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The Spectacle Blog
The national unemployment rate has fallen from 9% to 8.6%, its lowest point since March 2009.
But no one, least of all the Obama Administration, should be jumping for joy. While 120,000 jobs were created, 315,000 gave up looking for work and are thus no longer deemed unemployed. I suspect a good chunk of those people might start looking for work in the new year and I would expect the unemployment rate to go back over 9% by January or February.
Here is what I wrote back in July concerning the unemployment rate and how President Obama could join the ranks of the unemployed because of it.
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More Blog Posts by Aaron Goldstein
http://spectator.org/blog/2011/12/02/thoughts-on-the-nov-2011-unemp
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Dai Alanye| 12.2.11 @ 11:55AM
I think we all know the true percentage of unemployment and severe under-employment is more like 20%. The official figure has meaning only for calculating potential benefit payments.
Clint| 12.2.11 @ 12:25PM
The U-6 Unemployment Rate is at 15.6 Percent.
These November Numbers Reflect Christmas Seasonal Hiring.
meesh| 12.2.11 @ 3:38PM
we all know the obstructionist GOP would love the US to fail in order to take the power back. lets ask the GOP in congress, "hey, where are the jobs bills?!?!?"
meesh| 12.2.11 @ 3:44PM
btw, the jobs rates are based on the past 4 months, not seasonal christmas hiring... also, the gop has done a great 'job' getting rid of state employees, thus hiking the unemployment rate.
mysterian1729| 12.2.11 @ 5:38PM
> 315,000 people gave up looking for work
No, their unemployment benefits were exhausted. Report it correctly.