I know, right? How on earth do we have sluggish job growth? And even if it isn't blazing, we're at 4.7% unemployment. You don't go much lower than that.
Sluggish job growth... please. Sluggish job growth is Germany with over 10% unemployment and zero new gains.
Don't buy the hype on unemployment at 4.7%. Unfortunately, its probably a good deal higher than that. Anyone who has been out of work for more than six months is no longer counted. So during the Great Depression, the "official" unemployment statistics would have been all rosy even with million in the breadlines.
The "true" unemployment rate can be approximated by:100% minus( (Total persons employed+housewives+prisoners+those incapable of working+those unwilling to work)/ (Total population between ages of 20-65 plus illegal Mexicans et al. between 20-65)).
I've fiddled around with the various numbers I've been able to find, and the lowest rate I've been able to come up with has been a little over 11%. Certainly not the govt's. smiley face numbers, but it won't sink the republic either. The problem is that nobody is 4.7% or 11% unemployed. Its either 0% or 100%, and, if you are on the wrong side of that number life truly s*cks.