 | Unemployment Rate Drops to 9% (if you believe it) but 504,000 drop out of the labor forceScotty Starnes | February 4, 2011 at 2:55 PM | Tags: Bureau of Labor Statistics, civilian labor force, Ed Morrissey, Obamanomics, snowstorms, unemployment, unemployment rate | Categories: Political Issues | URL: http://wp.me/pvnFC-4lN |
The unemployment number drops and some folk clap like seals. Then we learn that the economy only added 36,000 jobs and folks can see we are in for a very long recession. Then add the fact that 504,000 workers dropped out of the labor force and you can clearly see, the unemployment number is higher than 9%...unless you believe in Obamanomics.
The Washington Post spins:
Job creation came nearly to a halt in January, yet the unemployment rate plummeted to 9 percent, according to a new report that gives a muddled picture of the state of the labor market.
Job creation was zilch, yet some how the unemployment rate drops. Hmmm!
Employers added 36,000 jobs last month, the Labor Department said Friday, far fewer than the 145,000 economists had forecast and the weakest month of job creation since September. The surprisingly low numbers suggested that last month's snowstorms probably kept people from looking for work.
Oh, the snowstorm spin again. It could also mean that those same numbers didn't file for unemployment due to the snowstorm, but to report that would go against the liberal media's narrative.
The unemployment rate fell to 9 percent from 9.4 percent, the second straight month of steep decrease, as the number of people describing themselves as employed rose by 589,000. The jobless rate was 9.8 percent in November, and economists believed it would take until the end of this year to decline to 9 percent. Instead, it reached that level the first month of the year.
When did 0.4% become a 'steep decrease?'
Ed Morrissey has a better look at the job numbers that just don't add up:
"Zero Hedge notes that the U-6 number went from 16.6% to 17.3%. He also catches something I missed — the civilian labor force dropped from 153,690,000 in December to 153,186,000 in January after a recent November peak of 153,950,000. That was a drop of 504,000 in January from December, and 764,000 in two months. The participation rate dropped from 64.5% in November to 64.3% in December and 64.2% in January."
We also have to remember that the numbers were revised in December due to snow as well. The number of unemployed was revised up.
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