January Unemployment Rate Falls to 9.0% – Only 36,000 Jobs Created …Update: Labor Force Participation at 26 Year Low
Worst. Jobs. President. Ever.
Barack Obama is the worst jobs president since the Great Depression.
The unemployment rate for the month of Janary was at or above 9.0% for the 21 straight months.
The AP reported:
The unemployment rate dropped sharply last month to 9 percent, the lowest level in nearly two years. But the economy generated only 36,000 net new jobs, the fewest in four months.
The January report illustrates how job growth remains the economy’s weakest spot, even as other economic indicators point to a recovery that is strengthening.
Friday’s report offered a conflicting picture on hiring. Unemployment fell because the Labor Department’s household survey determined that more than a half-million people without jobs found work. The department conducts a separate survey of businesses, which showed tepid job creation. The two surveys sometimes diverge.
Severe winter weather likely reduced the number of jobs created. Harsh snowstorms last month cut into construction employment, which fell by 32,000, the most since May. Transportation and warehousing also fell by 38,000 — the most in a year.
In one bright spot, manufacturing added 49,000 jobs, the most since August 1998.
…Part of that drop has occurred as many of those out of work gave up on their job searches. When unemployed people stop looking for jobs, the government no longer counts them as unemployed.
The number of people unemployed fell by more than 600,000 in January to 13.9 million. That’s still about double the total that were out of work before the recession began in December 2007.
So the number of unemployed fell by 600,000. Reportedly 500,000 people without jobs found work in the household survey and the economy only created 36,000 net new jobs. That means that approximately 64,000 dropped out of thee picture.
What a disaster.
UPDATE: The lablor force participation is at a 26 year low.