For American workers, the economy continues to be unhealthy.
Clinging to a framework of statistics that mask more than they reveal, Americans are told that unemployment has been reduced, and the economy is, far too belatedly, on the road to recovery. That’s not accurate.
The Bureau of Labor Statistics (BLS) March report is a case in point. The release begins: “Total nonfarm payroll employment rose by 215,000 in March, and the unemployment rate was little changed at 5.0 percent…” (a slight increase from last month’s 4.9%.)
The problem is in the details. First, the more accurate U-6 measure of unemployment, which includes those only marginally attached to the workforce or forced to work only part time, is at an unacceptable 9.8%. Marketwatch notes “After hitting a post-recession low of 5.8 million in October, the number of people who can only get part-time work has bounced back up to 6.1 million, according to figures from the Labor Department’s household survey.”
Even that doesn’t tell the whole story. The labor participation rate is at a dismal 63%, a figure near a four decade low. That doesn’t allow a prosperous economy.
Even those who are finding full-time jobs aren’t doing well. Marketwatch notes that the alleged improvement in job numbers in the aftermath of the recession may be fueled by lower-paying jobs. More Americans are finding jobs with employers such as retail stores, but they aren’t getting the kind of pay and hours they’d like. “circumstantial evidence in the latest U.S. jobs report suggests many of these newly employed workers have found part-time work with mediocre pay.”
Even full time jobs are offering, on average, lesser pay in the latest official government report. Wages and salaries decreased $9.4 billion in February.
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For native U.S. workers, the numbers may be even worse. Breitbart’s analysis of BLS statistics notes that “The number of foreign-born people employed in the United States hit a record high in March. According to the BLS, 25,741,000 foreign-born people had a job in the U.S. last month, an increase of 246,000 over the previous high recorded in November. The unemployment rate among the foreign-born population was 4.8 percent.”
Of the full time positions that are available, those that are the bulwark of a healthy national economy declined,CNS reports. 29,000 manufacturing jobs have recently been lost. BLS notes that “Most of the job losses occurred in durable goods industries (-24,000), including machinery (-7,000), primary metals (-3,000) and semiconductors and electronic components (-3,000).”
A nation that produces little cannot succeed. An economy dependent for jobs largely on the retail sale of goods made in other nations is one not heading in the right direction.
As the New York Analysis of Policy & Government noted last September, “According to the Economic Policy Instiute “The United States lost 5 million manufacturing jobs between January 2000 and December 2014… job losses can be traced to growing trade deficits in manufacturing products prior to the Great Recession and then the massive output collapse during the Great Recession…Between 1970 and 2000, manufacturing employment was relatively stable, ranging from 16.8 to 19.6 million, and generally remaining between 17 and 18 million…However, this relationship broke down in the early 2000s, a period of rapidly growing trade deficits.
“What happened? According to the Daily Caller, “Bill Clinton. It was his efforts at the end of his second administration that opened U.S. markets for Chinese imports. Under a prior system of rules that apply to communist countries, if the United States had found China to be exporting goods in an unfair manner (e.g., special export subsidies to artificially lower prices), we could respond unilaterally by raising import taxes (tariffs) on Chinese products. This was a relatively simple system of retaliation largely because it was unilateral. Enter Bill Clinton…he pushed to have China become a member of the U.N.’s World Trade Organization (WTO), and to have U.S. trade disputes with China arbitrated by this multilateral organization. Consequently, China was no longer subject to U.S. unilateral action under our trade rules…What about U.S. exports to China? According to the U.S. Census Bureau, in 2013 our trade deficit with China hit a record high at $318.4 billion…”
The impact to the economy from the decline in U.S. manufacturing is reflected in the nation’s worrisome trade deficit. The Bureau of Economic Analysis latest report reveals that “the goods and services deficit was $45.7 billion in January, up $1.0 billion from $44.7 billion in December…January exports were $176.5 billion, $3.8 billion less than December exports…The January increase in the goods and services deficit reflected an increase in the goods deficit of $1.1 billion to $63.7 billion and an increase in the services surplus of $0.1 billion to $18.0 billion.Year-over-year, the goods and services deficit increased $2.1 billion, or 4.8 percent, from January 2015. Exports decreased $12.5 billion or 6.6 percent. Imports decreased $10.5 billion or 4.5 percent.”