Friday, May 4, 2012

Job Growth Anemic, Time for Obama to Party

Not very encouraging news today if you're in the hunt for full time employment.
As a matter of fact this has gone on so long that a lot of people have just given up all together.

Sickly Job Growth Sets Up Unhappy Choice for Obama

“14.5 percent”
-- U.S. unemployment rate in April including those who have given up looking for work, according to the Bureau of Labor Statistics.
The U.S. economy added a sickly 115,000 jobs in April, but as discouraged workers continued to leave the labor force, the benchmark unemployment rate nudged down from 8.2 percent to 8.1 percent.
The more important number, the size of the potential labor force that is not employed, remained at a crushing 14.5 percent. Economists are alarmed not only at the puny jobs number in April but at the fact that the difference between the two figures, 6.4 percent, stands near an all-time high.

Having 6.4 percent of the nation’s employable adults out of economic circulation is big trouble. For older adults in that category, they may never be able to return to work. For younger adults, it means a lifetime of lower wages and slower advancement if they eventually get back in the hunt and find a job.
In April, about 522,000 Americans left the labor force, making the addition of 115,000 jobs look all the more alarming. In 2011, about 2.7 million Americans left the work force while only 945,000 came in.
This is similar to what Europe, which has alternated between recession and stagnation for a decade, has experienced. Long-term unemployment begets permanent unemployment. Permanent unemployment begets lower economic output, higher welfare costs and eliminates hopes for more rapid growth.

Obama must not be to concerned about it though cause he's got time to host another concert.

Burt Bacharach to be honored by the Obamas

Wonder if he'll create an ad about all of his hosting accomplishments?

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