Saturday, March 9, 2013

Sorry, The Employment Report Wasn't Good

The March employment report came out and supposedly it was great news.  CBS Nightly News led their program with laudatory praises for all of the good news.  Supposedly 236,000 jobs were created and the unemployment rate fell a big 0.2 to 7.7%.

The household survey (which is the basis of the unemployment rate) says that the economy added 170,000 jobs.  However, a whopping 446,000 were part-time workers. This means that the economy lost 276,000 full time jobs.  Yeah, great news.

ObamaCare Distortions Continue to Mount

Businesses continue to squirm to get away from ObamaCare's costly requirements by reducing hours of employees.  You see, a part-time worker, defined as less than 30 hours per week,  is excluded from mandatory coverage in the law.  The number of part-time workers in recent employment reports have been quite high.  The BLS isn't reporting this part-time surge as "voluntary" either--presumably because it helps to present a better unemployment rate.  We have a bunch of crafty people in government dedicated to feeding you disinformation and the lame-street media is either complicit or imbecilic.  I won't even get into the ridiculous birth/death adjustments that distort the report!

People Continue to Leave the Workforce

Worse, the number of people leaving the workforce entirely was some 296,000 in the month--wiping out any reported gains.   In the past year, 1,163,000 people left the workforce meaning they aren't actively looking for work. Those people are not counted as unemployed which again helps the administration by depressing the unemployment rate.  I bet they left the workforce because they gave up looking.

Does that sound like a healthy economy to you?

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