Barack Obama Happy about 162,000 Jobs Added Yet Unemployment Stays at 9.7% … 16.9% – 20.3% Underemployment
Let’s not get too happy about the jobs numbers yet, no one is really hiring except the government.
The Obama White House was so quick to praise the 162,000 jobs added in March as a turn around and our economy headed in the right direction. REALLY? Should we be ecstatic that the unemployment rate remained the same at 9.7% for the third month in a row. This President must create an environment where private business can create new jobs and want to hire, not be restricted by Obama government control.
Employers added 162,000 jobs in March, the biggest monthly gain in three years, with one-third of the growth coming from the government’s hiring of 48,000 temporary workers for the 2010 Census. Despite those gains, the jobless rate held steady at 9.7% as new workers entered the job market and people who had previously quit the labor force returned.
Worse yet, the underemployment rate grew in March to 16.9%. However, Gallup is reporting that underemployment for March 2010 was at 20.3%. 20.3%!!! Those are recession type numbers.
However, the latest Gallup Daily tracking finds that 20.3% of the U.S. workforce was underemployed in March– a slight uptick from the relatively flat January and February numbers. Gallup employment data are not seasonally adjusted.
Of course Obama seized the opportunity to take credit for this-so-called recovery. However, how does one form any form of glee when so many people are out of work and Obama’s policies have not created jobs and the $787 billion Stimulus package has been an abject bust? Of course those that were hired for temp jobs for the 2010 Census will be laid off eventually.
President Barack Obama seized on the positive numbers in the jobs report and took partial credit for them. But with 15 million people still out of work, he also acknowledged that the economy will be recuperating for a long time to come.
So let’s really understand the numbers that Barack Hussein Obama is touting as a success, 162,000 jobs added in March, 2010. However …
- Unemployment remained at 9.7% for the third month in a row
- Of the 162K, 48,000 temporary workers for the 2010 Census.
- 15 million people still out of work
- Private-sector payrolls increased by 123,000 in March, but much of that boost was a bounce back from employment depressed in February by snowstorms.
- Gallup: Underemployment In The U.S. Rises to 20.3% in March
- Obama promised that the $787 billion Stimulus plan would keep unemployment below 8%.
The following is a rather interesting analysis of unemployment numbers, net change was -67,000.
Complete report from the Department of Labor.
In March, the number of unemployed persons was little changed at 15.0 million, and the unemployment rate remained at 9.7 percent. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (10.0 percent), adult women (8.0 percent), teenagers (26.1 percent), whites (8.8 percent), blacks (16.5 percent), and Hispanics (12.6 percent) showed little or no change in March. The jobless rate for Asians was 7.5 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over) increased by 414,000 over the month to 6.5 million. In March, 44.1 percent of unemployed persons were jobless for 27 weeks or more. (See table A-12.)