After a stagnant March jobs report, there was a bit of a bounce back in April. There were 165,000 jobs created in the moth of April. Under normal circumstances, this would be considered mediocre. Since we are in the age of god-king Obama, the media heralds this as great economic news.
Job creation accelerated in April, with the U.S. economy adding 165,000 new positions and the unemployment rate edging lower, quelling worries of a spring slowdown.
New figures from the Bureau of Labor Statistics indicated that a light March payrolls report may have been an aberration, as higher taxes and reduced spending due to the fiscal stalemate in Washington failed to deter growth.
The unemployment rate edged lower to 7.5 percent, due partly to the jobs gains and to a labor-force participation rate that remains at a 35-year low. An alternative rate that also counts those who have quit looking or are underemployed rose to 13.9 percent.
lf Unemployment was 4.5-5%, 165,000 jobs would be an OK number. But with officialunemployment at 7.5% and higher real unemployment, this is not a good number. Reality does not matter, the media will continue to claim the economy is booming and times are good.
