According to the jobs report released this morning, the recovery continues to dawdle along, confirming its status as the worst recovery since the Great Depression.
There were 165,000 jobs created last month, and the unemployment rate dropped another tenth of a percent, to 7.5 percent. That’s down four-tenths of a percent since January. But, again, much of the drop in unemployment has not come about through job growth but through workers dropping out of the labor force. The participation rate, the percentage of the population holding jobs, remained unchanged over last month, at 63.3 percent, but that’s down from 63.6 percent in January. It has been dropping steadily throughout the so-called recovery.
The jobless rate among teenagers (24.1 percent), blacks (13.2) and Hispanics, (9.0) remains dismal. So does the number of people working part-time for lack of a full-time job, which increased by 278,000 to 7.9 million.
All in all, a status quo report where the status is pretty lousy.