Daily Archives: March 8, 2013
The following US economic statistics were announced today:
Nonfarm payrolls surged to 236,000 net new jobs in February, as the unemployment rate fell to 7.7%. The average workweek rose slightly, to 34.5 hours, while average hourly earnings rose 0.2% to $23.82. Still, there are caveats. The civilian labor force continued to decline, as another 130,000 left the labor force, bringing the labor force participation rate down to 63.5, matching the low of August 2012 and the lowest since September, 1981. The U-6 unemployment rate, the Labor Department’s broadest measure of unemployment, fell a tick from 14.4% to 14.3%. Meanwhile, using the average labor force participation rate prior to the recession, real unemployment measures 11.47%, down very slightly from January’s 11.51%. While this month’s surge in employment is welcome, declining labor force participation still points to a lackluster jobs market.
Wholesale inventories rose 1.2% in January, while wholesale sales fell -0.8%, driving the stock-to-sales ratio up to 1.21, the highest reading since October.
I’m sure that doesn’t surprise anyone particularly. A) it’s Obama and B) he’s a politician who has yet to quit campaigning (mostly because he hasn’t a clue how to govern).
What am I talking about? His attempt to claim responsibility for the fact that fossil fuel production is up under his watch and he’s somehow responsible for that.
Yes, it is, but that has absolutely nothing to do with him or his policies. The Congressional Research Service has apparently made that official now:
The Congressional Research Service has released a report finding that, as was already generally known, U.S. oil and gas production has increased substantially over the past four years, but on private lands only, while it’s actually declined on federal land.
Or said another way, where Obama had control and the opportunity to do what he is claiming, he declined that opportunity and in fact impeded further exploration and production with his policies. Where he had no real control, production boomed. Federal lands – nada. Private lands – bunches and bunches.
What has he sacrificed with his anti-fossil fuel polices? Revenue and jobs.
Again, you have to wonder anymore what it takes to be fired.