Saturday, December 3, 2011
Friday's Bureau of Labor Statistics Employment Report showed unemployment dropped to 8.6%, and the media was quite happy, and the politicians did little piggly wiggly jigs of joy..
But why did it drop?
Simple: "Employers added 120,000 jobs, but the jobless rate's drop is also due to a shrinking labor force: 315,000 people gave up looking for work." (AP)
Those who give up looking for work, like those under-employed, part-time or out of work longer than 26 weeks don't count as 'unemployed'. To be honest, to the Govt, they don't really count at all.
~ You know, it sure would be nice to report some Genuinely good economic news that sincerely makes everyday people's Real lives better... When we find it, we'll provide it.
Posted by Susquehanna at Saturday, December 03, 2011