The surge in employment fueled by part-time jobs and the Obamacare effect may finally be over. Although the establishment survey showed a gain of 88,000 jobs, the household survey, off which the unemployment rate is based, showed a loss of 206,000 jobs.
The unemployment rate edged lower by .1% because a whopping 496,000 people dropped out of the labor force.
Last month, voluntary part-time employment rose by a reported 446,000. It’s plain to see that last month’s numbers were a statistical aberration. This was a miserable jobs report from every angle….
Keep that clearly in mind – the unemployment rate dropped to 7.6% in a month when the source for the 7.6% figure showed a loss of 206,000 jobs. The only reason it dropped – rather than shooting up – is because nearly half a million people dropped out of the labor force. The labor force participation rate is now back to 1970’s levels.
This, my friends, is a dying economy. Dying more slowly here than in Europe because parts of the country are still rationally governed (places like Texas and Florida, for instance), but still dying because of a sea of debt and fake money.Europe, too, was kept afloat for a while by France and Germany…how long can Texas and Florida make up for California and New York?
UPDATE: Given that two more Democrat Senators have “evolved” (between November and April, astoundingly!) on gay marriage, Kruiser is dead on:
Gay marry the jobs report, that’s Plan B today.