The Department of Labor’s monthly Employment Situation Report was released today with disturbingly bad news – the largest percentage of Americans since 1979 have just given up on the idea of ever finding work in the Obama economy.
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.
Economists had expected that 200,000 or more jobs would be created in March, instead only 88,000 jobs were added. A number demonstrative of a declining employment situation and perhaps a receding economy.
Even with the poor fundamentals, the popular statistic – the unemployment rate – dropped to 7.6%. The drop is due to the almost half-million Americans dropping out of the work force and no longer being counted as “unemployed.”
The retail sector took the largest hit with more than 24,000 jobs being lost in March. Most-likely due to the tax increases on Americans put in-place by the Obama administration in January. More money is going to the federal government leaving less for private citizens to utilize.
Average hourly earnings had been increasing until March. Up until then, earners had seen their pay increase by an average of 42 cents over the past year. In this most recent report, earnings slid backwards by a penny showing possible signs of a trend reversal.
Not since Jimmy Carter has the American economy seen such harmful policies come to such a disastrous outcome. Higher taxes, over-regulation, healthcare reform and out-of-control spending are having the effects most on the right have expected – and fought against – for quit some time.