Just noticed the Obama buttlicking media in Miami Florida is touting this Big Lie as “good news”.
Anything at ‘1979 levels’ is definitely not good, economically speaking.
Thanks to the looming train-wreck of ObamaCare, the shift to part-time workers has begun. Employers will be hiring two cheap workers in place of one full-time, expensive worker. No doubt Obama and the state-controlled media will crow about the spike in employment, and the clueless will see this as a good thing.
Then why is it that I can’t find a job?
Back during the Bush Administration before 2008, when job generation was exceeding 200K month after month, the “media” attempted to term that a “recession.” Now we see 165K, and it’s the Golden Age again.
Welcome to the “new normal.”
This garbage data will be revised downward soon.
bullsheet 7.5% total fabrication
30% is more like it
I can’t believe that after 5 years of Obama, anyone would take “good news” from the government very seriously.
The Ministry of Propaganda has spoken.
Participation rate flat, yet unemployment down? How can there be more people unemployed yet the rate go down? Cooking the books as Zero always does.
1979. Man do I remember those Jimmy Carter days.
"Here we notice that just like in prior months, a key part of the growth was attributable to those aged in the 55 and over group, which added 79K workers, although a surprising change was the massive addition of some 187K workers in the lowest paid, 20-24 age group - the biggest monthly jump in this category since September."
"But perhaps the most curious development in the April jobs report is the gender breakdown: of the 293,000 jobs added per the Household Survey, women workers (aged 16 and older) accounted for ... 384K? Men - sorry. 90K males lost jobs in April."
So we are supposed to believe there was massive hiring of of people aged 20-24 and women.
This, just after one of the worst ADP payroll reports, and numerous other negative reports.
This jobs report seems fishy.
IHS Global Insight Analysis:
U.S. Economy - Data Commentary
April employment growth beat expectations, at 165,000. The unemployment rate dropped to 7.5%, as more Americans who were looking for work were able to find jobs.
- The April payroll jobs gain of 165,000 was better than expected.
- The private sector added 176,000 new jobs, while government payrolls fell by 11,000.
- Revisions added 114,000 jobs to the February and March estimates.
- The unemployment rate fell from 7.6% to 7.5%, as employment rose; the labor force did not move from its cyclical low.
The April payroll jobs gain of 165,000 was better than expected. The consensus called for a gain of 140,000, and IHS had predicted an increase of 155,000. Perhaps the best news in the April report was an upward revision of 114,000 to the February and March estimates. The March payroll gain was revised from 88,000 to 138,000 and the February increase was revised from 268,000 to 332,000. Suffice it to say, that these are substantial upward revisions. It is now clear that the initial March estimate of only 88,000 new payroll jobs was an anomaly and not a good measure of labor market conditions.
All the jobs gains were in the services sectors (an increase of 185,000), with business services, leisure and hospitality, retail trade, and health leading the way. Manufacturing employment was flat and construction jobs fell by 6,000. In both sectors, the December through February gains were strong, but March and April weakened dramatically. The average monthly increase in payroll jobs from February to April was 212,000, compared with 205,000 for the prior three months. This means that there is no evidenceyetof a sequester-induced slowdown in hiring.
Based on the household survey, the unemployment rate fell from 7.6% to 7.5% for good reasons. The civilian labor force increased by 210,000 (after falling in February and March), while employment increased by 293,000, on this survey. The labor-force participation rate held steady at 63.3% in April, while the employment ratio rose from 58.5% in March to 58.6% in April. It is important to note that these ratios remain substantially below their prerecession peaks. All but one measure of the unemployment rate released by the Bureau of Labor Statistics edged down last month. Only U6, which includes people working part-time for economic reasons, rose from 13.8% in March to 13.9% in April.
One cautionary note in the April report is that hours worked fell to 34.4, from 34.6 in March (after having risen in the prior two months). While one month does not a trend make, sustained declines in hours worked can be a leading indicator of softer jobs growth. In fact, the impact of the sequester will likely be felt more in the hours worked than in employment, because many government agencies are cutting spending via furloughs rather than headcount reductions.
The much-better-than-expected April jobs report does not materially change our view that both GDP and jobs growth will slow in the coming monthsour assessment of the outlook had already factored in a stronger April employment situation, compared with March. The full impact of the sequester cuts is yet to be felt and things will likely get softer before improving. Nevertheless, the April number provides a good starting point for the second quarter.
Why the Good Jobs Report Should Worry the Obama Administration
By Kevin A. Hassett
May 3, 2013 11:44 AM
Last month, the chattering classes were sent into a tizzy by the negative surprise from the March jobs report. Economists had expected that job creation would be about double the 88,000 that was reported, because of the relative strength of other data. Our advice in this space then was to sit back and wait for revisions:
The report is not as bad as it looks. Upward revisions to previous months added a whopping 61,000 jobs, so the positive jobs news is closer to 150,000 for the first quarter as a whole. If one adds the fact that upward revisions are becoming the rule rather thant the exception, it is possible that March will end up looking as anticipated in the fullness of time.
Fast forward to today, and March was revised upward to 138,000, and the April number was 165,000, pretty close to double the initial estimate for March. Putting it all together, it seems clear that the bones of the data are pretty healthy. Initial claims for unemployment insurance are down to near their pre-crisis levels, layoffs are at a twelve-year low, auto sales have headed back to almost normal levels, and growth is inching up. There is even life in housing.
This means, of course, that the sequester is not crushing the economy. In addition to making the administrations apocalyptic rhetoric look foolish, there was another bit of bad news for the Obama administration in the data. The work week dropped pretty sharply in April, from 34.6 hours per week to 34.4 hours per week. This may be the start of a trend that heads significantly south from here.
Anecdotally, employers are cutting back on workers hours, trying to get below the 30-hour threshold in anticipation of the arrival of Obamacare in its full glory, which will leave part-time workers unaffected. Buried in the industry detail, the two segments of the labor market most likely to be impacted by Obamacare, retail trade and leisure and hospitality, both posted noticeable work-week declines. This may be a blip, or it may be the start of a large shift that will significantly harm workers.
If it continues, we may well enter uncharted territory, where jobs are created but economic growth remains week, because so many existing workers are seeing their work week cut.
They miss the March number by 50K? I wouldn’t believe a damned thing out of this government.