8.6% Unemployment? Only If You Don’t Count the Shrinkage of the Labor Force
120,000 jobs were created in the last month and that’s good. It’s sure better that nothing and a lot better than a negative number. It’s not enough to get the economy going again, though. That will require at least 250,000 new jobs a month, consistently over a long period. But there’s another number the state-run media ignores: Last month 310,000 Americans simply gave up looking for work and left the labor force. You have to ignore that number to get to a rate of 8.6% unemployment.
If the labor force were the same size it was when Obama took office, unemployment would be over 11% right now. That’s the U-3 unemployment rate. But don’t tell anyone. Obama and his pals in the media don’t want anyone to know.