Commentary Magazine


Contentions

The Jobs Report

The monthly jobs report is modestly good news for the economy. While the unemployment rate stayed at 6.7 percent, the economy created 192,000 new jobs and the job totals for January and February were upped by a combined 37,000. There was other good news too. Teenage unemployment declined from 21.4 percent to 20.9. But the unemployment rate for black teenagers (which tends to be volatile) rose from 32.4 to 36.1. That might reflect more black teenagers coming into the job market, looking for employment. The participation rate ticked up from 63 to 63.2 percent. But it’s still down from a year ago, when it was at 63.3.

The economy needs at least 250,000 new jobs a month to achieve a steady decline in the unemployment rate and we have had only three months with job creation that robust since the end of 2011. So the recovery remains sluggish.

The administration will undoubtedly be touting the fact that the economy now has more private-sector jobs (116.09 million) than at the former peak in January 2008, when there were 115.98 million private-sector jobs. But don’t look for the administration to take note that since January 2008, governments have shed a total of 535,000 jobs, so the national job total is still well below the pre-recession peak. It won’t make the point either that the civilian labor force is 2 million people larger than it was six years ago, and that the participation rate was then 66.2 percent as opposed to today’s 63.2 percent.

All in all, the new jobs report displays an economy that is growing but hardly soaring. It’s not yet morning in America, to coin a phrase, but there is, perhaps, a hint of pink in the east.


Join the discussion…

Are you a subscriber? Log in to comment »

Not a subscriber? Join the discussion today, subscribe to Commentary »





Welcome to Commentary Magazine.
We hope you enjoy your visit.
As a visitor to our site, you are allowed 8 free articles this month.
This is your first of 8 free articles.

If you are already a digital subscriber, log in here »

Print subscriber? For free access to the website and iPad, register here »

To subscribe, click here to see our subscription offers »

Please note this is an advertisement skip this ad
Clearly, you have a passion for ideas.
Subscribe today for unlimited digital access to the publication that shapes the minds of the people who shape our world.
Get for just
YOU HAVE READ OF 8 FREE ARTICLES THIS MONTH.
FOR JUST
YOU HAVE READ OF 8 FREE ARTICLES THIS MONTH.
FOR JUST
Welcome to Commentary Magazine.
We hope you enjoy your visit.
As a visitor, you are allowed 8 free articles.
This is your first article.
You have read of 8 free articles this month.
YOU HAVE READ 8 OF 8
FREE ARTICLES THIS MONTH.
for full access to
CommentaryMagazine.com
INCLUDES FULL ACCESS TO:
Digital subscriber?
Print subscriber? Get free access »
Call to subscribe: 1-800-829-6270
You can also subscribe
on your computer at
CommentaryMagazine.com.
LOG IN WITH YOUR
COMMENTARY MAGAZINE ID
Don't have a CommentaryMagazine.com log in?
CREATE A COMMENTARY
LOG IN ID
Enter you email address and password below. A confirmation email will be sent to the email address that you provide.