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Saturday, February 5, 2011

But part of that drop has occurred as many of those out of work gave up on their job searches. When unemployed people stop looking for jobs, the gover

American Scofflaw

The mainstream media parrots, that the “unemployment rate is sinking at the fastest pace in half a century because a surprisingly large number of people say they’re finding work.”
The unemployment rate dropped sharply last month to 9 percent [down from 9.4%], based on a government survey that found that more than a half-million people found work.
...The unemployment rate has fallen by eight-tenths of a percentage point in the past two months. That’s the steepest two-month drop in nearly 53 years.
Buried within the report, outside of the view of home page lead headlines, is this important item of interest:
But part of that drop has occurred as many of those out of work gave up on their job searches. When unemployed people stop looking for jobs, the government no longer counts them as unemployed.
The number of people who have given up looking rose to 2.8 million last month, from 2.6 million in December.

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