Funemployment in Obama's third consecutive Summer of Recovery™: "Things are much worse than the reported numbers would have you believe"

Mike Shedlock lays bare the official job numbers and finds things are far, far worse than the administration would have you believe.

For the last two months I commented "It is very questionable if this pace of jobs keeps up." Clearly it didn't and this certainly cannot all be blamed on a Tsunami in Japan. The entire global economy is slowing rapidly...

...In the last year, the civilian population rose by 1,814,000. Yet the labor force dropped by 544,000. Those not in the labor force rose by 2,358,000...

...Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%...

...The official unemployment rate is 9.1%. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6.

While the "official" unemployment rate is an unacceptable 9.0%, U-6 is much higher at 15.8%...

Things are much worse than the reported numbers would have you believe, and for the second consecutive month the beneath the surface numbers were bad-to-awful.

Gee, Mish, that seems so hard to believe.

After all, President Obama and his Democrat sycophants have only destroyed the housing, energy, auto, banking, health care, and insurance industries.

I mean, how many jobs could those tally?