More Sequester Please: 236,000 Jobs Added In February

During February, while talk about how the government was going to cut $85 billion in spending on March 1 got blanket coverage from every outlet that provides political or economic news, employers chose to add 236,000 workers to their payrolls.

The unemployment rate fell from January’s 7.9% to 7.7%.

Thank you, gridlock.  Thank you, sequester.

If we start talking RIGHT NOW about cutting more wasteful spending on April 1, maybe we can get that number above 250,000.

Private job creation stood at a robust 246,000, finally indicating that the economy may be ready to escape the tight growth range in which it has been held since the financial crisis.

Service industries led the gains with 73,000 new jobs, while construction added 48,000 and health care provided 32,000.

This is still the Obama economy, however, and his disastrous mismanagement of it is still having an effect.  For example, the news for the long-term unemployed isn’t so great.  It’s looking they they may, at this point, be considered unemployable.  That’ll happen when an incompetent President governs over a stagnant economy for so long.

A separate unemployment measure that includes workers no longer looking for jobs and those working part-time for economic reasons edged lower to 14.3 percent. At the same time, the labor force participation rate, which measures workers and those looking for jobs, also fell, to a 32-year low of 63.5 percent, tied with where it stood in August 2012.

Yeah, things aren’t looking too great for Obama’s long-term unemployed.

Fiscal sanity in Washington can’t solve anything, but it’s a start.