Washington – The entire U.S. economy only managed to create a sharply disappointing 88,000 jobs last month, not even half the number economic analysts had expected.
The economic downturn marks the third spring season to post a decline in hiring, leading economists to dub the developing sour economic phenomenon, “spring swoon.” Putting his best spin on a jobless spring, Steve Blitz, director and chief economist at ITG said: “The general tenor of the report underscores what our overall data have been indicating – a growing but not accelerating economy,” said Steve Blitz, director and chief economist at ITG Investment Research. While the economy sputters, the U.S. Labor Department reports unemployment edged down to 7.6 percent from 7.7. Lower unemployment reports likely indicate more Americans have dropped out of the labor force as opposed to finding jobs. “The drop in the participation rate has been centered on younger workers,” said Joshua Shapiro, chief economist at MFR Inc., “many of whom have given up hope of finding a decent job and are instead continuing in school and racking up enormous amounts of student debt, which has contributed to the recent surge in consumer credit outstanding.” The bad economic news took the market down by triple digits as trading began on Friday. Equally troubling is that 7.6 million workers who want full-time work still can find only part-time work, and their missing work hours do not count toward the official unemployment rate. Involuntary unemployment remains about the same as a year ago