Posted on 02/07/2014 12:07:28 PM PST by blam
It's 'Disturbing' How Fast The Unemployment Rate Is Falling
Rob Wile
Feb. 7, 2014, 10:50 AM
Yikes.
The unemployment rate is falling really fast.
This morning, we learned it had declined to 6.6% — the 23rd-straight month without an increase. As Brooking's and UMichigan's Justin Wolfers observes, the rate has dropped 1.3% over the past year — an insane acceleration from 2012's decline of just 0.3%.
"Only three other times in the past six decades has the unemployment rate fallen this far this fast: in the early 1950s, when growth averaged 6.7% per annum; in the late 1970s when GDP growth averaged 4.8%, and in the mid-1980s when growth averaged 5.2%," said Gluskin Sheff's David Rosenberg to the U.S. Senate Budget Committee earlier this week.
In those other three instances, growth was robust. This time around, he says, we should probably be concerned about what's causing the plunge.
"Today we accomplished this feat with only 2.4% growth which is disturbing because it means that it is not taking much in the way of incremental economic activity to drain valuable resources out of the labor market," Rosenberg continued.
(snip)
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(Excerpt) Read more at businessinsider.com ...
Lib relative wailed on FB that her UE benefits weren’t being extended because of the “evil Republicans.” She went out an applied for jobs and got one within two weeks. Never let people get comfortable in their poverty. If she hadn’t been cut off, she would never have looked for a job.
Still throwing out this BS are they? The number’s not falling. What’s disturbing is the amount of folks that have just given up. They’ve stopped looking. They’ve stopped collecting unemployment. They’ve basically removed themselves from the workforce.
An issue we should all get behind is to change the rules for how government computes all this stuff.
IOW we should not factor in those who are no longer in the labor force because they could not get a job for a year or so.
We should revise the way our government does its accounting.
Maybe back to the way it used to be so that there are no automatic budget increase
This alone would make reality more readily available and would stop the slide into socialism
Mark Twain and Benjamin Disraeli, both have claim to versions of that.
Maybe it has to do with the 1.3 million who just disappeared from extended UI. They have just vanished from the workforce.
So, no more Leftist calls for unemployment benefits to be extended, I presume?
You are correct. The Labor Participation Rate is the only true measure. “Unemployment” of the kind that was reported today as 6.6% is the most overcooked number on the planet. If it was pasta it would have dissolved into a mush many years ago.
My guess is that the BLS would classify this as 3 people employed.
I also suspect that other creative ways exist to over-report jobs. (Just guessing that labor unions and govt contractors might merit special scrutiny, here.)
.
Yet, according to the WSJ: “Although the economy is improving and the unemployment rate is falling, 17% of working-age men weren’t working in December. More than two-thirds said they weren’t looking for work, so the government doesn’t label them unemployed.”
Just wait until a Republican is elected in 2014, and the unemployment will soar like an eagle.
I wish MSM would just once look into this. Actually do some journalism instead of gulping down the numbers fed to them by our lying government.
Ah, the great Unemployed Employed
How many of the “jobs” created in the last two years are part-time??
These numbers are a lie. Real unemployment is at Depression levels, nearly 20%. That does not even take into consideration all the people who have to work multiple part-time jobs because various government disincentives and bad economic policy discourage the creation of full time positions.
Obama and Obamacare have released thousands from the drudgery of having to work!
Now excuse me while I go back to the factory to put in a double, to help pay for it all...
Disturbing? Really?
Its not disturbing. Its par for the course with the lying crap bastards in the gov’t and their puff pimps in the MSM.
How do you know?
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