The national unemployment rate last month fell from 6.3% to 6.1%. Good news? Not exactly. The lower rate is attributable in large part to another 111,000 people dropping out of the U.S. workforce, bringing the total number of able-bodied adults no longer working to over 92 million, a record high. The job participation rate according to Zero Hedge is below 60%, the lowest levels since 1978 before many stay-at-home moms were forced to enter the work force just to maintain their family's standard of living. While the economy added 288,000 jobs during the month of June, wages earned by workers remained flat and new jobless claims for the most recent week jumped to 315,000. Meanwhile, the Obama administration is deliberately permitting the country to be flooded with illegal immigrants in an effort to further drive down wages and annihilate the nation's middle class.
3 comments:
But does it really matter with the DOW over 17,000? Things are completely under control aren't they?
BTW,there was a reduction in full time jobs of over 225K with 800,000 part time jobs added,primarily in the vaunted service sectors.
Not that it's a big deal but the millenial hipster sector is riding on over 40% unemployment but at least they have Indy soccer to look forward to. You can't eat social media or iphones I guess.
People always quit jobs during the summer (mostly part-timers and seasonals...) and the numbers don't include part-time hiring's for summer employment.
The border crossings aren't O'bama's fault...drug, crime and lack of a Congress that works together for reform and laws are the problem...Probably undermines causing the havoc of late are being funded in those Central and South American countries being paid to be terrors on society to create what we know witness... A dear friend son's roommate at Culver for the summer is from Mexico...wealthy families send there kids there and other "camps" in the US to protect them from gangs and more...
"Unemployment rate" is a worthless figure, like CPI.
A better figure is Labor Participation Rate.
11:49, the Dow's increase is primarily due to inflation. While your purchasing power declines due to inflation eroding your savings, the people who own the country have their money in the market, and the market values inflate to keep their purchasing power at stasis.
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