While news yesterday from the Bureau of Labor Statistics that unemployment remained unchanged and that 227,000 jobs were created in February shows that the Obama-induced stimulus slide in the economy has slowed, it also contains some significant bad news for the president.
As the labor participation rates edged back up, the number of people without jobs also edged up a bit too from 12.758 million to 12.806 in the last month. And while the 227,000 jobs created for January is better than less-than-200,000 jobs that we have come to expect, much of the gain is in temporary employment, signaling perhaps, at best a bottom for labor.
But what it’s not signaling most certainly is a robust recovery.
As our own Mike Shedlock points out, employment in 2012 is roughly the same as it was back in 2001. In essence, Obama has compressed a lost decade into just three years. Additionally, the BLS already is making significant downward revisions to employment for new business estimates they made in the January report via the birth/death model and other seasonal adjustments , according to Shedlock.
And the hanky-pankery isn't just confined to birth/death numbers. As John Crudele of the New York Post reported early this week: