US economy adds 88,000 jobs, March unemployment falls to 7.6%

The Department of labor reported only 88,000 jobs were added to the economy. For those who wish to blame the sequester look at this from the report:

In March, retail trade employment declined by 24,000. The industry had added an average of 32,000 jobs per month over the prior 6 months. In March, job declines occurred in
clothing and clothing accessories stores (-15,000), building material and garden supply stores (-10,000), and electronics and appliance stores (-6,000).

Within government, U.S. Postal Service employment fell by 12,000 in March. Employment in other major industries, including mining, manufacturing, wholesale trade, transportation and warehousing, information, financial activities, state government, and local government, showed little change over the month.

The labor participation rate dropped to its lowest since 1979, explaining the decline in the unemployment rate. While  part-time employment rose, this can easily be attributed  to employers cutting worker’s hours to avoid mandates from Obamacare.

No matter how you dissect this report, it’s bad new s for the economy and the culprit is not the sequester.

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