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Saturday, April 07, 2012

88 million no longer in work force presents dire warning

The Obama Administration released its monthly unemployment numbers yesterday for March, which indicate that joblessness dropped a tenth of a percent from 8.3 to 8.2.
According to the Department of Labor 120,000 new employees were added to the economy, but when adjustments are made for the birth death ratio, the figure was actually unchanged from February. An even more disturbing picture presents itself when the number of Americans who dropped out of the workforce entirely is added into the mix.
The number of citizens who have taken themselves out of the labor force rose in March to an unprecedented 88 million. Even those economists who were optimistic about the March figures noted that such a number presents a dire warning concerning the economy--it is much too soon to declare that the U.S. is churning toward a sustained recovery, and it is not at all too pessimistic to predict troubled waters ahead.

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