Missing headlines: historic low unemployment

On the eve of a national election gloomers and doomers seem to have overlooked this wonderful historic news.

It is not often that the nation's unemployment rate sinks to 4.4 percent.

It did in 2001, when dotcom entrepreneurs were still writing checks that didn't bounce. Jobs were also plentiful in the early 1970s, when the nation was at war in Vietnam. Ditto for 1957, when the economy had fewer women, teenagers, and minorities in the workplace.

Now, add October 2006 to the list.

What are some of the reasons for this?

One reason the unemployment rate has fallen so low is an increase in the number of self—employed people, according to Mr. Challenger (who works for an outplacement firm. ECF). 

"The economy has really changed. People want to work for themselves."

And if low skilled workers do lose their jobs and want something different, say in an expanding field such as health care, there are opportunities if they are willing to invest a little time.

The flexibility of the marketplace encourages self—employment, if government gets out of the way. The economicn growth invites new workers to joing the workforce, such as women, teen agers and new immigrants. Unlike the rigid systems in many European countries where unemployment is stuck in the double digits, millions of jobs in the UnitedStates come from self—employed workers in our flexible economic system. 

Still yet another reason why other nations hate the US.

Ethel C. Fenig   11 6 06

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