I am summarizing the information from the Washington Times:
This is what the latest Bureau of Labor Statistics unemployment numbers claim:
- 8.3% unemployment rate
- 243,000 new jobs created
- 1.2 million Americans "left" the labor force — no longer counted
- The labor participation rate right now is 63.7% but was above 66% entire Bush presidency.
- Gallup said "it may be wise to exercise caution in interpreting the drop in the government’s most recent jobless claims numbers"
- Actual jobs — not seasonally adjusted — are down 2.9 million the past two months!
- The 2.9 million lost jobs were only counted as 446K in seasonally adjusted jobs
Do things really feel like they are improving? The labor participation is dropping. That is a sign of a weak economy. People are taking early retirement. People are not collecting unemployment checks and are no longer counted as unemployed. Many people are working but consider themselves underemployed. The economy is not getting better.