[PogySailor]

“Varney stated deep in the report 300,000 gave up looking for work thus the lower unemployment rate.”

So if 100% of workers gave up looking, then we’d have 0% unemployment?

Lies, damn lies and statistics......

[Flycatcher]

So if 100% of workers gave up looking, then we’d have 0% unemployment?

LOL!

By George, you've got it!

[paulycy]

So if 100% of workers gave up looking, then we’d have 0% unemployment?

It's the marxist utopia: Nobody works and everybody has everything they want. Simple.

[abbyg55]

So if 100% of workers gave up looking, then we’d have 0% unemployment?

Shhh. Don't give Obama any ideas.

[garbanzo]

So if 100% of workers gave up looking, then we’d have 0% unemployment?

That's basically it. If the labor force consisted of 10 people and all ten of those people were employed, we'd have full employment according to the statistics. It's a quirky way of stating the figures, but that's how it's done. Otherwise you'd have to figure whether or not stay-at-home moms, full-time students, the disabled and retirees were "unemployed".

It's kind of cagey as to whether or not the contraction of the labor force we've seen in recent years counts for that though. I'd probably look at a little harder at the U6 figures and labor force participation than headline numbers if I were paid to make public policy.