Unemployment data not what it appears

Steve McCann
The March unemployment data has been issued.  The government claims 120,000 jobs were created and the unemployment rate fell to 8.2% from 8.3% in February.   However closer looks at the statistics reveal an altogether different scenario. In March, an additional 164,000 people dropped out of the labor force bring the total of people not in the labor force up to nearly 88 million (a new record).  In January of 2009 (when Obama assumed office that total was 81 million.  The published unemployment rate of 8.2% does not include those who have dropped out of the job market or are discouraged.    However the Bureau of Labor Statistics does publish a statistic that takes into account the total unemployed, plus discouraged workers and those marginally attached to the labor force (but not the entire universe of those who have completely dropped out of the labor force), that they all the U-5 unemployment rate, which in March was 9.6%. If the labor force...(Read Full Post)

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