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U.S. April hiring slows, jobless rate falls to 8.1 percent - Yahoo! Finance
WASHINGTON (Reuters) - Employers cut back on hiring in April and the jobless rate fell as people gave up the hunt for work, a somber note on the economy that could hurt President Barack Obama's re-election chances.
Employers added just 115,000 workers to their payrolls last month, the Labor Department said on Friday.
It was the third straight month in which hiring slowed, keeping fears alive that the U.S. economy is losing momentum. It also dampens hopes that a stretch of strong winter hiring signaled a turning point for the recovery.
"It shows sluggish growth," said John Doyle, currency strategist at Tempus Consulting in Washington.
The unemployment rate ticked a tenth of a point lower to 8.1 percent, a three-year low, as people left the workforce. The jobless rate is derived from a separate survey of households, which showed a drop in the number of jobs in April.
Under Bush teh Dems complained about a "jobless recovery". Under Obama we've got a "workerless recovery" as people drop out of the workforce. Ironically this makes UE look better.
But the story behind the story is that people are discouraged. The weakest recovery on record. The highest spending. Do we really need 4 more years of this?
People are maxing out on unemployment in masses.
Once you max out your unemployment you're no longer factored into the "unemployment" formula - you end up in a singularity.
Surely even YOU, after years on this board, know that the above is a lie.