More Jobs Lost, But Unemployment Unchanged; Revisions As Well: WTF?
From the Bureau of Labor Statistics:
Nonfarm payroll employment was little changed (-36,000) in February, and the unemployment rate held at 9.7 percent, the U.S. Bureau of Labor Statistics reported today.
So, we lost 36,000 more jobs in February, but the unemployment rate is unchanged? I suppose that’s better than what they said in January when 20,000 additional jobs had been lost but the unemployment rate went down. As expected, the BLS said the weather was partly to blame for this, although that doesn’t seem plausible.
You can put lipstick on this pig, but things aren’t getting any better:
Construction employment fell by 64,000 in February, about in line with the average monthly job loss over the prior 6 months. Job losses were concentrated in nonresidential building (-10,000) and among nonresidential specialty trade contractors (-35,000). Since December 2007, employment in construction has fallen by 1.9 million.
I would have expected a surge in government employment due to the workers that have to be hired to do the census. Well, there was; but [emphasis mine]:
In February, employment in the federal government edged up. The hiring of 15,000 temporary workers for Census 2010 was partially offset by a decline in U.S. Postal Service employment.
Naturally, there were adjustments made to previous job loss figures. The December report had originally said there were 85,000 jobs lost, while the January report adjusted this to 150,000; the February report revised this again, reporting that 109,000 jobs were lost in December. And those 20,000 jobs lost in January? Revised to 26,000 jobs lost.
I’m sure Teh Won will continue to display the merits of Porkulus, even though the numbers tell a very different, and a very real, story of its utter failure.