NewsNation | March 08, 2013
>>> hi there, everyone. i'm tamron hall . following reaction to today's encouraging unemployment report or employment report. right now, the dow is up 50 points, continuing its climb in to record territory that started earlier this week and this morning the labor department reported employers added 236,000 jobs in february, by the way, that's more than expected. the nation's unemployment rate fell to 7.7%. that is the lowest level in more than four years. in a statement, the white house said, quote, while more work remains to be done, today's employment report provides evidence that the recovery that began in mid- 2009 is gaining traction. but house speaker john boehner issued his own statement saying in part any job creation is positive news but the fact is unemployment in america is still way above the levels the obama white house projected when the trillion-dollar stimulus spending bill was enacted. joining me now, zachary karabel. let's start where we ended that sentence. john boehner saying that this is lower level than the obama white house projected. not impressed, it seems with what we're seeing.
>> he went on to say there's way too much public debt and we have to do something about it which strikes me if there's always a caveat to good news, there's no good news. he could have said the rate dropped but a civil war in syria and high childhood obesity. it's all true but there's very steady, very appreciable improvement in the u.s. employment picture and i think a few months ago where there's doubt about that, you remember the famous line of jack wol much before the election it's all cooked to help the election. clearly it's not the case.
>> i'm interested in the job growth . millions of people out of work and wondering where can i get in on the game if the game is improving. business services , 73%.
>> excuse me. 73,000. construction, 48,000. health care , 32,000. retail sales , 24,000. government, 10,000. that is interesting number with the government given what we're seeing now.
>> yeah. i would say government will continue to shrink. there are a million fewer government jobs in the past two and a half years than before then and for those that think that government gets more bloelt bloated, if government hiring at the levels of 2000s we would have a lower unemployment rate and coming from the private sector and there --
>> does that mean, let me ask you, coming from the private sector , the threat of some of the dire predictions we have heard regarding the sequester and does that mean it's overblown?
>> yeah in the sense that government is shedding workers. will continue to doing so regardless of sequester and 15%, 16% of the overall workforce including the states so you do have this robust growth in construction with the housing stuff we have been talking about.
>> housing numbers up.
>> one thing that's not so positive is that business and professional services and retail. these are not particularly high paying jobs. you could easily earn just barely more than the pofrly level working at one of these business services jobs. so we're not creating the best jobs in the world for people and their futures but better than no jobs or shedding them.
>> what about those unemployed over --
>> what is it? 27 weeks or so?
>> that's not changing a whole lot and the real negative in the report was that the amount of people who dropped out of the workforce, meaning part of the reason why the rate went down is because fewer people technically working and just because they're not working doesn't mean they don't exist in the country and this i think is going to be a long-term structural issue in this economy, not one that's amenable to short fixes. fwher a short transition of people making stuff to doing stuff.
>> we have talked about the notion of the unemployment rate and what that means and getting some of those incredibly low numbers of the past. we are a different country now.
>> it will be a long time and giving critics of current policy fodder but i'm not sure this is a government issue as much as this is a general issue.