Lies of Omission: NYT Uses Jobs Report to Tee Up Obama Sequester Win
Last month 236,000 net jobs were created and the unemployment rate dropped from 7.9 to 7.7%. Though the media buries this fact, the likely reason for the drop in the unemployment rate is that 130,000 people abandoned the labor force. As far as job creation, we’ve seen Februarys like this before.
In February of last year, 271,000 jobs were created. And just as we’re seeing today, the February 2012 jobs’ number was hailed as a sign that Obamanomics had finally kicked in and the economy had at long last turned a corner. Unfortunately, that ended up not being the case. February of 2012 was an outlier in job creation. What followed was more anemic job growth. And the likely explanation is the weather.
Unseasonably warm temperatures might have everything to do with both February of 2012 and 2013 looking so good job-wise. Warmer weather means the construction season starts earlier, which means a spurt in job creation. This doesn’t mean, however, that more jobs are created — just that jobs usually created in March and April are front-loaded into February. The result is an artificial sugar high in job creation.