- Posted May 4, 2012 by
This iReport is part of an assignment:
Good or Bad: Unemployment Rate and Job Creation?
There is something to like and a whole lot not to like with the job figures and unemployment rate released today.
What is good is that 115,000 jobs were created in April. What is not so good is that 15,000 jobs were cut by local and state governments.
What is good is that the unemployment rate dropped from 8.2% to 8.1%. What is not so good is that around 350,000 people just quit looking for work.
April's disappointing jobs numbers follow a winter boom, when nearly 250,000 jobs per month were added between December and February. That grace period ended in March, when only 154,000 jobs were added, and many economists attribute the mini-boom to the unseasonably warm winter weather.
On Fox News Friday morning, Mitt Romney called the report "terrible" and "disappointing." Obama has emphasized that economic indicators are improving, albeit slowly, while Romney blames the unemployment crisis on Obama's policies. The Federal Reserve has predicted the unemployment rate will be between 7.8 and 8 percent by Election Day.
Earlier this week the Labor Department reported that jobless claims fell 27,000 to 365,000. That was the steepest weekly drop in a year.
About 12.5 million Americans were unemployed in April, including 5.1 million who have been looking for work for more than 27 weeks. But many more millions of Americans have given up looking for work altogether. The labor force participation rate is at the lowest point since 1981.
From the Cornfield, not all that glisten is not gold.
So it would seem to be true of the sluggish US economy as we move closer to the summer months.