The Job Market’s February Crumble
The raw numbers tell the ugly story.
March 8, 2014 - 12:02 am
The five months from February through June have traditionally been the time when employers are most actively hiring. As a result, the economy almost always adds millions of jobs. A job market with as much unutilized and underutilized labor as this one should be adding at least 5.5 million not seasonally adjusted (i.e., actual) jobs during these five months. As seen above, the Obama economy hasn’t come anywhere close to achieving that result in any of the three years since the jobs recession ended, falling short by about 1.4 million in 2011 and 2013, and by about 1.6 million in 2012.
Based on February’s awful results, this year may be shaping up to be even worse than the previous three, just in time for what is supposed to be peak hiring — hence my earlier suggestion that we had better hope that February’s bad weather is what seriously hurt the results. If it’s not the cause, we’re in for a very rough ride in the coming months.
It’s not too early to raise the distinct possibility that February’s awful results have far more to do with destructive federal government policies and programs than with ice and snow. Of special concern is its newest and most comprehensive initiative. Obamacare anyone?