‘Punch to the Gut’: Jobs Report Shows Weak Economy

A sample of headlines (via Memeorandum) tells the story:

People Not In Labor Force Soar
By 663,000 To 90 Million, Labor Force
Participation Rate At 1979 Levels

- Tyler Durden, Zero Hedge

GIGANTIC MISS: JUST 88K NEW JOBS,
UNEMPLOYMENT RATE FALLS TO 7.6%,
DOW FUTURES OFF 150

- Joe Weisenthal, Business Insider

U.S. Adds Only 88,000 Jobs;
Jobless Rate Falls to 7.6%

- Katherine Rampell, New York Times

What the latest numbers from the Bureau of Labor Statistics show is the continuation of a disturbing trend: More and more adults are dropping out of the labor force. Many of these people — so-called “discouraged workers” — have stopped looking for work, and thus are not counted as unemployed, so that even while the official unemployment rate shrinks, the percentage of people with jobs is not really growing. On CNBC, former Obama administration economic adviser Austin Goolsbee called today’s BLS report “a punch to the gut“:

Ed Morrissey writes at Hot Air:

Sequestration didn’t create this, and for that matter, neither did the payroll tax cut. Consumer spending rose in January and consumer sentiment rose in February, remember? We just have a lousy economy, strangled by regulation that keeps investors from putting capital into efforts that create jobs.

Also at Hot Air, Erika Johnsen reports that White House chief economist Alan Krueger indicated during a CNBC appearance that the Obama administration would not change its current policies.

2 Comments

  1. April 5, 2013  3:32 pm by Finrod Reply

    When it comes to the economy, the Obama Administration is made of FAIL.

  2. April 5, 2013  6:29 pm by thatmrgguy Reply

    I've basically been out of work since last August except for a month around Christmas. Finally might have a house to build...WhoooHooo. Fingers crossed.

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