The bad news is that this statistic is predicated on illusory machinations in how the government calculates the numbers.
First, we’ll note that job creation itself collapsed to a three year low. Economists expected 197,000 jobs to be created, but the end result was only 74,000. Of course, they have a reason for why that happened:
As a reason for the plunge the BLS says there was a major weather effect seen on the forced part-time series, and notes the decline in healthcare which is rare and part of the sector slowing. Thank you Obamacare.
It’s the weather. Duh. Had it not been cold and snowing in winter time we’d have created way more jobs!
Second, here is the single reason for how it’s possible that no jobs are being created but the official unemployment rate continues to decline.