The economy is as robust as ever. Prepare yourselves for the “good news” on the
unemployment front.
(CNSNews.com) – The
“real” unemployment rate rose from 13.6% in September to 13.8% in October,
according to figures released today by the Bureau of Labor Statistics (BLS).
Though the national
unemployment rate is 7.3%, the “real” unemployment rate is a broader measure of
the number of people in the United States, 16 and older, currently looking for
jobs.
Known as the U-6 unemployment rate,
this “real” unemployment figure, seasonally adjusted, includes the unemployed
“plus all persons marginally attached to the labor force, plus total employed
part time for economic reasons ….”
And as for the participation rate, well we haven’t seen levels
like this since 1978.
On Friday, the Labor Department reported that 720,000 Americans
left the labor force. This exodus pushed the labor force participation rate
down to 62.8%, the lowest level since 1978. One out of three adults is neither
working nor actively looking for work.
Some observers
attribute the sharp drop to the shutdown and the furloughed federal workers.
Even if that were the case, and it is unclear why these workers would be
counted as not in the labor force, the number of Americans exiting is still
significant. The total number of adults not in the labor force in October rose
932,000 to almost 92 million. (see note below)
Overall, the jobs
report showed employers adding 204,000 jobs in October. Almost half of these
job gains were in the retail and hospitality sectors. The adult population,
however, grew by 213,000, meaning that the better than expected jobs number
fell short of keeping pace with population growth. The economy needs to add
many more jobs to bring discouraged workers back into the labor force.
In spite of the gain
in jobs, the overall number of Americans with a job fell by 735,000, to less
than 144 million. Just 58.3% of adults were employed in October.
And we have three more
years of what passes for the Democratic Party’s prosperity. Food Stamps for everyone!
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