Jobs Report: Worst “Recovery” in U.S. History Continues Under Obama
As we’ve noted on multiple occasions, the cyclical economic recovery under Barack Obama is objectively the worst in recorded U.S. history. Recessions and recoveries come and go, but never have we suffered one with declining median incomes, such low economic growth or this level of employment sluggishness.
Unfortunately, today’s unemployment report brought additional bad news and only serves to further cement Obama’s disastrous legacy. Economists expected 250,000 new jobs for the month of March, but we only saw 126,000, the lowest since 2013:
The 126,000 increase was weaker than the most pessimistic forecast in a Bloomberg survey, and followed a 264,000 gain a month earlier that was smaller than initially reported, the Labor Department in Washington said. The median forecast in a Bloomberg survey of economists called for a 245,000 advance.
‘There’s really no way to sugarcoat this. This is a soft print all the way around, no matter how you slice it,’ said Omair Sharif, rate sales strategist at Newedge USA LLC in New York. ’It seems that it’s corroborating that the U.S. definitely hit a soft patch in the first quarter.’”
Making matters even worse, the labor participation rate continued it’s decline to 62.7%, the lowest since 1978, before women fully entered the U.S. workforce.
The unprecedented weakness of the economy under Obama establishes the backwardness of his policies. Although he and his supporters remain unwilling to internalize the obvious lesson that lower taxes and less federal regulation lead to a stronger economy, the American electorate fortunately maintains the opportunity to do so as 2016 brings the opportunity to select new leadership.