Tom Faranda's Folly

Official unemployment rate falls to 9.4%

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by

Tom Faranda
in

Not because of more jobs; people are leaving the labor force faster then jobs are being created! From the Heritage Foundation – hit the link for the full posting.

With the unemployment rate now at 9.4%, this marks the 20th month in a row that the unemployment has been over 9 percent, a post–World War II record. You are going to hear a lot of noise from the White House about how this drop from a 9.8% unemployment rate to 9.4% means the economy is in a strong recovery. This is false. The reality is that the only reason the unemployment rate dropped is because the U.S. labor force decreased by 434,000. More importantly 260,000 Americans dropped out of the labor force entirely. This means that the Obama economy is now driving Americans out of the labor force faster than it is bringing them.

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