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Friday, April 5, 2013

The March 2013 Jobs Report

Here is the March 2013 employment situation report from the BLS:

Key Highlights:

- The unemployment rate dropped to 7.6%. Non-farm employers added 88,000 new jobs, falling well short of analysts' predictions.

- The number of unemployed persons edged downward to 11.7 million in March from 12 million in February.

- The civilian labor force participation rate dropped to 63.3% form 63.5% in February. This is the lowest level of labor force participation this country has seen since May 1979.

- The "not in labor force" count (those who have no job and have stopped looking for work) increased by 663,000 from 89,304,000 in February to 89,967,000 in March.

- The number of persons employed for part-time economic reasons (those that are considered part-time involuntary workers) fell by 350,000 to 7,600,000.

- Average hourly earnings rose by 1 cent. The 12-month average for hourly earnings have risen at a 1.8% yearly rate.

The change in total non-farm payroll employment for January was revised upward from +119,000 to +148,000, and the change for February was revised downward from +236,000 to +268,000.

So what do I think? Ummm, can you say déja vu? This is a disaster! The unemployment rate is now 7.6%, something the democrats will probably brag about, but the key facet that will get overlooked: nearly 500,000 people stopped looking for work! This is tragic. These people, who are no longer counted in the unemployment rate, simply gave up. Since they're not trying to find work anymore, they're not counted in the unemployment rate, and this gives the UE rate an artificially low reading. This becomes apparent when we look at the civilian labor force participation rate... which is now at its lowest level since May, 1979. Moreover, the employment-to-population ratio is 58.5%. How can a country continue when nearly half the population isn't producing?

Sadly, the media will trumpet this 7.6% rate as a victory. It's not. It's a tragedy. Millions of people are giving up looking for work, and the poverty level in this country is at its highest level since 1960. And all this has happened BEFORE Obamacare has kicked in. The CBO estimates the ACA will cost 850,000 jobs over the next 10 years.

It's clear: the government is not helping... it's hurting. Obama's policies are not a boon to employment; they're a destroyer of it. But hey... when you're unemployed and destitute, you turn to the government for support... and when one party of the government promises to "help" and "take care of you"... when it comes time to vote, you won't bite the hand that feeds you. This is the way of the democratic party.

What do you think? Share your thoughts below.

1 comment:

  1. Hi LME

    You're spot on, this is a tragedy. But... you forgot to mention that MANY of those who dropped out of the work force went directly to SSDI - Social Security Disability - which has increased better than 50% since the Obamination began his reign of economic terror.

    Add in the doubling of food stamp recipients, tripling of the illegal alien invaders storming across the border to get in on the amnesty and 'free stuff', Obama beating the drum for banks to AGAIN lower the lending standards for home buying - and a call for a brand-spanking new Obama/union army of O'zerocare 'navigators' (government employees) all set to do nothing more than sign up (Demoncrat) voters... we're pretty much screwed... IMO : (