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Real Unemployment Still in 17 Percent Range
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| Parent(s) |
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| Contributor | Jason |
| Last Edited | Jason Apr 03, 2010 02:10am |
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| Category | General |
| Author | Steven Yates |
| News Date | Saturday, April 3, 2010 02:00:00 AM UTC0:0 |
| Description | According to the U.S. Labor Department, the economy added 162,000 jobs in March, the most since the beginning of the worst recession since the 1930s. This was below expectations that predicted 190,000 jobs.
Associated Press released this comment: “The nation’s economy posted its largest gain in three years in March” but adds immediately that “the unemployment rate remained at 9.7 percent for the third straight month.” According to mainstream economists this is evidence that “the economic recovery is sustainable and healing in the job market is beginning.” Is it, though?
The same article concedes that the 162,000 total includes 48,000 temp workers hired for the U.S. Census. These are, of course, government jobs rather than productive jobs, in addition to their being temporary. Subtract 48,000 from 162,000 and we get 114,000 jobs created in March.
A breakdown of the remainder lends further support to the idea that the U.S. economy has gravitated towards poorly paid domestic services. Forty thousand of these new jobs are also temporary. Health care added 47,000 jobs. Twenty two thousand more were in leisure and hospitality.
Only 17,000 were in manufacturing and 15,000 were in construction, the latter possibly an inflated figure due to weather-related slowdowns in February. |
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