U.S. job creation weaker than expected

[nfotxn]

WASHINGTON - Only 21,000 new jobs were added to the U.S. economy last month, far short of the 130,000 forecast by economists.

The U.S. unemployment rate remained unchanged from January at 5.6 per cent as roughly 392,000 civilians quit looking for work last month. An estimated 8.2 million Americans were out of work last month.

"This is a job gain that would be considered reasonable in Canada – a labour market one-tenth the size of the U.S.," TD Bank economist Gillian Manning said.

Read More at CBC.ca

That's right, a population nearly the size of the city that I live in left the job market just last month alone. Add the record federal deficite and ultra low (%1) lending rates and you certainly can add credence to the claim that there is a perfect economic storm brewing in the USA right now.

Comments

[cpratt.livejournal.com]

I for one blame gay marriage.

[nfotxn.livejournal.com]

People like you are causing anarchy! ANARCHY!!

[abearius.livejournal.com]

I blame Canada.

[nfotxn.livejournal.com]

Yes, we are stealing your jobs.

[ranger1.livejournal.com]

And pushing the demon weed marihuana on our innocent teens.

[goofybearz.livejournal.com]

It those Freedom Fries we have now.

[jbear70.livejournal.com]

So if the jobless rate remained steady, that means that the nearly 392,000 people stopped looking for work (meaning that they were dropped from the employment figures) equalled the number of new unemployment applications. Doesn't a 21,000 new job gain really equate to a 371,000 net job loss? If G.W. expects to add 3 million jobs by the Fall, it seems he's going about it all wrong.

[bookish-cub.livejournal.com]

And, all of the new jobs were in the public sector.