So unemployment in America fell to 7.6% last month. Let's all celebrate!!!
Now for the truth: Total jobs in the economy went down by 206,000 and the number of people in the labor force declined by 496,000. The headlines tell us that 88,000 jobs were created, but that is only after all sorts of "adjustments" by the government. Actually we lost nearly a quarter of a million jobs.
This is a terrible report. Of course, the next question is what caused the drop. I have yet to see a report that blames the lack of economic growth even though that is the principal culprit. If the economy does not grow, employers do not need more employees. No, some reports (from idiots mostly) blame the dreaded sequester, but any job losses from that source did not even begin until after the data for this report was collected. Other reports blame the end of the payroll tax holiday, but that too is silly. One tax increase would not zap all these jobs; losses like these require a generally bad economic situation.
This was a terrible report. That really sums it all up.
Now for the truth: Total jobs in the economy went down by 206,000 and the number of people in the labor force declined by 496,000. The headlines tell us that 88,000 jobs were created, but that is only after all sorts of "adjustments" by the government. Actually we lost nearly a quarter of a million jobs.
This is a terrible report. Of course, the next question is what caused the drop. I have yet to see a report that blames the lack of economic growth even though that is the principal culprit. If the economy does not grow, employers do not need more employees. No, some reports (from idiots mostly) blame the dreaded sequester, but any job losses from that source did not even begin until after the data for this report was collected. Other reports blame the end of the payroll tax holiday, but that too is silly. One tax increase would not zap all these jobs; losses like these require a generally bad economic situation.
This was a terrible report. That really sums it all up.
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