WASHINGTON, D.C. – A new year, and a new term for President Obama did not bring good news for the nation’s unemployed.
Oh, sure, the Labor Department says total non-farm employment increased in January by 157,000, but that didn’t move the mark on the unemployment rate. It remained at 7.9%.
And you have to dig down into the government report to find that 169,000 Americans dropped out of the labor force in January.
So, if you’re doing the math at home, 12,000 more people quit looking for work than actually found jobs.
Overall, 7.3% of all adult men and women could not find work in January, while 23.4% of teenagers couldn’t collect a paycheck.
Terence Grado with the non-profit Generation Opportunity tells NewsFix that young people want to work, they just can’t find anyone to hire them. ‘They have the skills, they’re trying to get in, contrary to what a lot of people think. We’re not a lazy generation.’
But there is a bright side to the bleak jobs numbers.
Investors apparently see pots of gold at the end of their rainbows as The Dow Jones Industrials Average broke through the 14,000 mark for the first time since October 2007. But that lasted only a few minutes, until the pixie dust wore off.