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 ...
The difference, of course, is that in past recoveries, people moved back into the labor market as unemployment fell, reducing the drop in unemployment. People are still dropping out of the labor market now.
That is not how people are counted as unemployed.
http://www.bls.gov/cps/cps_htgm.htm#unemployed
Ya think? I agree with you. It’s all a great big sham.
We have close to 25% of our workforce sitting idle, and they have the nerve to claim we have 6 something unemployment.
Why don’t the Republicans make a big stink out of that? There’s so much fertile ground here and they act as if explaining what Obama isn’t doing, is going to cost them.
I’d start coming up with full employment legislation, and dare the idiot to refuse to sign it. That’s how you set up victory. Our clowns prove over and over that they’re just that.
When have we had more fertile grounds for contrasting the Republican party as better than the Democrats on program after program.
Boehner can’t think of one program to highlight in that manner.
Instead he’s stuck on proving both parties want the same exact ill-advised things.
(Steam coming out of my ears...)
And the market made gains on the basis of this phony report!
Similar to: It is not who votes that count but who counts the vote. One of those great Marxists said something like that.
Yes. That always gets me.
How do you give up looking for a job? I mean, does one decide to live in boxes and give up eating instead?
Ahhhhbulllllchit!
Man, oh, man, is this economy roaring along, or what!!??
There's so much economic gravy floating around here we should probably import about 30 million or so more illiterate immigrants so they can take up all the slack in all those extra jobs nobody wants or needs. Great idea. What could be better then that?
Our jobs machine can fuel the world!
Yep. Anyone who doesn’t continue to check in with the state Employment Development Department (here in CA anyway) after their unemployment runs out is counted as not looking anymore. Why would they?
Figures don’t lie, but liars figure.
I know guys who have gone off the grid. They work for cash, netting more money than when they were employed. I can only guess about their taxes.
The GOP is as shot thru with corruption as are the democrats.
Treason might not be a strong enough word.
I honestly don’t get it. I doubt Prebus (sp?) actually wants to help the Democrats or the Left. I don’t think Boehner does either. Mitch McConnell, I’m not convinced any of these folks see themselves as sellouts. And yet, that’s just what I think they are.
They are worse than worthless to us, because they short-circuit everything.
I had an interview this morning and actually have a few other prospects that just came up in the past couple days, so maybe I’ll go from being part of the unemployed statistics to being part of the workforce again soon. No help to 0bama or any other government official.
For the record, the interview this morning was for a job in the foreclosure industry. Evidently, that’s picking up again. Another great sign of a super-de-duper healthy economy.
Isn’t it just fabulous how the unemployment rate goes down exactly one tenth every month. What are the odds?
wow. Another hockey stick. Just start that in 2007.
CalJobs is a joke anyway. Temp agencies call up and offer 40-hour a week jobs paying roughly what an unemployment check delivers. Why would any sane person want to work 40 hours for essentially nothing when they can use those hours to try to find a real job that pays what the individual is worth?
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