US Unemployment rate rises to 9.9%!
Do you want to know just how bad the jobs market really is in America? In April, the US added 290,000 new jobs and the unemployment rate still when up to 9.9% from 9.7% the previous month. Congratulations to those newly hired; however, this jobless market is like an iceberg floating in the Obama sea.
U.S. employers added 290,000 jobs in April, blowing past analysts’ expectations and giving a potential indication that the labor market is strengthening.
That figure was boosted by temporary hiring for the 2010 Census, but there were also jobs added in the private sector, according to Labor Department data released Friday.
Analysts had expected the report to show that the country added 162,000 jobs.
Just curious, do the analysts ever predict any thing correct? That being said, unemployment is now nearly at 10% once again as we head to the midterm elections. There are so many people out of work who had given up on trying to find jobs that they did not even factor into the Unemployment calculation. This is called the “real unemployment rate” of discouraged workers.
Talk about a double edged sword for Obama and the Democrats … if the people get a feeling that the job market is going to start hiring again and get back into an active search for employment, the millions of discouraged workers would add to the unemployment pool with not enough jobs being added to escalate the unemployment rate well into double digits.
That is how bad the jobless rate is in the United States presently. Some times people need to look into the numbers, not just at them.
So just how many of these newly created jobs are temporary or Census jobs created by the Obama government that will soon go away? Even though the creation of 290,000 jobs is certainly a good thing, especially for those individuals who are new hires, it is also important to know what is the real truth when it comes to the job market. House Minority Leader John Boehner (R-OH) suggested that jobless figures are padded by temporary Census workers. He is partially correct.
Boehner, in a “pre-buttal” to jobless numbers for the month of April that will be released tomorrow, said that the expected gains in employment the report might convey is blurred by as many as 600,000 temporary positions created by the Census.
“We are expecting to see some gains, which is always a positive sign, but that will likely include thousands of taxpayer-funded temporary Census workers,” Boehner said Thursday morning in his weekly press conference. “Make no mistake: a near 10-percent unemployment rate is completely unacceptable.”
Welcome to the twisted logic and new math of unemployment where one can add 290K jobs and unemployment rises by .2% to 9.9%. Imagine if unemployment numbers posted by the US Government were the real actual number of people unemployed.
And in typical liberal state run media fashion, the NY Times in their headlines fails to mention the rise of unemployment to 9.9%.
Newsbusters reminds us … Only 6,662,000 More Needed in 2010 to Fulfill Obama Promise. But we all know that Obama will say that he did save or create these jobs, just like he’s been on the oil spill in the Gulf since day one.
Any positive job growth is good news to be sure. But in order for Obama to meet his pledge of 4 million jobs created by the end of 2010, the U.S. economy would have to add 932,000 jobs each and every month between now and the end of the year, taking into account both temporary jobs and the number of new positions needed to keep even with population growth. According to the BLS, 2,662,000 jobs have been lost since February 2009.
The comprehensive gauge of labor underutilization, known as the “U-6? for its data classification by the Labor Department, accounts for people who have stopped looking for work or who can’t find full-time jobs. Though the rate is still 0.3 percentage point below its high of 17.4% in October, its continuing divergence from the official number (the “U-3? unemployment measure) indicates the job market has a long way to go before growth in the economy translates into relief for workers.
Want to know why the unemployment rate rose while 290,000 jobs were created … the answer is HERE.