Some recovery.
The nation’s economy added just 80,000 jobs in June. That works out to 75,000 a month in the second quarter of 2012 — a third of the first-quarter pace, the Labor Department disclosed yesterday.
Plus, about one-third of the new second-quarter jobs were in temporary services.
The unemployment rate held steady at 8.2 percent — the longest streak at 8 percent or above since the Great Depression.
And even that number is misleading.
The Social Security Administration reported yesterday that more workers went on federal disability last month (85,000) than got jobs (80,000) — a startling development all by itself, but one that also obscured the real national unemployment rate.
That’s because folks going on disability are no longer formally in the work force — and, thus, not counted as unemployed.
Amazingly, President Obama yesterday called the new numbers “a step in the right direction.”
Back in 2009, by the way, Obama predicted that if his $800 billion “stimulus” were passed, unemployment would be just 5.6 percent today.
Well, that bloated program passed. But somehow, things haven’t worked out as the president was certain they would.
Little wonder, then, that the White House yesterday cautioned Americans “not to read too much into one monthly report” — the same response Team Obama has been giving monthly since November 2009.
But a close look at some of the figures shows just how desperate the Obama economy is becoming:
* The broader unemployment rate, which also covers people who aren’t looking for work or who are employed only part-time because they can’t find a full-time job, is 14.9 percent.
* Minorities are being hit particularly hard: The unemployment rate among African-Americans is 14.4 percent; among Hispanics, 11 percent.
* The number of long-term unemployed (27 weeks or more) is 5.4 million — accounting for 42 percent of the jobless. Overall, there are 13 million unemployed Americans.
* The number of unemployed women is 5.785 million — up 780,000 since Obama took office.
Overall consumer confidence is down — Americans have cut back on spending, despite the rapid drop in gasoline prices.
And if Americans don’t spend, companies will have less reason to hire.
Moreover, since the labor force is growing at a much faster rate than job growth, unemployment is almost certain to keep rising.
“A kick in the gut,” is how GOP presidential candidate Mitt Romney aptly put it.
“There are no quick fixes,” is how the chairman of Obama’s Council of Economic Advisers reacted.
And, it seems, no long-term ones, either.