First Quarter hiring is down 27% from last year.
BLS report was issued this morning. Jan and Feb 2013 revised upward. March was disappointing.
2012: Jan 311,000; Feb 171,000; Mar 205,000 .... Total 687,000
2013: Jan 148,000; Feb 268,000; Mar 88,000 .... Total 504,000
The decrease in jobs created for the quarter is 183,000 or about 27%.
Labor participation rate sank sharply as about 500,000 people dropped out of labor force. Labor participation rate is now at its worst since 1979. The reduced labor participation rate caused a drop in the headline unemployment rate.