Friday, December 07, 2012
Unemployment Rate Drops Because 350,000 Drop From Workforce
It's the new norm under ObamaNation. Unemployment in America can only be reduced if more workers are forced to give up hope on finding a job. While the Omedia celebrates the decline in the November unemployment rate to 7.8% and reported new hires of 146,000, the more startling number in the labor statistics is the large number of workers who continue to exit the workforce. During November, the labor participation rate fell to 63.6%, the lowest number in three decades, after 350,000 working Americans exited the workforce. Counting the number of workers who've given up on finding a job, the actual unemployment rate is 14.4%, a figure that doesn't take into account the tens of millions of Americans who are underemployed because of their inability to find work in their profession. As has become the norm under Obama, the Department of Labor had more rosier previous month's figures downward. Job gains in September and October have been reduced to 138,000 and 132,000, respectively, a difference of 47,000 jobs. The construction industry continues to shed jobs while manufacturing remains flat. The largest gains came in retail, which are primarily lower-paying job for seasonal help only.