WHO NEEDS DETAILS? – AT 9:17 A.M. ET: The Obama-friendly press is shouting the news this morning that the economy added 244,000 jobs last month, more than had been expected. But this is one of those "not so fast, Jones" stories, where the details tell a far less optimistic story, as CNBC reports:
Employment increased more than expected in April as private companies created jobs at the fastest pace in five years, pointing to underlying strength in the economy, even though the jobless rate rose to 9.0 percent....
...The internals, though, were less encouraging.
The total amount of unemployed was unchanged from March at 13.7 million people.
The labor participation rate also was stuck at 64.2 percent, refuting the notion that the rise in the unemployment rate reflected more discouraged workers looking for jobs.
Also, the so-called real unemployment rate—which the government calls the U-6—which encompasses discouraged workers as well, actually rose in the month two-tenths of a point to 15.9 percent.
The numbers suggested that a good portion of the boost came from McDonald's, which moved to hire 50,000 workers last month.
Yeah, those great high-paying jobs.
Still, gains in April marked seven straight months of net job creation, but remained too little to make much of dent on the pool of 13.7 million Americans out of work.
COMMENT: Talk to people on the street, especially when the word "gasoline" comes up, and you'll find out how the economy is really doing. I don't see an ocean of smiles.
May 6, 2011