The Bureau of Labor Statistics (BLS) announced last week that employment grew by only 21,000 jobs in February, and the unemployment rate remained unchanged at 5.6 percent.

The jobs data was well below most forecasts, and is well below the level needed to absorb a growing population, or to strengthen the labor market.

The report also shows that there were 21,000 net new jobs in federal, state and local government (Table B.1) – thus the private sector, on net, added no new jobs.

Of further concern is that the household survey is showing that the civilian labor force decreased for the third month in a row -- by 392,000 just in February. This is one possible indication that a greater number of people giving up on finding a job in this weak labor market.

Economic forecasts of the administration have continued to predict over 300,000 net new jobs per month; and yet again, the forecast have fallen well short of their mark.