So you think the Ministry of Truth’s propaganda about the unemployment rate going down to 7.6 % means things are improving… (that’s the lowest it’s been since Obama took office-by .1% WOW! what an accomplishment!) 🙂
88,000 New jobs! WOW! isn’t Obama Just great!! 🙂
The U6 Unemployment rate is 13.8% (it was 13.6 in December 2008– the same month as the last time we had 7.6% unemployment! — notice it’s gone up!) 🙂
(The U6 unemployment rate counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts “marginally attached workers and those working part-time for economic reasons.” Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the “marginally attached workers” include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years and over)
Things just keep getting worse for the American worker, and by implication US economy, where as we have shown many times before, it pays just as well to sit back and collect disability and various welfare and entitlement checks, than to work .The best manifestation of this: the number of people not in the labor force which in March soared by a massive 663,000 to a record 90 million Americans who are no longer even looking for work. This was the biggest monthly increase in people dropping out of the labor force since January 2012, when the BLS did its census recast of the labor numbers. And even worse, the labor force participation rate plunged from an already abysmal 63.5% to 63.3% – the lowest since 1979! But at least it helped with the now painfully grotesque propaganda that the US unemployment rate is “improving.”
Jimmy Carter II has arrived. 1.2 million people gave up looking.
The drop in the main unemployment rate was driven by a huge drop in the number of people in the labor force. The unemployment rate is based on the number of unemployed — people who are without jobs, who are available to work and who have actively sought work in the prior four weeks. The “actively looking for work” definition is fairly broad, including people who contacted an employer, employment agency, job center or friends; sent out resumes or filled out applications; or answered or placed ads, among other things. The unemployment rate is calculated by dividing the number of unemployed by the total number of people in the labor force.
People not in labor force:
Labor participation rate:
The Malaise: The Sequel. Only the Ministry of Truth is out to lie it’s way around it this time. Like they have for the last 4 years.
You know they are just going to focus “like a laser beam” on the one tree in the forest that isn’t on fire and hype that (the 7.6%). Nothing else exists, well, almost…
NPR: While the economy continues to add jobs — and has been steadily since mid-2010 — that growth remains slow and could weaken some more as the effects of the federal government’s sequestration budget cuts take effect.
“While more work remains to be done, today’s employment report provides further evidence that the U.S. economy is continuing to recover from the worst downturn since the Great Depression,” writes Alan Krueger, the president’s top economic adviser, . He adds that “it is critical that we continue the policies that are helping to build an economy that creates jobs and works for the middle class as we dig our way out of the deep hole that was caused by the severe recession that began in December 2007.”
Krueger also writes that “it is important to bear in mind that the March household and payroll surveys are the first monthly surveys to look at employment since the beginning of sequestration. While the recovery was gaining traction before sequestration took effect, these arbitrary and unnecessary cuts to government services will be a headwind in the months to come.”
So a HALF A MILLION PEOPLE Gave up looking for a job because of Sequestration!!!
<<BARF BAG OVERLOAD IMMINENT>>
“American employers hired at the slowest pace in nine months in March, a sign that Washington’s austerity drive could be stealing momentum from the economy. (Reuters)
<<BARF BAG OVERLOAD WARNING!>>>
Though the March payroll employment figure was surprisingly low, BLS also on Friday revised up its estimates of growth in January and February. (NPR)
YIPEEE! Let’s all celebrate!!
Huffington Post: Very First Line in the story–
“Austerity may be starting to squeeze the life out of the job market.”
THE AGENDA IS THE AGENDA!!!
Buried own in the story, some class warfare: Worker earnings have gained just 1.8 percent in the past year, not enough to keep up with inflation — even as corporate profits and the stock market have soared to record highs.
THE AGENDA IS THE AGENDA!!!
One reason for the drag has been austerity in federal, state and local governments, which have cut 605,000 jobs since February 2010, a drag on the job market’s growth, even as private-sector employers have added nearly 6.5 million jobs.
“Sharp cuts in government spending implemented March 1 are only beginning to show their ugly consequences,” Heather Boushey, an economist with the liberal think-tank Center for American Progress, said in an email. “While it’s too early to know what the full impact will be on the unemployment rate, government spending cuts are stealing wind from the sails of the recovery.”
OMG!!! WE HAVE TO STOP CUTTING SPENDING !!!! IT”S KILLING US!!!!
<<BARF BAG OVERLOAD>>