Unemployment Plummets to 6.7%!


Fantastic economic news!

Except, of course, the drop in unemployment is wholly caused by the fact that hundreds of thousands of Americans have simply given up looking for work. That’s hundreds of thousands in December alone. That trend has been ongoing since June 2009, when the recession theoretically ended.

Geoff at IB shows us the chart.

 http://michaelscomments.files.wordpress.com/2014/01/fulltimeempvscivpopjan2014.gif?w=495&h=198

 

But the Left will tout the falling U3 number as good news, hoping Low Information Voters will listen, and ignore the dismal reality all around them.

Assuming we ever get another GOP President, the improvement in the economy will actually *raise* the unemployment rate, as formerly discouraged workers re-enter the job seeking pool.

Oddly, it’s a good economic sign, but the press with ruthlessly tout it to damage any GOP politician.

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2 Comments

Filed under Politics

2 responses to “Unemployment Plummets to 6.7%!

  1. Bill Brandt

    I would say there are more discouraged people for whom unemployment ran out – than the pols would admit to.

    Does this feel like an economy in recovery?

    Not to me.

  2. David Navarre

    There are fewer people counted in the labor force today than on the day Obama was elected, despite adding 200,000 people to the population every month. Yes, 12 million more Americans, yet 604,000 fewer counted as part of the labor force.

    Since the Bureau of Labor Statistics numbers are estimates based on interviews. We already know that one man was caught inventing interviews when his supervisors got upset about the percentage of calls he’d made that went unanswered. In order to meet his quotas, he ended up simply inventing interviews. So, then, the estimates were based off of his imaginary interviews.

    Is it really any surprise that BLS estimates gave the President great employment numbers as he faced re-election in 2008?

    The September 2008 employment numbers showed 775,000 more Americans working than the previous month. Only 7 other times since 1948, have there been more people employed in September than August. The largest jump was 290,000 in 1952. Typically, the end of summer sees the end of summer jobs and the loss of hundreds of thousands of them, if not a million or a million-and-a-half. The President needed a robust jobs report to boost his chances in November and he got an unprecedented report.

    It’s embarrassing when you look at the numbers. March to June had been typical – 3.2 million more employed – but July had been anomalously bad, with the loss of 76,000 jobs when July is usually a good month (58/65 years, or 87% of the time). August was about as bad as always (568,000 fewer employed, when 500,000 is about average). So, with a chance that Romney might be able to use the economy to bludgeon the President, the employment numbers miraculously improve.

    I’m not a cynic, but I have really learned not to trust the government.

    A shout out to our friends at NSA, who will likely add this to my file….