March Jobs Report Disappoints
New hires half of modest estimates, workers flee labor force
The Department of Labor’s jobs report for the month of March was another disappointment as the number of new hires was less than half already modest estimates.
At 88,000 new jobs, March’s numbers represent the slowest job growth in nine months and come in at less than half the already modest 200,000 economists had predicted. The economy must add 250,000 jobs just to keep up with population growth and much more to bring down stagnant unemployment.
“American workers need action from Washington to help reignite our economy and restore prosperity,” said Congressman Jack Kingston (R-GA). “Unfortunately, we have a President obsessed with increasing taxes to fund wasteful spending and a Senate that has trouble completing its most basic functions. Failing to act on job creation threatens to make high unemployment and anemic growth the new normal.”
The one bright spot in March’s jobs report, a slight reduction in the unemployment rate to 7.6 percent, can be attributed to the fact that nearly 500,000 Americans gave up looking for work all together. That brings the nation’s labor force participation rate to its lowest since 1979.
Kingston believes the biggest impediment to job creation lies in government.
“The cure to our economic woes is not rocket science,” Kingston said. “From fundamental tax reform to harnessing America’s energy potential and regulatory relief to balancing our budget, the answer is getting government out of the way of economic progress. We can lay the groundwork for a new era of American prosperity but doing so requires willing partners in the White House and the Senate.”
The President’s budget proposal, due out next week, will be a good barometer for the prospect of action on legislation to encourage economic growth and job creation in Kingston’s eyes.
If the Obama Administration continues its insistence on tax increases with only superficial action on the growth of government, he says bipartisan agreement would be virtually impossible.