Unemployment Numbers are out
Obama and the Media are telling you the 7.7% unemployment number is a victory.
146K jobs were created.
Unemployment claims continue to average ~350K per week.
How did unemployment drop?
As far as the unemployment rate falling to 7.7%, once again it’s due to the fact that people have given up looking for work, In November alone, a whopping 540,000 dropped out of the workforce. We’re not seeing a drop in unemployment because people are finding work; we’re seeing a drop in the unemployment rate because people have given up:
Confused why the unemployment rate dropped? The same, favorite BLS adjustment – a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.ber, the labor participation rate dropped (a bad thing) two-tenths of a point to 63.6%, a three decade low.
“Same old, same old. The government managed to get the unemployment rate down by shrinking the labor force and convincing a lot of people they’re better off collecting unemployment benefits or living off welfare than working,” said Peter Schiff, CEO and chief global strategist at Euro Pacific Capital. “It’s more bogus government numbers.”