The “unemployment rate” is a number which increasingly is just political, as we have the Obama-phenomenon of large numbers of people leaving the workforce thereby dropping the “unemployment rate” since people who leave the workforce don’t count as unemployed.

Long ago a reader predicted the terms of the Obama recovery:

Once all the jobs are gone, the number of layoffs will reach zero, and our recovery will be complete.

We are well on the way as today’s jobs report shows: