Saturday, March 7, 2015 – 10:30 a.m.
An estimated 295,000 jobs were created in February, according to the U.S. Department of Labor on Friday.
The “Official” unemployment rate (U-3) fell from 5.7% to 5.5%.
It’s all good, depending on who you listen to.
Mainstream media outlets were blasting out the good news from the most recent Employment Report. Over at the Clinton News Network, otherwise known as CNN, they were close to popping the cork on a bottle of champagne.
Yes. The sky’s blue, and the grass is definitely green.
One usually has to dig under the rosy headline in order to get to the not-so-pleasant.
Here’s just a few tidbits from inside the latest numbers:
- The “Official” underemployment rate (U-6) remains in double-digits at 11.0%
- The Workforce Participation Rate is at 62.8%, a 37-year low. That’s just under 93 million people not working.
- Average hourly wages increased by a dismal 3 cents.
- More than 46 million Americans are receiving Food Stamps. (SNAP Report 2015)
- Many of the jobs created were low-wage, part-time positions.
- A record number of Women are not in the labor force.
Even President Barack Obama conceded that the situation isn’t good in front of an audience at a public appearance yesterday.
What’s wrong with this picture?