Disappointing March Jobs Numbers: Obama Economy STILL in the Dumps

by Warner Todd Huston | April 3, 2015 2:39 pm

Obama and his lapdog media have been pretending for years that Obama has “saved” the economy. But the numbers seem to tell a different story. Especially where it concerns the number of Americans who have become so despondent that they have given up looking for work in this terrible Obama era.

The number of Americans not in the labor force has now exceeded 93 million[1] for the first time EVER!

Zero Hedge notes that the number of Americans in the workforce continues to drop[2] year after year since Obama took office.

So much for yet another “above consensus” recovery, and what’s worse it is, well, about to get even worse, because while the Fed keeps banging some illusory drum that slack in the economy is almost non-existent, the reality is that in March the number of people who dropped out of the labor force rose by yet another 277K, up 2.1 million in the past year, and has reached a record 93.175 million.

Indicatively, this means that the labor force participation rate dropped once more, from 62.8% to 62.7%, a level seen back in February 1978, even as the BLS reported that the entire labor force actually declined for the second consecutive month, down almost 100K in March to 156,906.

Why is this important? Because as long as the true employment rate, that of the civilian employment to total population, remains at depression levels, there will be no increases in average hourly earnings.

Despite the happy face put on the Obama economy by the media, we are still no better off.

Endnotes:
  1. now exceeded 93 million: http://cnsnews.com/news/article/ali-meyer/americans-not-labor-force-exceed-93-million-first-time-627-labor-force
  2. the number of Americans in the workforce continues to drop: http://www.zerohedge.com/news/2015-04-03/americans-not-labor-force-soar-record-931-million-participation-rate-drops-february-

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