Sunday, 5 February 2012
US Unemployment Rate
Yesterday we were greeted with what would appear to be great news, the US Unemployment rate dropped to 8.3%. Having experienced months of 10% and 9.5% unemployment rates, this would look like a recovery is taking place finally.
I use the words "appear" and "would look" because as Paul Harvey would say "now, for the rest of the story": The rest of the story comes from the Bureau of Labor Statistics and as we all know, one can make statistics say whatever they wish by factoring their base numbers on faulty impressions. In this case, if the US continues to drop the unemployed from the labor force rolls, the statistics of the unemployed in the labor force changes. And so for the last year, US unemployment numbers have been dropping.
1.2 million people dropped out of the labor force in one month! So as the labor force increased from 153.9 million to 154.4 million, the non institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculationThe misnomer is to believe that because the US unemployment rate is dropping, the economy is growing more healthy and more and more US citizens are gainfully employed. It's a misnomer because only 63.7% of able bodied adults are being counted - the lowest percentage in US history. And still while counting on 63.7% of the potential labor force, we have 8.3% unemployed. In other words just over 1/2 of the true US labor force is actually working. The remainder have become discouraged or run out of unemployment benefits due to the longevity of their unemployment.
So while the Occupy Movement wants to trash federal and state parks and land while attempting to get everyone to concentrate on the 1% versus the 99%, I suggest it's more enlightening to concentrate on the 55% employed supporting the 45% unemployed.
Posted By P.Brown at 12:23 AM in Category:Politics
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