New Fox News piece: "February's jobs report only looks good because our expectations are so low"
The new unemployment numbers released Friday look reasonable only because our expectations have are so low.
In February, the 236,000 new jobs added beat out the 166,000 increase in the working age population, but the labor force participation rate remains stuck at a level that is so low Americans haven't seen anything like it for decades. It simply isn't making a dent in the huge number of people who have simply given up looking for work.
Even this last month didn't really help. The number of unemployed Americans fell by about 300,000, but 99 percent of that drop can be explained by an increase in the number of people who are no longer in the labor force.
Millions of people have simply given up looking for work.
And they have good reason to be discouraged. Job growth has only grown by an anemic 2.5 percent during this recovery. That’s compared to 9.2 percent during the average recovery since 1970 and 12 percent after severe recessions. . . .