Why doesn’t the unemployment level increase with more people filing for benefits and no jobs created? Easy. The totals don’t reflect the hundreds of thousands of Americans who have given up on finding a job and are no longer reflected in the labor totals.
Reuters had an interesting article about a month ago that actually reflected this trend. The wire service fouind that if the labor market today was the same size as the day Zero took office, unemployment would be over 11 percent.
The 99ers are starting to drop off. Voila! They’re no longer considered “unemployed”.