Disastrous Employment Report Proves Jobless Recovery Impossible
Whatever positive results we're seeing in this recovery are the direct impact of massive government intervention.
I know there will be plenty of people that disagree with me, but these are the stone-cold facts:
Jobs created: 430,000
Less Census: 411,000
Less Hedonics: 215,000
Net Jobs: -196,000
Many will argue that census jobs count, but I wholeheartedly disagree. Count them as temporary, but not permanent. Many of these census jobs last less than four weeks. What kind of employment is that? That's like getting a second job at a department store for Christmas. Everyone knows that's not going to last.
The rest of the report was just as bad. The number of long-term unemployed was unchanged at 6.8 million; the Labor Force Participation rate fell, which is why the unemployment number fell; and March numbers were revised down by 22,000. The lone piece of good news is that average hours worked was up 0.1 to 33.5 hours.
It's about time we stopped kidding ourselves about this "recovery" and realize that whatever positive results we're seeing are the direct impact of massive government intervention that's been on a scale unmatched in history. I've said it before and I'll say it again: There's no such thing as a jobless recovery.
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