310,000 Left Workforce in November
Don’t buy the rate drop to 8.6%.
Don’t get excited about the 120,000 jobs gained.
All that matters is this figure, and it’s jaw-dropping.
The unemployment rate, derived from a separate survey of households, was forecast to hold at 9 percent, according to the survey median. The decrease in the jobless rate reflected a 278,000 gain in employment at the same time 315,000 Americans left the labor force.
The labor participation rate declined to 64 percent from 64.2 percent.
Economists call that number “Discouraged Workers,” and it’s not something to celebrate.
Jim Pethokoukis of the American Enterprise Institute on Twitter figures that we’ve so increased the number of discouraged workers and shrank our labor force so much, that if Obama had the same number of people working now as he had labor force when he came into office, Unemployment would be 11%.
This President and his economic gurus have so screwed up our economy, is it any wonder why people have thrown their hands up in disgust and given up looking? It means anything someone like Scott Walker does here in Wisconsin to make it ready for job growth is going to stall not for what Walker is doing, but because “Team Obama” is so hapless, they can’t figure out which of their “cures” is the one which poisons the U.S. economy and which one kills it.