The March jobs report issued by the Department of Labor this morning showed that the economy added only 88,000 jobs last month. Unemployment for African Americans and Latinos remained virtually unchanged, with nearly one out of seven blacks and one out 10 Latinos out of work.
Sadly the tough news in today’s jobs report doesn’t end there. If you or the people you know continue to face difficult economic times, here’s why.
Less jobs were created in March than at any point since last summer. And the rate at which new jobs are being created would need to nearly double to keep up with new entrants into the labor market, due to population growth.
Even the report’s apparently good news turns sour upon closer inspection. Despite the sluggish employment increase, somehow the overall unemployment number fell to 7.6 percent from 7.7 percent. But it dropped only because nearly a half million people gave up looking for work out of frustration. Their exit from the job market makes it appear that more people found work than actually did.