Saturday, September 08, 2012
The Labor Pool
I understand from reading Drudge yesterday that the economy numbers sucked again. It seems that the economy added 96,000 new jobs last month, but over 368,000 people got disgusted and quit looking for work. That's a huge net loss in the civilian labor force. We now have a record 88 million people who are no longer in the workforce. Sure, the unemployment numbers fell to 8.1%, but they're not counting all those 88 million who are no longer looking for work. From that same link, the Bureau of Labor Statistics reports that labor force participation is now at 63.5%, which to my way of thinking, gives us an unemployment rate of 36.5%, a stunning number that if it were properly reported would cause politicians to be immediately recalled, if not tarred and feathered.