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.
Reuters reported:

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.

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  • democraps suck

    “The weak employment gains could hurt President Barack Obama’s chances for re-election in November———–

    no it won’t the rate 1 month before the election will be 5.9% based on more lies and fabrications and the stupid voters will beleive the lying kenyan fraud

  • John Stess

    He got an “A” in Minority Oppression and in Appeasement Studies, but failed Basic Job Creation. So quit blaming him, doggonit!

  • Neck Beard
  • Government Lies

    Of the 120K Jobs added, 90K were false Birth/Death Model additions.

  • Militant Conservative

    Knew the numbers were skewed. Mainly because

    gubmnt does not count those that have dropped

    Off of unemployment.

    Obama lies the economy dies.

    Powder is dry

  • Mulligan22

    So lets see, we had 240K jobs added in February and the unemployment rate didn’t move. Last month 120K jobs were added, half as many as February and the unemployment rate drops. I’m no math wizard but this just doesn’t make much sense to me. By this logic the next report next month we’ll have half as many, say 60k jobs and the rate goes down again?

    Just seems bogus to me.

  • Bill Mitchell

    You know what I find the most tragic in all this?

    That roughly half of Americans still approve of the job Obama is doing despite abject failure on every conceivable front. The tragic conclusion?

    Half of all Americans are incurably insane.

  • Bill Mitchell

    Who has suffered the most under Obama? Blacks and youth. Who are his biggest supporters? Blacks and youth. Who will vote for four more years of his leadership that has already hurt them far more than any other group? Blacks and youth.

    Hopelessly, incurably insane.

  • Bill Mitchell

    Obama supporters remind me of the girl who drinks gasoline because she likes the taste.

  • Eddie Baby

    Even with a accepting the 120K at face value, unemployment should not be dropping unless a lot of people are leaving the workforce. That is not a good sign for the economy.

  • Gary B.

    None of this is as important as getting women the right to become members of the elite Augusta Country Club and free birth control!

  • bg
  • Patty

    Thanks Mr. Hoft, I went to Zero Hedge yesterday but couldn’t find what you posted.

    We all had to know that the FIX WAS IN on the numbers. But this is Obama world and they have to fix the numbers and hide some important things during this campaign season.

    His minions are very hard at work and Rush is right. Said this bologna was going to happen.

  • Patty

    Yahoo layoffs

    J.C. Penney layoffs

    And I just heard a story in our local news, Mother shoots her daughter and yourself and her son watched. The mother died and the daughter who was shot in the head survives and may live.

    Why, she lost her job. Depression is a growing problem. PLEASE ADDRESS THIS OBAMA.

  • valerie

    All they have to do to get the unemployment rate below 8% is reduce the number of people in the labor force. That is, stop counting the ones who have been hardest hit, and unemployed the longest.

    It’s called “cheating” in some circles.

  • Patty

    Egan-Jones Ratings downgraded the credit level of the United States as Washington has struggled to reduce the federal debt burden, which is projected to surpass the size of the country’s economy.

    Job Growth Loses Steam (Unexpectedly Bad!)
    The Wall Street Journal

    WASHINGTON—U.S. job growth slowed in March, and the labor force shrank, signaling that the economy could be losing momentum.

    Jobs outside of agriculture grew by 120,000 last month—half the number that the economy added the prior month—the Labor Department said Friday, marking the first time since November that job growth fell below 200,000.

    The unemployment rate, obtained by a separate survey of U.S. households, ticked down a tenth of a percentage point to 8.2%, but the drop resulted in part from fewer Americans seeking work.

    Economists surveyed by Dow Jones Newswires expected a gain of 203,000 in payrolls and for the jobless rate to remain at 8.3% for March.

  • http://none tommy mc donnell

    “unemployment numbers disappoint” thats not what CNN said.

  • http://none tommy mc donnell

    the fact that so many people can’t find a job is the reason we need to bring millions upon millions of more people to the united states just ask bill o’reilly.

  • Blacque Jacques Shellacque

    Wouldn’t it be a hoot if, the day after Obie was defeated at the ballot box in November, hiring jumped dramatically?

    It would be like a poke in the eye, and a well-deserved one at that.

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