The March-ending numbers were so bad that even the Obamabots had trouble spinning them into something positive. I wrote down these numbers as they became available on the Fox Business channel while watching Varney & Co.
- Only 88,000 new jobs were created in March. The economy needs to be adding 200,000-300,000 in order to get things rolling again.
- The unemployment rate dropped to 7.6% because 500,000 people dropped out of the labor pool.
- 21,600,000 people are either under-employed or unemployed.
- 90,000,000 people over age 16 are NOT working, either by choice or circumstance.
- 58% of the jobs created since Obama took office have been low-wage jobs.
- The labor participation rate dropped to 63.3% … the lowest since 1979 (see chart below).
America has too many people not working; too many people working in jobs they’re over-qualified for; too many people having to work part-time at one, two or maybe three jobs; and too many people having to live on government hand-outs. Under ObamaCare it will get even worse when smaller businesses cut their staff below 50 employees and/or cut full-time employees to part-time to avoid the insurance costs.