This is a joke that needs a little explaining. But the real joke is on anyone fool enough to fall for the charades:
U.S. employment jumps in March, jobless rate falls
Apr 1, 2011
WASHINGTON (Reuters) – U.S. employment recorded a second straight month of solid gains in March and the jobless rate fell to a two-year low of 8.8 percent, marking a decisive shift in the labour market that should help to underpin the economic recovery.
Nonfarm payrolls rose 216,000 last month, the largest increase since May, the Labour Department said on Friday. January and February employment figures were revised to show 7,000 more jobs than previously reported.
The strong job gains come amid indications the economy suffered a minor setback early in the year as bad weather and rising energy prices dampened activity.
“All the evidence is pointing to a strengthening labour market,” said Bill Cheney, chief economist at John Hancock Financial Services in Boston.
First of all, remind me never, EVER to do business with John Hancock Financial Services.
Just to point out how incredibly and massively biased the “experts” who are spinning these numbers are, let me quote this same Bill Cheney from the same John Hancock from when Bush was president and the unemployment rate was more than THREE POINTS LOWER:
“We were expecting to celebrate New Year’s and instead got slapped with a pink slip,” said Bill Cheney, chief economist at John Hancock Financial Services.
The subtitle of that CNN Money article was “Jobs grow by just 1,000 in December, although unemployment rate drops to 5.7%.”
So, for those who are keeping score, when liberals are allowed to have a voice, 8.8% unemployment is good; 5.7% is bad.
I’m just saying: this couldn’t be more biased, full-of-crap propaganda by people who write the news based entirely on their leftwing ideology. And they manage to track down economists who do the same thing. And voilà: a expert-confirmed news story.
And this is just part of a very long, very well-established pattern of mainstream media “journalists” denouncing Republican economic data and blessing Democrat economic data even when the Republican data is BETTER than the Democrat numbers.
Here’s an interesting factoid that doesn’t seem to get any mention in the mainstream media: Unless I’m seriously mistaken, the unemployment rate has gone down every month since Republicans took control of The House in January:
Unemployment was if anything going UP. And then Republicans took over, and whammo. It started going down. But Republicans didn’t receive so much as a scintilla of credit from the mainstream media. It’s just amazing.
That’s first. Second, there’s the facts that you have to dig for:
Still, the job gains haven’t led many people who stopped looking for work during the recession to start again. Fewer than two-thirds of American adults are either working or looking for work — the lowest participation rate in 25 years. [...]
The unemployment rate has fallen a full percentage point since November, the sharpest four-month drop since 1983. Stepped-up hiring is the main reason. But a more sobering factor is that the number of people who are either working or seeking a job remains surprisingly low for this stage of the recovery.
People without jobs who aren’t looking for one aren’t counted as unemployed. Once they start looking again, they’re classified as unemployed, and the unemployment rate can go back up. That can happen even if the economy is adding jobs.
Just 64.2 percent of adults have a job or are looking for one — the lowest participation rate since 1984. The number has been shrinking for four years. It suggests many people remain discouraged about their job prospects even as hiring is picking up.
This magnificent unemployment rate success largely reflects the fact that more and more people are just dropping out of the employment picture altogether. And three of the four years this has been going on have been going on under Obama.
Here’s a graph of the labor participation rate:
Note how it skyrocketed under Ronald Reagan. Note how it went DOWN under Bill Clinton until the Republicans OWNED the Democrats in 1994 and took over both the House and the Senate. Note how it went down under Bush following the Dotcom bust (and the 9/11 attack) that Bush inherited from Bill Clinton.
As I point out in a previous article:
George Bush inherited the policies that led to the 9/11 disaster only months into his presidency. George Bush inherited the Dotcom disaster that wiped out 78% of the Nasdaq index along with $7.1 trillion in American wealth that was just vaporized as a result of Bill Clinton’s economy. And rather than spend the next two years blaming his predecessor, Bush cut taxes and turned the economy around. At least until Democrat policies such as the Community Reinvestment Act and Democrat refusal to reform and regulate Democrat-created Fannie and Freddie brought America crashing down.
By the standard the Democrats used to demonize George Bush in 2004, Barack Obama is the worst president in American history.
But the media prefers “the unexpected” to “the truth.”
You never hear how the first two years of Clinton were such a failure that he got the worst shellacking in fifty years; and then suddenly under Republican control things got mysteriously better as THEY cut spending and balanced the budget mostly over Clinton’s vetoes. You just keep hearing that “Clinton balanced the budget.”
Note how Bush brought that declining labor participation back up after his tax cuts were passed and began to take effect. And how that has happened AGAIN as the successful Republican-Bush tax rates were continued and things suddenly got miraculously better.
But let’s consider some other things.
We added 216,000 jobs last month. Congratulations. Here’s how many NEW unemployment claims were added every single WEEK in March:
Something just seems so wrong with this picture. It makes that 216,000 jobs being added during the entire month of March just seem really, really sucky.
Somewhat similarly, the replacement rate due to population growth, etc. is 300,000 jobs a month:
“In order to make a real dent in the unemployment rate, economists estimate that at least 300,000 jobs need to be created each month.”
Meaning, we need to create 300,000 jobs a month just to stay even. But we created 216,000 jobs in March, which caused the unemployment rate to drop. How’s that?!?!?
For the record, Gallup reported unemployment at a far more believable 10% in March.
What is truly being heralded here as a giant success is that millions of Americans are simply giving up and abandoning the work force altogether in Obama’s God damn America.
Tags: 10, 64.2%, 8.8%, April Fools, aren't counted as unemployed, bias, Bill Cheney, Bush tax cuts, Gallup, George Bush, GOP control, initial jobless claims, jobs, lowest participation rate in 25 years, March, Media, not counted as unemployed, participation rate, replacement rate, Republican control, tax cuts, unemployment, unemployment rate