Get PJ Media on your Apple

The PJ Tatler

Rick Moran


March 8, 2013 - 8:16 am

The US economy added 236,000 jobs in February according to the Bureau of Labor Statistics. The number of jobs added in January was revised downward from 157,000 to 119,000 but the number for December rose 23,000.

Wall Street Journal:

February’s numbers point to an upturn for the labor market, which has struggled to gain traction since the recession ended in 2009.

For all of last year, the economy added an average of about 183,000 jobs a month. Over the past four months, that pace has picked up a little to an average of 205,000 a month—though the gains have been choppy. January payrolls were revised to a gain of only 119,000 from the originally reported 157,000, while December was revised up to a gain of 219,000 from the previously reported 196,000.

More jobs have helped bring down the unemployment rate, though about 130,000 Americans dropping out of the labor force also contributed to the decline. There are still about 12 million Americans who want a job but can’t find one.

Even with recent gains, the unemployment rate is expected to remain well above the 6.5% threshold the Federal Reserve is targeting before allowing interest rates to rise. The Fed has kept interest rates near zero for more than four years, and is now buying $85 billion a month of Treasury and mortgage debt in an effort to stimulate growth.

Top Fed officials recently have said they are determined to maintain easy-money policies until well into the recovery.

The strong report shouldn’t alter the Federal Reserve’s policy outlook too much, said Scott Brown, an analyst with Raymond James Equity Research.

Bill McBride at Calculated Risk breaks down some of the details about labor participation rate — which is not good.

The numbers aren’t horrible, but at this rate, we may achieve the same level of employment that we had in 2007 in about 10 years.

Rick Moran is PJ Media's Chicago editor and Blog editor at The American Thinker. He is also host of the"RINO Hour of Power" on Blog Talk Radio. His own blog is Right Wing Nut House.

Comments are closed.

All Comments   (4)
All Comments   (4)
Sort: Newest Oldest Top Rated
Sorry, here's proof there's two America's!!!
Clearly there are two America's in 2013. One is dominated by both the crony-capitalists and We The Elite People of culture of corruption in Washington DC vs. We The People ("the great unwashed").
Is there proof of this? Of course! Market Watch (reported by Wallace Witkowski) February 7,2013, that an S&P 500 chart appears to be repeating history. S & P 500 has something downright eerie about the five-year patterns of the S&P 500 Index /quotes/zigman/3870025SPX+0.18% in a chart put together by RandyFrederick, managing director of active trading and derivatives at CharlesSchwab. Frederick took S&P 500's five-year chart, from Jan. 2,2003 through Dec. 31, 2007, comparing it with the S&P 500 since Jan. 2,2009. What results is a remarkably similar climb from the 900s to the 1500s,except the current climb takes nine months less and gets what appears to besome quantitative easing turbocharging. The S&P 500 set an all-time high of 1,576.09 on Oct. 11, 2007,and a closing high of 1,565.15 on Oct. 9, 2007.
While the S&P 500 was down below 700 less than 17 months later, Frederick thinks it’ll be different this time around.:
1) Interest rates are much lower than they were in 2008 (anybody getting a loan lately?Why is the foreclosure rate the highest ever?), almost a 42 million increase in government assistance program participants since 2007 (for a total estimated 95 million Americans on some form of assistance),
2)The housing market is in a recovery rather than in a bubble (residential real estate market according to Bloomberg TV on 3/8/2013 was down 26% in February 2013, inventory of existing unsold homes is still at an all time high some 4 million or so),
3)P/E ratios are lower, and while unemployment is higher (Labor Department report on 3/8/2013 = 7.7% down from averages of 2012 and construction still at an all time high of 15.8%. Blacks, Hispanics and Asians have high unemployment rates)
4)manufacturing jobs are beginning to return from 2008′s migration overseas, he said (this has to be the biggest myth of all). Some 128 coal fired electrical producing plants are slated for closing in 2013. More "green energy" business failures have happened and are happening.
In conclusion! We The Elite People of culture of corruption in Washington DC firmly believe "America is on the right path!" We The People look at all other countries in the world having tried exactly these same economic "flim-flammery" and "smoke-and-mirrors" economic/political policies and they're in worse conditions than Our USA. These Washington DC crony-capitalist's believe wholeheartedly somehow America is "The Magical Kingdom" and America has a new miracle economic/political paradigm..."spend Our way to prosperity"! Surely, this is madness!God Bless America! Pray. Amen. She's on Life Support.
1 year ago
1 year ago Link To Comment
What about the 260,000 who dropped out of the workforce during the same time period? These unemployment numbers are as fictional as the ones that say the wealth has recovered to 2007 levels. Sure it has, a 40% loss representing decades of accumulation was recovered in 2 years, in this economy?

I'll tell you the real kicker though: places around here are hiring and looking for workers. Granted it's low level entry stuff and fast food managers, but the point is the jobs aren't being filled. Why? Probably because welfare pays more plus free health care than getting a job does.
1 year ago
1 year ago Link To Comment
How many of these new jobs are 29 hours or less?
1 year ago
1 year ago Link To Comment

As Obama is the anti-Reagan, and less than half the president Reagan was, his anti-business, punish success, tax and spend, government-is-the-answer, trickle growth, depressing economy is generating less than half the private sector jobs that the pro-growth, low tax, government-is-the-problem, booming Reagan economy produced in February 1985-when GDP was 6% versus Obama's weak, pitiable, recession headed .1%. Don't be fooled. We've been here before. With the Fed making signs that the economy is about to take off; with Larry Kudlow and CNBC soaring on false hope from initial BLS bull reports. There's no Morning In America here. It's another False Obama Dawn. Watch for a downward revision of 50,000 jobs or more as this report is an estimate relying on phone surveys to businesses and not on real time payroll tax data from the Treasury. Obama's job approval is down in the 40s and he needs a bump in the polls. That's what this report is about folks. Obama politics as usual. Over and out.

Oh, before I go google "TrimTabs Reports U.S. Economy Adds 100,000 Jobs in February" to see the truth for yourself.
1 year ago
1 year ago Link To Comment
View All