back to article US jobs grew at slower pace in March, says gov

US employers worried about the sequester's effect on government spending didn't hire as many new workers in March as economists expected. Changes in the all-important IT sector were much less pronounced than in other industries, though. While the unemployment rate decreased it did so for the wrong reasons, with an increase of …


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Anonymous Coward

Not good news for anyone

The important point is that 500,000 people dropped out of the workforce in March according to the government statistics. That is what lowered the unemployment rate not people actually getting real jobs. The U.S. economy is a long ways from being in recovery but the Feds are trying to talk people into believing that there is an economic recovery. Reality says differently.


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Bronze badge

..from the very first line.

Please explain what, if any, effects the sequester has on the economy?

And, if that were the case, why would employers hire so many in February if they were worried? Sequester began last month, everyone saw this coming. - the Obama admin predicted death and destruction - and had to do the backstroke when it didn't.

I call bullshit

Anonymous Coward

Everything in fine in DC

While everyone in DC politics is living high on the hog, a lot of people who's very survival has been in real jeopardy with the budget cuts that have resulted as a result of the insane sequester, aka treason, by the U.S. federal government against the people of the U.S. Obama is just another lying, scumbag politician.


it gets even better

There was a colum in the AJC that referred to a report by the BLS (I think) that said the number of working-age Americans either working or looking for work fell to 63% in March....Does this mean that the U.S.'s actual unemployment rate is greater than 27%

I don't know why I think we're going to escape...

Silver badge

Keynesianism dead, festering even with bought cretins columning in the NYT and The Indy

"There He Goes Again" - Hunter Lewis - Wednesday, December 12th, 2012

We now have the announcement that Ben Bernanke’s Fed will buy $45 billion a month in treasuries, QE4, until unemployment reaches 6.5% or his version of inflation exceeds 2.5%. What a surprise!

Last September, when Bernanke announced the third phase of the government’s program of borrowing from itself by creating new money and using it to buy government bonds, I wrote:

"Bernanke says that the new announced round of money printing (QE3 plus more Twist) is intended to reduce unemployment. Does he believe that? It is possible that Bernanke really drinks his own Cool Aid, but I doubt it. Does he think that stock market gains will boost confidence and somehow help employment indirectly? Perhaps. He has in the past claimed credit for spiking the stock market, although he must know that the empirical evidence does not show a link to employment gains."...

"Helicopter Ben Runs Out of Ideas for Creating Money" - Joseph Salerno - Tuesday, January 15th, 2013

Ben Bernanke’s confided yesterday that he is unaware of any new method of stimulating economic growth. Spoke Bernanke: “As far as I’m aware, there’s no completely new method that we haven’t [already tapped].” So Helicopter Ben has run out of innovative and unconventional ways to create new money. Lest you be tempted to breathe a bit easier, however, rest assured that the now conventional method of quantitative easing, involving the Fed’s monthly purchase of $85 billion worth of mortgage-backed and U.S. government securities, seems to be working just fine according to Bernanke and he foresees its continuation. Noting the stubbornly high unemployment rate combined with the low inflation rate in the U.S. economy, Bernanke stated, “That is the case for being aggressive, which we are trying to do.” Although he is “cautiously optimistic,” he does promise to closely monitor the risks, efficacy, costs and benefits of this inflationary policy.

It's going swimmingly. Mussolini-admirer Roosevelt keynesianed ahead at full steam for 8 years before starting to ask himself the question whether the problem might be sitting in the Presidential Chair. We are nearly there.

And finally, "The Great Deformation" is out in hardback. Might be a good read.

(...) Accordingly, the central banking branch of the state remains hostage to Wall Street speculators who threaten a hissy fit sell-off unless they are juiced again and again. Monetary policy has thus become an engine of reverse Robin Hood redistribution; it flails about implementing quasi-Keynesian demand–pumping theories that punish Main Street savers, workers, and businessmen while creating endless opportunities, as shown below, for speculative gain in the Wall Street casino.

At the same time, Keynesian economists of both parties urged prompt fiscal action, and the elected politicians obligingly piled on with budget-busting tax cuts and spending initiatives. The United States thus became fiscally ungovernable. Washington has been afraid to disturb a purported economic recovery that is not real or sustainable, and therefore has continued to borrow and spend to keep the macroeconomic “prints” inching upward. In the long run this will bury the nation in debt, but in the near term it has been sufficient to keep the stock averages rising and the harvest of speculative winnings flowing to the top 1 percent.

The breakdown of sound money has now finally generated a cruel endgame. The fiscal and central banking branches of the state have endlessly bludgeoned the free market, eviscerating its capacity to generate wealth and growth. This growing economic failure, in turn, generates political demands for state action to stimulate recovery and jobs.

Anonymous Coward

Not just the sequester

I live in the DC metropolitan area and work for a contractor on a gubmint contract. Yes, they sharpened the pencils for the last recompete, but everybody is still employed. My roomie works directly for the feds. Roomie has been told implementation has been at least delayed. Another friend who stops by every week also hasn't heard how it is going to be implemented. The friend, working again for a contractor, is planning to use vacation to cover any sequestered days to maintain paycheck. They have both cut back on charitable donations. The friend has cut back on his online DVD purchases.

What is kicking in are Obamacare and the payroll tax increases. And maybe some people stepping away from the government sponsored economic hallucinogens.

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