Despite adding the fewest number of jobs in nine months, the Obama White House saw real progress for the U.S. economy in March...
And, perhaps not surprisingly, they blamed sequestermageddon:
“While more work remains to be done, today’s employment report provides further evidence that the U.S. economy is continuing to recover from the worst downturn since the Great Depression,” Alan Krueger, President Obama’s chief economist, said.
Administration officials also blamed across-the-board budget cuts for the lackluster job numbers.
“It is important to bear in mind that the March household and payroll surveys are the first monthly surveys to look at employment since the beginning of sequestration,” Kreuger said. “While the recovery was gaining traction before sequestration took effect, these arbitrary and unnecessary cuts to government services will be a headwind in the months to come, and will cut key investments in the nation’s future competitiveness.”
Today's unemployment rate is at 7.6 percent. But if the labor participation rate was the same today as it was when President Obama took office, we'd be sitting on top of 10.98% unemployment.
Progress? Not so much.