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PODCAST: Jobs bloom, local farms struggle to get startup vroom

A job seeker waits to have her resume reviewed during a HIREvent job fair at the Hotel Whitcomb on July 10, 2012 in San Francisco, California.

The Bureau of Labor Statistics reports that the economy added 236,000 jobs last month, beating analyst expectations. The unemployment rate fell from 7.9 percent to 7.7 percent, its lowest point in four years. While construction, healthcare, tourism and retail were all pockets of strength, government hiring lagged behind.

Alan Krueger, chairman of  the White House Council of Economic Advisers, joined Marketplace Morning Report host Jeremy Hobson to break down the report and discuss the sequestration.

And, while more consumers want to buy food from small, local farms, those types of growers are having a hard time getting start-up money.

About the author

Jeremy Hobson is host of Marketplace Morning Report, where he looks at business news from a global perspective to prepare listeners for the day ahead.
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Seriously, Mr. Hobson — you report an unemployment rate without also reporting the labor participation rate?! FAIL! Even Kai Rhyssdal knows better. Since your Google skills seem to be lacking, here are the numbers:

- 01/13 Labor participation rate: 63.6%
- 01/13 # of people not in the labor force: 89.008M
- 02/13 Labor participation rate: 63.5%
- 02/13 # of people not in the labor force: 89.304M

To save you some vexing math, that's about 300,000 people who vanished from the work force last month, while the size of the labor force itself *shrank.*

Moreover, the long-term unemployed still account for 40% of all unemployed people. So, the true unemployment is likely 11.8%, not the 7.7% rate just reported by the government for February. Underemployment is likely closer to 18.0% than the government's reported U-6 figure of 14.3%.

In the future, do some analysis of your top-line stats.

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