March Unemployment Numbers Disappoint – Number of Americans Not in Work Force at All-Time High
Barack Obama is the worst jobs president since the Great Depression.
Another month of disappointing jobs news for President Obama. Only 120,000 jobs were created in March.
Payrolls rose far less than expected in March, keeping the door open for further monetary policy support from the Federal Reserve, even as the unemployment rate fell to a three-year low of 8.2 percent.
Employers added 120,000 jobs last month, the Labor Department said on Friday, the smallest increase since October. Economists polled by Reuters had expected nonfarm employment to increase 203,000 and the jobless rate to hold at 8.3 percent.
The weak employment growth last month likely reflected the fading boost from unseasonably warm winter weather. The payrolls count for January and February was revised to show just 4,000 more jobs created than previously reported.
The drop in the unemployment rate, to the lowest level since January 2009, reflected a drop in the labor force. The separate household survey, from which the jobless rate is derived also showed a drop in employment.
The weak employment gains could hurt President Barack Obama’s chances for re-election in November. The unemployment rate has fallen from 9.1 percent in August.
The painfully slow recovery in the labor market is a concern for Fed Chairman Ben Bernanke, who is keeping open the option of further monetary policy support for the economy if the unemployment rate remains stubbornly high.
Zero Hedge added that the number of people not in the labor force reached an all-time high
March NFP big miss at just 120K. Unemployment rate declines from 8.3% to 8.2%. Futures slide, for at least a few minutes before the NEW QE TM rumor starts spreading. The household survey actually posted a decline in March from 142,065 to 142,034. Considering Birth Death added 90K to the NSA number, the actual number was almost unchanged. And as always, as we predicted when Goldman hiked its NFP forecast yesterday from 175K to 200K saying “if Goldman’s recent predictive track record is any indication, tomorrow’s NFP will be a disaster”, Goldie once again skewers everyone. Finally, Joe LaVorgna’s +250,000 forecast was just 100% off… as usual.
The unemployment rate drops to 8.2% for one simple reason: the number of people not in the labor force is back to all time highs: 87,897,000.