The FedGov released its unemployment propaganda for February 2014 showing an increase in the unemployment rate from 6.6% to 6.7% with a better than expected 175,000 jobs created.
The Gray Lady’s cheerleaders applauded:
As Job Creation Increases in February, Economists See Signs of a Spring Thaw
…The American economy appeared to emerge from a winter hibernation in February, creating more jobs than in either of the previous two months and suggesting that momentum in the labor market might gradually build with the arrival of spring.
…but still included this sober statement:
…the payroll gain in February was still well short of the pace needed to return the economy to full employment anytime soon or to quickly reduce the ranks of the long-term unemployed.
At Forbes, the somber discussion
The total number of out-of-work Americans held steady at about 10.5 million, the Labor Department reported. The [FedGov version] labor participation rate, a key gauge of the percentage of working-age Americans currently employed, held steady at 63%, its lowest level in four decades.
FedGov calculations still don’t really show the true picture of employment in America. They don’t answer this question:
Ignoring all demographics, who is in the wagon versus who is pulling the wagon?
How many people are working as a percent of all the people in the United States? Here’s the trend…
No change in the headline number this month, so while 175,000 jobs is good, many Americans tried to re-enter the work force with no luck.
At the end of Clinton’s administration, over 50% of the population in America were in the labor force! That number stayed mostly the same and then increased through through the early parts of 2007. That percentage has decreased since the beginning of 2007 and is now down by fully 2%. You’re welcome to comment below as to what happened in early 2007 to turn the trend around.
In today’s numbers, that’s a reduction of almost 6,000,000 jobs.
Below is the percentage of change from month-to-month
Labor Force Data from bls.gov:
Population Estimate from census.gov
Things won’t get better in this country until millions more people are pulling the wagon!