Really BAD News. Jobless rate goes down as many in U.S. simply give up on employment
Unemployment the lowest in three years as many people forego looking for work
Good news: U.S. unemployment is the lowest it's been in three years. Bad news: It's because record numbers of Americans have simply stopped looking for work in an economy that has failed to create new jobs. Furthermore, according to statistics, the last time job creation was this stagnant, the Andrew Sisters sang on the radio and folks like Hitler and Mussolini were still making headlines.
According to statistics, the last time job creation was this stagnant, the Andrew Sisters sang on the radio and folks like Hitler and Mussolini were still making headlines.
The Bureau of Labor Statistics says unemployment fell to 8.1 percent in April, the lowest since January 2009. The decline was mainly due to 342,000 people leaving the labor force, meaning the BLS had stopped counting them as unemployed. The number of employed people in the nation actually fell by 169,000.
Job growth was lower than the 170,000 or so that economists had expected. The BLS revised upward the number of jobs that were created in February and March, adding about 53,000 additional jobs to payrolls.
About 12.5 million people remain unemployed. A record 88.4 million people are considered "not in the labor force," according to the BLS. The percentage of the work-age population either working or looking for work has dropped to 63.6 percent, the lowest since December 1981.
"It's hard to see the good news here," David Semmens, senior U.S. economist at Standard Chartered wrote in a research note.
The sluggish recovery is definitely a campaign issue to the re-election chances of U.S. President Barack Obama this fall and a boon to his Republican challenger, Mitt Romney. In response, the White House pointed out that the job recovery is the legacy of a recession that started on the Bush administration's watch.
"Much more remains to be done to repair the damage caused by the financial crisis and the deep recession," Alan Krueger, chairman of the White House's Council of Economic Advisers wrote in a statement. "It is critical that we continue the economic policies that are helping us dig our way out of the deep hole that was caused by the severe recession that began at the end of 2007."
Many economists tend to believe such a sluggish recovery was perhaps inevitable following the bursting of the housing bubble and a severe recession.
"While some would like to attribute the lack of hiring to uncertainty and regulatory roadblocks, the fact is that demand for goods and services simply has not reached a level that warrants accelerated hiring," John Challenger, CEO of consulting firm Challenger Gray & Christmas wrote in an email. "In areas, where demand has improved, so has hiring."
Hard fact: U.S. payrolls are still nearly 5 million jobs lower than they were when the recession began. It's debatable that the current labor-market recovery has been arguably the most sluggish since World War II -- though the job losses in the recession were also the deepest.
More than five million people have been unemployed for 27 weeks or more, and the average length of unemployment is more than 39 weeks, according to the BLS.
© 2012, Distributed by NEWS CONSORTIUM.
- - -
Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: U.S. unemployment, statistics, job searches
NEWSLETTERS »
Rate This Article
1 - 2 of 2 Comments
Leave a Comment
More Business & Economics News
- Web developer: Earn $60,000 a year - without college degree or debt
- China, India, Brazil could dominate global investment by 2030
- Unemployment in U.S. comes roaring back - in a big way
- Criminally unfair? Why disgraced Enron CEO Skilling could see freedom sooner than you think
- Berkshire Hathaway Inc. hits first quarter record profit at 51 percent
- China and Japan now hold record amounts of Obama debt
- Does shift to mobile mean Facebook's salad days are done? Not at all
- U.S. annual growth rate slowest since 1929, start of Great Depression
- Prosperity gap between races in U.S. widened during recession
Featured News
- Fr. Paul Schenck: Finding Living Faith on Catechetical Sunday
- The Movie Yellow: Incest as 'Normal' and Cassavates's Slides Into the World of Woes
- The Chicago School Teachers Strike Reveals the Need For School Choice
- The Sexual Barbarians and the Dissolution of Culture
- The Happy Priest Challenges Us to Ask: Who is Jesus to Me?
- Michael Coren on Canadian Public Schools: Teachers, leave those kids alone
- We Cannot Ignore Our Consciences: Cardinal Dolan On Religious Liberty
- In the Face of Danger, Successor of Peter Travels to Lebanon as a Messenger of Peace
- Reflections on the Dignity and Vocation of Women: Who or What?
Disclaimer: The columns, articles, advertisers claims and any other features provided on Catholic Online Business & Economics are provided for personal finance and investment information and are not to be construed as investment advice. Under no circumstances does the information in this content represent a recommendation to buy, sell or hold any security. The views and opinions expressed in an article or column are the author's own and not necessarily those of Catholic Online and there is no implied endorsement by Catholic Online of any advice or trading strategy.
Most Popular
There's the problem! Americans are out of touch with scientific consensus on climate change Read More
Sex In Uniform: Why the Increase in Sexual Assaults in the Military? Read More
Culture of Corruption: Why Obama's misuse of Marines is wrong Read More
Bill Donohue, Catholic League, Disclose Fight with the IRS, Demonstrate Courage Read More
Pope Francis Shakes up the Ambassadors Meeting and Addresses Economic Issues Read More
Daily Readings
Reading 1, Sirach 5:1-8
Do not put your confidence in your money or say, 'With this I ... Read More
Psalm, Psalms 1:1-2, 3-4, 6
How blessed is anyone who rejects the advice of the wicked and ... Read More
Gospel, Mark 9:41-50
'If anyone gives you a cup of water to drink because you belong ... Read More
Saint of the Day
St. John Baptist Rossi
May 23: This holy priest was born in 1698 at the village of Voltaggio in ... Read More
Latest Videos
"Family Consecration to the Holy Family" Dr Scott Hahn View Video
May 23 - Homily: Your Mission To Preach View Video
May 23 - Homily: Conversion from Sin View Video
Credo Series - Episode 6 View Video
Human Judgment - 2 Pillars #34 View Video
Marketplace
Heaven Speaks to Victims of Clerical Abuse Read More
St Christopher.St Gabriel. Keyrings. Engravable. Engraved. Keychain. Read More




Print















Again, how many jobs do we think were basically eliminated due to the real estate fraud? The high employement rates of the last decade were based on a personal abuse of credit and an unrealistic real estate market. When folks started using their fake home equity as an ATM machine, of course it fueled spending. Folks today are actually thinking before they buy and paying down debt. Unfortunately in a consumer based economy, that does not help folks get jobs. Personally speaking, I know my spending has changed dramtically since all this started. I am acutely aware of the double edged sword that is.
Instead of looking at the Obama statistics ask any average Joe & he would say the truth, 'cause truth is scarce among the Leftists, so liberal in their 'Appeasings", "in deceit" seems their game & sounding ancient, in the mistruths to a lie.