyal readers know, I think a better measure of the economy is the number of full-time equivalent workers.
Essentially, that metric normalizes things – if you hire 2 part-timers to do the work a 1 full-timer, they only count as 1 full-time equivalent job.
That measure paints a different picture.
The President’s 12 million new jobs only count for about 6 million now that part-time jobs have become the rage.
Referencing back to the pre-crash glory years, we’re still about 2 million full-time equivalent jobs short of the pre-crash levels.
And, that’s after 6 years and well over a trillion dollars in faux-Stimulus spending.