The faltering Obama economy created only 151,000 jobs in January versus an expectation that it would create nearly 200,000, down sharply from the 292,000 jobs the government claims were created in December 2015.
Most of January’s 151,000 jobs were created in the low-paying retail and restaurant industries. Only 29,000 high paying manufacturing jobs were created.
The actual unemployment rate, taking into account people who have given up looking for work or are forced to work only part-time, is 9.9%. The phonied-up Obama feel-good number fell to 4.9%.
The declining unemployment rate has been as much a function of people leaving the workforce as it has been increasing employment. However, the labor force participation rate edged higher to 62.7 percent. A broader measure of unemployment which includes those who are not looking for work or working part-time for economic reasons held steady at 9.9 percent.
Retail led job creation, adding 58,000 positions, followed by bars and restaurants with 47,000. Health care contributed 37,000 and manufacturing added 29,000. Private educational services declined 39,000 while transportation and warehousing lost 20,000.