Economic growth in the fourth quarter of 2012 contracted. GDP contracted by one-tenth of 1%.
The economic growth rate -- reported, -- by our government, at the end of September, was 3.1%, at the end of the calendar third quarter. From September to the end of the year the economy went from growing at 3.1% to contracting by 0.1%. The economy fell 3.2%.
"Total nonfarm payroll employment increased by 157,000 in January, and the unemployment rate was essentially unchanged at 7.9 percent," the U.S. Bureau of Labor Statistics reported this morning.
While 157,000 jobs were created, 169,000 people left the workforce. Twelve thousand more people left the workforce last month than found jobs because they gave up looking. Since Barack Obama took office in January of 2009, 8.5 million Americans have left the labor force, including that 169,000 in January.
If the number of jobs available today were the same as it was when Obama took office, the unemployment rate would be close to 11%. Today the real unemployment rate that counts people who have given up looking for jobs, such as these 169,000 last month, the real unemployment rate which counts everybody is 14.4%. The minority unemployment rate is 18% for African-Americans.
"The number of people not in the labor force now stands at a staggering 89 million, up from 80.5 million when President Obama took office."
The economy is not handling the tax increases very well. There's more tax increases coming because of Obamacare. Obama won the election, and the economy tanked.