Worst. President. Ever… Days of 5% Unemployment Rate May Be Gone
Worst. Jobs. President. Ever.
Thanks to the failed policies of Barack Obama and Nancy Pelosi, economists now say that for the first time in American history the days of 5% unemployment may be over… at least until Obama is removed from office.
The unemployment rate jumped last month from 8.8% to 9.0% . Barack Obama is the worst jobs president since the Great Depression. One in four new jobs last month was created at McDonald’s.
Even as the economy recovers, the days of 5% unemployment may be gone for good.
A chorus of economists and labor market observers say that the “natural” or “structural” rate of unemployment has shifted up, meaning that Americans looking for work should get used to having a harder time finding it. The unemployment rate is currently 9% and could take until 2016 to reach the natural rate.
The so-called natural unemployment rate is somewhere around 7% , according to Mark Vitner, a senior economist at Wells Fargo. Other economists peg the natural unemployment rate somewhere between 5.5% and 7% . They said the figure will be held higher by a skills mismatch in the labor market that has been growing since the 1970s, the recent extension of unemployment benefits and the 2009 minimum wage increase.
“Businesses are looking to hire, but the workers they are looking to hire are not there in the abundance that they want them to be,” Vitner said.
Slightly more than half of U.S. businesses are having trouble finding the right candidate for open jobs, according to a survey released today of 1,322 U.S. businesses by global recruitment firm ManpowerGroup. In 2010, only 14% of respondents had similar gripes.
Is it 2012 yet?