Saturday, May 5, 2012
Unemployment is 8.1% but the Economy Still Sucks
Let us face the truth. Since 154,000 were created in March 2012, the 115,000 jobs created in April 2012 is pathetic. Thus, it marked a sharp decline from December through February, when the economy averaged 252,000 jobs per month. The truth is now told that people who aren't looking for jobs aren't counted as unemployed. Liberals are stressing that the baby boomers are the contributing factor of the workforce not seeking jobs, which is false. The truth is that the government is using fuzzy math, there are more people on food stamp under Obama, average household income has declined, there are more people in poverty, and foreclosure is still on the rise.
WASHINGTON, May 4 (Reuters) - U.S. employers cut back on hiring in April and the jobless rate fell as people gave up the hunt for work, a somber note on the economy that could hurt President Barack Obama's re-election chances.
Employers added just 115,000 workers to their payrolls last month, the Labor Department said on Friday.
It was the third straight month in which hiring slowed, keeping fears alive that the U.S. economy is losing momentum. It also dampens hopes that a stretch of strong winter hiring signaled a turning point for the recovery.
"It shows sluggish growth," said John Doyle, currency strategist at Tempus Consulting in Washington.