Unemployment Rate Ticks Up To 7.9% – Update – 8.5 Million Left Labor Force In Obama’s First Term

Despite the federal government wasting $7.66 trillion dollars in stimulus over the past several years, the economy still stinks.

Recovery? What recovery?

The U.S. generated 157,000 jobs in January, just short of analysts’ estimates and another sign that economic momentum is stagnating. The headline unemployment rate inched higher to 7.9% from 7.8% a month ago.
The data adds fuel to a growing feeling that the recovery from the deep recession that followed the financial crisis of 2007 and 2008 has hit a snag. (Read More)

Meanwhile, the dismal labor participation rate remains unchanged.

Update: In President Obama’s first term 8.5 million Americans left the labor force. That’s some record.

Lost in these headline numbers was another rise in the number of people not in the labor force.

This number now stands at a staggering 89 million, up from 80.5 million when President Obama took office.

This means that there are currently 8.5 million more Americans not in the labor force than just four years ago.