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.
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~ 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.
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