2012-05-04 18:11:53 Unemployment Rate Down, Job Creation Misses Mark |
BY NATHAN BYRNE
ANCHOR MEGAN MURPHY
The U.S. Department of Labor reports a slight drop in the unemployment rate — from 8.2 percent to 8.1.
But it released a job-creation figure many call "disappointing."
Fox Business has that number.
"That is far below what the Street had been expecting — roughly 170,000 jobs to be created. ... But this morning's 115,000 jobs created in April is not what Wall Street had expected."
An analyst for the BBC criticizes the U.S.'s job-growth rate.
"They were repeatedly creating more than a quarter of a million jobs a month, but that's really hit a brick wall. ... The recovery is happening, but it's just too slow. They need 100,000 jobs a month just to absorb an increased population."
So, we have more people — but not more jobs.
The New York Times reports.
"The share of working-age Americans who are in the labor force, either by working or actively looking for a job, is now at its lowest level since 1981 — when far fewer women were doing paid work. ... the United States economy is producing even more goods and services than it did when the recession officially began in December 2007, but with about five million fewer workers."
Less-than-impressive job creation coupled with a barely budging unemployment rate will almost certainly factor in the presidential race.
A Bloomberg commentator offers his take on how President Obama could pull positives from what others view as a down report.
" ... we have had consistent job creation, even though it's been weak. ... if you're in the White House, you're going to make a lot of hay about that improvement in the unemployment rate."
One analyst for CNBC says unemployment could continue to get better.
"The decline in the unemployment rate is being affected by the expiration of the Emergency Unemployment Insurance Program. That expired in nine states in April, and as that expires, that's going to put downward pressure on the measured unemployment rate."
And a Forbes writer says there's no reason to freak out.
" ... there's some encouraging news in the report suggesting that the past two months were not as weak as data indicated. ... Warmer weather earlier in the year may have accelerated hiring that would have happened in April."
The Wall Street Journal reports a stall in the labor market could lead the Fed to reconsider economy-stimulating measures. |