Troubling Jobs Report
By: Mark Hyman
Last week, the government announced employers added 236,000 new jobs. The unemployment rate ticked down to 7.7%. National news organizations trumpeted this headline.
Unfortunately, underlying numbers are disturbing.
Millions of discouraged workers are no longer counted as “unemployed.” The feds designated 296,000 unemployed as no longer in the labor force. Just in February.
This explains why the unemployment rate drops even when fewer people are working. It’s government trickeration at work.
The labor force participation rate — which is the percentage of eligible workers who are actually working — is 63.5%. The lowest rate since Jimmy Carter. Employment numbers are getting worse.
As for the February jobs report, government data shows there was a decrease of 276,000 full time jobs and an increase of 444,000 part time jobs. Workers are migrating from full time to part time work. The high cost of ObamaCare is driving this.
However, the government claims workers are voluntarily switching from full-time to part-time work.
Mark Hyman hosts "Behind the Headlines," a commentary program for Sinclair Broadcast Group.