The jobs report for March stinks. Really stinks and it’s a sign of things to come when the sequestration cuts kick in. Only, Wall Street will still make money while the “little people” find themselves between a rock and a hard place. The U.S. unemployment number for March came in at 7.6%. That would be great but it means 663,000 people threw up their hands because they can’t find a job. That reportedly brings the total to 90 million for people who stopped looking for work. The New York Times states labor force participation is now at its lowest level since 1978. We aren’t moving forward as a country. We are regressing. The numbers are equally dire for the black community, where the black unemployment rate for March fell to 13.3%, but I suspect that’s giving a false sense of hope because people just gave up looking for a job.
Like Joe Biden would say, “folks, let me tell you” we are in dire straits. The White House is so concerned that it issued a statement saying “there’s more work to be done.” Um, you think? That’s one part of the statement, though. They just proved to me they are tone deaf — President Obama and his advisers, like the U.S. Congress. Alan Krueger, a member of the White House Council of Economic Advisers, wrote on the White House blog, “today’s employment report provides further evidence that the U.S. economy is continuing to recover from the worst downturn since the Great Depression.” Recover? I beg to differ. How do you account for those 600,000+ plus people who have thrown in the towel on finding gainful employment? Most anaylsts were impressed with the White House spin.
The Wall Street Journal’s Josh Mitchell wrote, “There were few encouraging signs from this report. Employers added just 88,000 jobs in March, roughly a third the level of February’s number and the lowest figure since June 2012. Manufacturers cut jobs. The jobless rate fell for the wrong reasons — people dropped out of the labor market.”
The U.S. economy was expected to add 190,000 jobs. I would say we are heading for a slowdown and that’s ahead of the drama from the sequestration cuts. Yeah, you know the deal the White House and Congress struck to royally screw poor and working class Americans.
There could be a glimmer of hope, since the Bureau of Labor Statistics has been known to revise its numbers upwards. John Ryding, chief economist at RDQ Economics, told the New York Times, that “there’s been a recent pattern of upward revisions, and a continuation of that trend could make March’s tally much more encouraging. That was the case with January and February’s numbers, as the BLS on Friday announced that job gains in those months had been revised up by a combined 61,000.”
Just imagine how bad the black community is faring in this tough economic climate. The unemployment rate for black males, 20 and over, is at 12.7%, compared to 12.2% for black women. The unemployment rate for young black men and women is at 33.8% for March. Houston, we have a problem and it is time for the black community to demand attention from the U.S. Congress and President Obama. We have an economic crisis on our hands that will not improve. The black unemployment rate relative to whites, Asians and Hispanics is abysmal.