Via IBD:
Initial jobless claims unexpectedly jumped by 24,000 last week to 399,000 as more workers lost their jobs, the Labor Department said Thursday. At the same time, the economy continues to lose workers.
In the 30 months since the recession officially ended, nearly 1 million people have dropped out of the labor force — they aren’t working, and they aren’t looking — according to data from Labor’s Bureau of Labor Statistics. In the past two months, the labor force shrank by 170,000.
This is virtually unprecedented in past economic recoveries, at least since the BLS has kept detailed records. In the past nine recoveries, the labor force had climbed an average 3.5 million by this point, according to an IBD analysis of the BLS data.
“Given weak job prospects, many would-be workers dropped out of (or never entered) the labor force,” noted Heidi Shierholz of the Economic Policy Institute in her analysis of the BLS jobs report issued last Friday. “That reduces the measured unemployment rate but does not represent real improvement.”
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1 comment:
That phony number will go up when the millions who are running out of unemployment benefits fall off the rolls. Of course we will never see it and the Unemployment Number will keep getting better so the president can say look what I have done. They need to count all unemployed regardless of status. Looking for work or not should not be an issue. What is and will happen is that a new underground economy will start growing. One that is not taxed. It happened during the Great Depression and it will happen again. Bartering will become a renewed form of commerce.
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