US Jobless Rate Falls to 7.5% in April, Lowest Level in 4 Years

The US jobless rate falls to 7.5% in April, the lowest level in four years. The economy added 165,000 new jobs. The black unemployment rate for April is still in double digits, at 13.2%.

Among the major worker groups, the unemployment rate for adult women (6.7 percent) declined in April, while the rates for adult men (7.1 percent), teenagers (24.1 percent), whites (6.7 percent), blacks (13.2 percent), and Hispanics (9.0 percent) showed little or no change. The jobless rate for Asians was 5.1 percent (not seasonally adjusted), little changed from a year earlier.

In April, the number of long-term unemployed (those jobless for 27 weeks or more) declined by 258,000 to 4.4 million; their share of the unemployed declined by 2.2 percentage points to 37.4 percent. Over the past 12 months, the number of long-term unemployed has decreased by 687,000, and their share has declined by 3.1 percentage points. Source: BLS

Bad News Friday: Black Unemployment Rate Falls to 13.3%, Not on Strength, Thousands Leave Labor Market

BLS logo Bad News Friday: Black Unemployment Rate Falls to 13.3%, Not on Strength, Thousands Leave Labor Market

Bad News Friday: Black Unemployment Rate Falls to 13.3%, Not on Strength, Thousands Leave Labor Market (Photo credit: Wikipedia)

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.

 Bad News Friday: Black Unemployment Rate Falls to 13.3%, Not on Strength, Thousands Leave Labor Market

President Obama Goes 2 for 22 Shooting Hoops, Like Record on Reducing High Black Unemployment Rate

300px Barack Obama basketball at Martha%27s Vineyard President Obama Goes 2 for 22 Shooting Hoops, Like Record on Reducing High Black Unemployment Rate

President Obama Goes 2 for 22 Shooting Hoops, Like Record on Reducing High Black Unemployment Rate (Photo credit: Wikipedia – Martha’s Vineyard)

President Obama goes 2 for 22 on the basketball court on the White House grounds today during the Easter Egg hunt. Um, that’s sort of like his average with the black community, though we came out and voted for him in droves. Yeah, I’ll say it, I am very disappointed with the President Obama on what he is doing to address the double-digit unemployment rate in the black community. He’s M.I.A., like many politicians, when it comes to the black community.

 President Obama Goes 2 for 22 Shooting Hoops, Like Record on Reducing High Black Unemployment Rate

Neurosurgeon Dr. Ben Carson Says Obama Administration Policies Hurt Black Community

Ben Carson Neurosurgeon Dr. Ben Carson Says Obama Administration Policies Hurt Black Community

Neurosurgeon Dr. Ben Carson Says Obama Administration Policies Hurt Black Community (Photo credit: Wikipedia)

With black unemployment hovering at 13.8 percent and the continuing sequestration stalemate, President Obama’s economic policies are under a microscope again. Dr. Ben Carson, the head of pediatric neurosurgery at Johns Hopkins Hospital, told the Christian Post that the economic policies being pursued by the Obama administration has resulted in an “abominable” unemployment rate in the black community. There is some truth to his statement borne out by the Bureau of Labor Statistics report that black unemployment for February is more than double the unemployment rate for whites for the same period. As the sequestration cuts gain traction, long-term unemployed will be adversely affected when their unemployment benefits run out or dwindle. The Republicans are calling for subsidy cuts. Well, up to 3.8 million people without jobs are facing larger financial woes as these cuts take hold. This will, undoubtedly, have a larger impact on the black community.

“I think the best thing that he (President Obama) can possibly do that will help minorities is to enact policies that allow for growth of the economy,” said Carson. “Because when you look at the employment rate for instance in the African American community, it’s abominable. And the policies that have been enacted have only made it worse. They have not made it better. So if he really wanted to be a hero in that community, let’s start doing some things that make sense economically and get the money flowing.”

[...]

“I think both parties have a diversity problem to be honest with you. I think in many cases one party has been able to get a lot of people who are of meager means to be dependent. And to make them believe that, that party is on their side. And I think that that has been a successful political strategy,” said Carson.

