WASHINGTON -- The welcome addition of 192,000 jobs last month comes with some huge caveats that suggest the Obama economy isn't actually going to reduce the high unemployment rate anytime soon.
There still remains a fragile economy under President Obama's anti-growth, anti-capital formation policies. The Washington Post's front-page headline on last week's jobs report said it all: "Jobs report gives shaky recovery a foothold."
Despite the White House's plethora of excuses, the fact remains that after two years of Obama's dismal economic policies, the U.S. economy is still struggling and, even now, still producing anemic job numbers.
Buried deep down into the Post story on the Labor Department's report was this grim acknowledgement:
"At the current pace of improvement, it will take years to put a sizable portion of the 13.7 million who are still unemployed back to work. And the ultimate barometer of the job market -- the ratio of employed workers to the total population -- did not budge, despite the stronger job creation." Notably, the number of workers who have been jobless for more than six months increased. And wages were stagnant, with the workweek frozen at 34.2 hours and the average hourly earnings up by only one cent.
Similar unsettling numbers were sprinkled throughout the Bureau of Labor Statistics employment survey that showed the jobs situation is as bleak as ever for many Americans. Among the report's findings:
-- "The number of persons employed part-time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 8.3 million," the BLS said. "These individuals were working part-time because their hours had been cut back or because they were unable to find a full-time job." -- "In February, 2.7 million persons were marginally attached to the labor force, up from 2.5 million a year earlier. These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months" but could not find work.
-- While the unemployment rate changed little at nearly 9 percent, millions of Americans -- especially minorities -- do not fall into that statistical column. The black unemployment rate was 15.3 percent, 11.6 percent for Hispanics and 23.9 percent for teenagers.
You won't hear this on the nightly network news but the national unemployment rate can be a very deceptive figure that hides more than it reveals about the dearth of job creation in America.
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