In short, then, the economy stalled after a surprisingly strong February. Employers weren't hiring much and a lot of people gave up looking for jobs. Even the federal government lost jobs - though that was...
Wouldn't there have to actually be austerity for your argument, such as it is, to hold water?
The American economy added 88,000 jobs in March, according to the Bureau of Labor Statistics, which was a major miss from predictions. Forecasters were expecting between 150,000-200,000 jobs added. The unemployment rate dropped despite the lackluster number added due to a sharp drop in the labor force participation rate - from 7.7 to 7.6%. Nearly half a million people stopped looking for work in March.
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