What had been billed as a “robust hiring streak” came crashing down on Good Friday as the government released jobs numbers for March, while scaling back its previous data for January and February.
According to the figures for March, the economy added just 126,000 new jobs, even though economic forecasters had predicted nearly 250,000. The Fed has also lowered its economic growth prediction to zero, meaning they do not expect the economy to grow as they predicted, if it grows at all.
Using the government’s unique mathematical system, the unemployment rate remained at 5.5%, even though the labor participation rate is in record territory. For the first time ever, more than 93 million Americans are no longer in the work force, figures that would include more than 12 million blacks and more than 56 million women, all record-setting numbers.
And, of course, as with any bad news we must have the usual litany of lies and spin from the Obama Administration, and it was a doozy:
“There’s a bunch of special factors right now,” said Jason Furman, Chairman of the White House Economic Council of Advisors. “Issues like weather weighing on the economy in the first quarter. The trend in the last year has been quite good. And what we need to do is make sure it stays.” It is an extraordinary excuse that has also been picked up by the mainstream Obama media.
So, millions of Americans can’t find a job but it’s the weather’s fault! Will this President ever take responsibility for anything? God help us!