How ironic that the new January 2013 Jobs Report states that the national unemployment average, the U-3 rate, increased to 7.9% just one day after Barack Obama failed to renew the charter for his Jobs Council. The Labor Department released its figures compiled by the Bureau of Labor Statistics and only an estimated 157,000 jobs were added in January. Hardly enough to keep up with population growth. Most of the non-farm jobs created in January were in the retail, construction, mining and health sectors. The largest decline was in the transportation sector, with manufacturing and other sectors remaining essentially flat. The Civilian Labor Force only added about 143,000 to the ranks of job holders and seekers, keeping the labor participation rate steady at 63.6%. The average work hours for those lucky enough to be employed remained steady at 34.4 hours per week and wages increased a whopping $0.04 per hour. The overall U-6 unemployment rate also held steady at 14.4%.
While the Obama Administration tries to point the finger of blame for the 4th Quarter contraction of the GDP on Hurricane Sandy and Republicans, the real blame lies within his own White House. The many failures of Obama in dealing with the economy are piling up. As I noted yesterday, the monthly Consumer Confidence Study issued by the Conference Board showed a marked decline from 66.7% in December to 58.6% in January. Fears of job security stem mainly from the implications of ObamaCare mandates as businesses adjust to meet the requirements under the Affordable Care Act laws. Small businesses will be very shy to hire more than 50 workers while larger companies review their policies on providing health insurance. Even the major labor unions are now requesting waivers to ObamaCare, realizing that their insurance costs will increase dramatically.
And yet, a mass of Low Information Voters returned this boob of a president to the White House for another four years! There was no credible evidence that Obama was making any headway in resolving our economic problems. After his first four years, adding an additional $5.8 Trillion dollars to the National Debt, spending a record high average of $3.6 Trillion dollars per year (40% more than George W. Bush′s average of $2.5 Trillion), we have little progress to show. Obama said many times that he spends everyday working on improving employment, but there is absolutely no evidence of that. Even the St. Louis Federal Reserve Bank is now warning that the National Debt has become a genuine drag on the economy, but Obama refuses to accept the realities of his free-spending ways.
So now the Bureau of Labor Statistics reports that the national average unemployment rate has increased to 7.9%. The Labor Department issued its January 2013 Jobs Report this morning just one day after the Barack Obama White House disbanded its Jobs Council. Not that they did anything anyway! They had not even met for a year since Obama was too busy campaigning to save his own job to be bothered with getting America working again. The Obama Administration proves the old saying that as long as they have their jobs, there is no recession, no depression. Too bad the rest of the country cannot share in their comfort!