“However, a lot of those people have a superiority complex and they promote programs that keep a certain segment of the population quite subservient and happy to be there as long as they’re providing things for them rather than using those same resources to create mechanisms of elevating those people and moving them up,” he added. Source

You will recall Dr. Ben Carson raised eyebrows from some in the black community, while earned praise from conservatives after he criticized policies being pursued by President Obama at the National Prayer Breakfast. He also railed against the lack of diversity in both parties. While I believe the black community shares some blame in its economic plight, neither the Democratic Party nor the Republican Party has given any indication of how they plan to help the thousands of unemployed or underemployed black Americans. The politicians come around when an election is near. When will we as a community demand more accountability from our elected leaders? The GOP is clamoring for the Hispanic vote and have all but given up on the black vote, which means they will not propose any policies favorable to helping the black community. Dr. Ben Carson is absolutely right and I applaud him for his courage in standing up and saying what some in the black community believe but choose not to utter.

 Neurosurgeon Dr. Ben Carson Says Obama Administration Policies Hurt Black Community

Black Unemployment Rate for January 13.8 Percent, Hispanics 9.7 Percent

BLACK UNEMPLOYMENT RATE:  Black Americans continue to bear the brunt of the economic woes with its unemployment rate at 13.8 percent for January. Unemployment for Hispanics show little or no improvement at 9.9 percent.

The unemployment rate for the U.S. economy was 7.9 percent and 157,000 jobs were added, according to a Bureau of Labor Statistics release.

 

 

Mitt Romney on Jobs Report: “If Last Night was the Party, This Morning is the Hangover”

Mitt Romney is awake! He released the following statement after the Bureau of Labor and Statistics released its report showing the unemployment rate fell to 8.1% from 8.3% but only 96,000 jobs were added, well short of expectations. I doubt this will change the election results.

“If last night was the party, this morning is the hangover,” Romney said. “For every net new job created, nearly four Americans gave up looking for work entirely. This is more of the same for middle class families who are suffering through the worst economic recovery since the Great Depression.

“After 43 straight months of unemployment above 8%, it is clear that President Obama just hasn’t lived up to his promises and his policies haven’t worked,” Romney continued. “We aren’t better off than they were four years ago. My plan for a stronger middle class will create 12 million new jobs by the end of my first term. America deserves new leadership that will get our economy moving again.” Source

Here’s my question, how does he plan to create 12 million jobs? Outsourcing to China? Mitt Romney dropped this same line during his acceptance speech and didn’t bother explaining how he would pull this off. More empty promises from “Multiple Choice” Romney.

Unemployment Rate Drops to 8.1 Percent as U.S. Economy Added 96,000 Jobs

Joe Scarborough co-host of MSNBC’s ‘Morning Joe,’ said it best, President Obama’s acceptance speech at the Democratic convention was about nothing, but it was better than Mitt Romney’s nothing speech at the Republican convention in Tampa. The president did what he had to do, since Bill Clinton, Michelle Obama, Joe Biden, Deval Patrick, Julian Castro and others made the case for him.

It should be noted that the jobs report came out this morning and the Obama  White House can take some solace in the fact that the unemployment rate continues to fall, though the jobs added were a little weaker than predicted.

The U.S. economy added 96,000 jobs in August, underperforming expectations and representing a big decrease from a more promising July figure, which was revised downward from 163,000 to 141,000. The unemployment rate fell slightly 8.3% to 8.1%.

Among the major worker groups, the unemployment rates for adult men (7.6 percent), adult women (7.3 percent), teenagers (24.6 percent), whites (7.2 percent), blacks (14.1 percent), and Hispanics (10.2 percent) showed little or no change in August. The jobless rate for Asians was 5.9 percent (not seasonally adjusted), little changed from a year earlier. Source

I have always maintained that if Mitt Romney, as weak as he is, can run on the economy, he can give President Obama a tough fight. But people have to make a choice if they stay with Obama or they go with Mitt Romney. The 14.1 percent unemployment in the black community is very troublesome but we know the black vote isn’t up for grabs at this juncture. On that basis, this jobs report won’t do much to change the way most people will vote come November 6.

U.S. Economy Shows More Signs of Improvement, Unemployment Fell & Hiring Increased in August

The economy is slowly improving and that will work to President Obama’s favor and speaks to former president Bill Clinton’s comments that no president can fix the economic mess we faced four years ago quickly.

The Department of Labor said unemployment applications fell last week by 12,000, down to a seasonally adjusted 365,000. The Associated Press reports that a consistent number below 375,000 is seen as the number that suggests hiring is strong enough to lower the unemployment rate. Still, the we are seeing serious signs of improvement which bolsters President Obama’s claims that things are turning around, but there is more work to be done, hence his incomplete grade on the economy.

According to Reuters, the ADP National Employment Report announced employers added an estimated 201,000 private-sector jobs in August, far exceeding the original expectation of 140,000. The company’s figure for July was also revised to 173,000, up from 163,000.