Friday, March 08, 2013
Unemployment Rate Drops As More Americans Drop From Work Force
While the O'media will hail today's unemployment numbers as good news, the reality is that the numbers look very bleak. Yes, the unemployment rate fell to 7.7% as 236,000 new jobs were filled. But many more workers have left the work force altogether due to the inability to find a job. The number of discouraged workers last month totalled a whopping 885,000. Because they no longer collect unemployment benefits, they're not counted in the unemployment figures. The actual labor participation rate has dropped to just 63.5%, a percentage that has not been seen since many women began joining the workforce for the first time in the 1970s. At least 3 million Americans have lost their jobs since Obama became president.