Congressional Trade Dithering Costing US Jobs
This article originally appeared in Inside Sources on May 15, 2014 The latest data continues to indicate that the U.S. economy is still struggling to get back on its feet. Though the most recent jobs report from the Bureau of Labor Statistics told us that the unemployment rate has decreased, the reason behind this is hardly cause for optimism. The labor force participation rate (LFPR) has dropped to its lowest levels since the 1970s, which means that many Americans have simply given up looking for work. More than 800,000 Americans left the labor force last month, a troubling sign for any economy. Even more intriguing is the recently-released data on international trade. U.S. exports and imports both increased in March, a late surge that could be encouraging. Total exports for March came to $193.9 billion, up 2.1 percent from February. Imports jumped 1.1 percent to $234.3 billion, the highest level seen since 2012. All told, the U.S. trade deficit fell 3.6 percent and now hovers at $40.4 billion. More trade means more economic activity which benefits taxpayers and consumers.