The Bureau of Labor Statistics has released its monthly job report fort February. On the surface the news is rejoicing: Unemployment is stable at 4.9 percent and there are 242,000 new jobs in the economy.
But how are things looking when one digs deeper?
The participation rate keeps increasing slowly, now at 62.9 percent of the active population. It’s still hovering around 1978 lows, but at least it’s increasing. That increase can be seen across races. Whites, Asians and Latinos have all increased their participation rates while African Americans have remained stable.
The same thing goes for youth participation rates. They still haven’t recovered from Obamanomics – they are still 3.5 percentage points lower than in February 2009 – but at least they keep increasing, now at 35.5 percent. However Latino and African American youth haven’t been so lucky. They respectively saw their participation rate decrease by 0.6 percent (to 31.9 percent) and 0.1 percent to 28.8 percent.
These relatively good news can also be seen in the U6 indicator, which includes discouraged unemployed workers. It decreased 0.2 percent to 9.7 percent, the same level as May 2008.
However a breakdown of where those jobs were created isn’t place for celebrating. There are over 230,000 more multiple job holders in February. They now account for 5 percent of the total workforce. Also the parasitic… er, government sector accounts for a quarter of the job creation (60,000).
The bulk of the other jobs created (nearly 103,000) were in the low value-added retail and leisure and hospitality industries. Although there were also 86,000 more jobs in the education and health services, Democrats will of course forget to mention the 18,000 jobs lost in the mining industry and the 16,000 jobs lost in manufacturing. But hey! Why care about red states like Wyoming, North Dakota and Alaska (strong in mining), who are already in a recession.
By keeping a Democrat in the White House long enough, their misery will become even deeper. Very long-term unemployment (27+ weeks) has increased 0.8 percent to 27.7 percent, 4.3 percent higher than when President Barrack Obama entered the White House in February 2009. By considering people unemployed for at least 15 weeks, one now talks about 42.1 percent of total unemployment, a 0.5-percent increase and nearly back up to February 2009 figures.
So there you have it, once again: a Democrat cannot stay in the White House for four more years. The Tax Foundation clearly showed that both Hillary Clinton’s and Bernie Sanders’ plans would shrink the economy, investment, job growth and capital investment. Unless looking like Western Europe looks appealing, wake up and do something America.
Feature Image: Getty Images
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