Friday, April 6, 2012

March Jobs Numbers - This is not Recovery

Well, this is hardly Good Friday good news. The BLS labor force participation rate, the only economic statistic I follow from the government anymore dropped from 63.9% to 63.8% after a slight uptick last month. This means that fewer people are working as a percent of population. How did the White House spin this?

Jobs Report ‘Further Evidence’ of Recovery, White House Says

In its first reaction to this morning’s March jobs report, the White House says the latest figures are “further evidence that the economy is continuing to recover”
If it wasn't so tragic, I'd be laughing at their temerity. By the way, that is a quote from the President's Chief Economist.

Below is the real picture from which this spin emerges. Memo to Alan Kruegger: "Unlike unemployment numbers, that downward trend on labor force participation rate is not considered "good" by professional economists." Note how Obama has done nothing to reverse this trend.

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