The FedGov released its unemployment propaganda for November 2013 showing a 0.2% drop in the unemployment rate.
Politico trumpeted that the Unemployment Rate had hit a 5-year low!
MJ Lee noted, “The economy added 203,000 jobs in November while the unemployment rate dropped to 7 percent, the Labor Department reported on Friday. The last time that the unemployment rate stood below 7 percent was in November 2008.”
The Wall Street Journal found come caveats:
But here’s the bad news: the increase in the number of people in the labor force didn’t make up all the ground lost by the huge drop in October. Even though 455,000 people were added to those working or looking for a job, the labor force is still 265,000 people short of where it was in September.
The participation rate, the labor force as a percent of the whole population, rose to 63% in November but is still down from 63.2% in October. That rate remains at its lowest level since 1978 when large numbers of women were entering the work force for the first time.
Despite this month’s improvement, there’s still a big hole in the jobs market More than four million people have been out of work for more than six months and nearly 11 million in total are looking for work.
FedGov calculations still don’t really show the true picture of employment in America. They don’t answer this question:
Ignoring all demographics, who is in the wagon versus who is pulling the wagon?
How many people are working as a percent of all the people in the United States? Here’s the trend…
That’s a nice uptick although one can certainly expect a revision at the end of 2013.
At the end of Clinton’s administration, over 50% of the population in America were in the labor force! That number stayed mostly the same and then increased through through the early parts of 2007. That percentage has decreased since the beginning of 2007 and is now down by fully 2%. You’re welcome to comment below as to what happened in early 2007 to turn the trend around.
In today’s numbers, that’s a reduction of almost 6,000,000 jobs.
Below is the percentage of change from month-to-month
Labor Force Data from bls.gov:
Population Estimate from census.gov
Things won’t get better in this country until millions more people are pulling the wagon!