US Unempoyment Rate Drops to 7.6% in March 2013 with a Pathetic 88,0000 Jobs Created … Labor Force Participation to 63.3%, a New 34 Year Low
BARACK OBAMA, EPIC FAILURE … PATHETIC, JUST PATHETIC … Obama’s abysmal Job growth failure.
The US Unemployment rate for March 2013 fell to 7.6%; however, this was done with an anemic 88,000 jobs created. The jobs report fell far short, not a little or just missed as economist expectations of 200,000 new jobs. As reported at Zero Hedge, the unemployment rate declined to 7.6%, but this was due entirely to the collapse in the labor force participation rate, which declined by 20 bps to 63.3%, a new 30 year low. In March labor force de-participation soared by a massive 663,000 to a record 90 million Americans who are no longer even looking for work. At this rate Obama will have the unemployment rate down to 2% as everyone will have left the workforce and because of the BS fuzzy math they use to calculate the numbers.
Even Obama is going to have a tough time spinning these numbers, but with no GWB to blame, he will find someone
Job creation slowed to a crawl during March, with the U.S. economy creating just 88,0000 positions though the unemployment rate fell to 7.6 percent.
The number was a sharp slide from February’s upwardly revised 268,000.
The Labor Department reported Friday that nonfarm payroll growth eased amid hopes that the economy had begun to achieve the escape velocity needed for sustained growth.
Friday’s report fell short of economist expectations of 200,000 new jobs, though it did confirm some of the weakness in recent reports.
Nonfarm payroll employment edged up in March (+88,000), and the unemployment rate was little changed at 7.6 percent, the U.S. Bureau of Labor Statistics reported today. Employment grew in professional and business services and in health care but declined in retail trade.
Household Survey Data
Both the number of unemployed persons, at 11.7 million, and the unemployment rate, at 7.6 percent, were little changed in March. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (6.9 percent), adult women (7.0 percent), teenagers (24.2 percent), whites (6.7 percent), blacks (13.3 percent), and Hispanics (9.2 percent) showed little or no change in March. The jobless rate for Asians was 5.0 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)
In March, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.6 million. These individuals accounted for 39.6 percent of the unemployed. (See table A-12.)
The civilian labor force declined by 496,000 over the month, and the labor force participation rate decreased by 0.2 percentage point to 63.3 percent. The employment- population ratio, at 58.5 percent, changed little. (See table A-1.)
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) fell by 350,000 over the month to 7.6 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)
From USA Today, Dow set to open 150 points lower on weak jobs report.
Futures for the Dow Jones industrial average were down 1% while futures for the Standard & Poor’s 500 index and the Nasdaq 100 composite index were about 0.8% lower after the Labor Department’s monthly employment report was released at 8:30 a.m. ET. The number of jobs created in March was less than half the consensus estimate on Wall Street.