Happy Friday Folks,
This morning, the fresh jobs numbers released by the Bureau of Labor Statistics reveal that the economy added only 74,000 jobs in December- a major disappointment (The median forecast of 90 economists called for an increase of 197,000, according to Bloomberg’s Shobhana Chandra).
While The Obama Administration and its liberal allies will be quick point to weather and the holiday season as reasons for the weak figures, while also trumpeting the lower unemployment rate (6.7 percent), there is more to the numbers than meets the eye.
For example, today’s report shows an alarming unemployment rate for African Americans and Hispanics, at 11.9 percent and 8.3 percent, respectively.
Additionally, the reason the unemployment rate is going down is because the labor force participation rate is only 62.8 percent- the lowest figure since 1978.
In other words, not since the Carter Administration have we seen a lower percentage of Americans actively seeking work. (It will be interesting to see if President Obama is comfortable comparing his economic record to that of Jimmy Carter’s.
Behind the glitz and glamor of the falling unemployment rate (if economic data can have such a thing), millions of Americans are still struggling in today’s economy. Liberal policies simply haven’t helped hardworking families get back on their feet. As a result, Conservatives need to point out the economic data that show what’s really happening in today’s economy, while continuing to pursue policies that get Americans back to work.
Check out the full report HERE.
Seize the day.