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Paul Craig Roberts says America's heading for third world status. It's well on the way toward it. A protracted Main Street Depression continues.
Force-fed austerity worsens it. Real unemployment's 23%. Poverty or close to it affects half of US households. Record numbers need food stamps.
U-3 March unemployment fell 0.1%. It did so because the civilian labor force contracted 496,000. Household survey data shed 663,000. Workers unable to find jobs dropped out. Doing so reflects economic sickness.
In the past three months alone, more than one million workers dropped out. Current figures stand at an unprecedented 90 million. Economies in Depression reflect these figures. For the past year, longterm unemployment's stood near 40% of total numbers without work.
Cyclically-sensitive sectors showed great weakness. Manufacturing lost 3,000 jobs. It was its first setback since last September. It suggests bigger declines ahead. Sequester cuts alone assure it.
Retailing shed 24,000 jobs. It was the most since February 2012. Heavy construction slid 8,800. It was its worst showing last May last year.
Financials fell 2,000. It was the first sector loss since September 2011.
Diffusion indices measure job growth dispersion. They were dismal. Total private employment fell from February's 59.6 to 54.3. Doing so hit a seven-month low. Manufacturing contracted from 54. 3 to 46.3. It was the weakest in six months.
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