American Elephants

This Is Not An “Accelerating” Job Market. by The Elephant's Child

The unemployment rate for February has dropped to 7.7%, down from 7.9% last month. Total nonfarm payroll employment increased by 236,000 in February, which sounds good until you realize it’s not far from the same as it was in February 2012, when it was 271,000— a little higher. Not exactly progress.

Those who are unemployed and are not looking for work are designated by the Bureau of Labor Statistics as “no longer in the work force” has climbed to a record high at 89,304,000 up from 89,008,000 in January.

Among the major worker groups, the unemployment rate for whites 6.8 percent declined. The rate for adult men 7.1 percent, adult women 7.0 percent, Hispanics 9.6 percent, Blacks 13.8 percent, and teenagers 25.1 percent.

In February multiple jobholders rose by a record, as full-timers dropped, part-timers increased. The number of multiple job holders increased by 340K. This is undoubtedly a result of ObamaCare rules which are forcing many businesses to shift their workers to part-time. These workers attempt to recover by holding a second job.

The Federal Reserve Beige Book, a report issued eight times a year, details economic activity. Employers in several Districts cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff. Three different Federal Reserve regions have directly linked ObamaCare to slower hiring.

Just saw yesterday that J.C. Penney is laying off 200,000 employees, and that didn’t even make it into the numbers.

Tyler Durden at Zero Hedge points out that $1.2 trillion in debt buys the United State about 61 percent of the jobs created a year ago. And lest you get excited about the record Dow Jones , every “record” Dow Jones point costs $200 million in federal debt.


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