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:
Only 88,000 jobs added. ~500,000 people left the labor force causing the unemployment rate to drop to 7.6%. #jobs
— Andrew Staroska (@OHCONSERVATISM) April 5, 2013
Big drop in labor force participation rate to 63.3 from 63.5
— James Pethokoukis (@JimPethokoukis) April 5, 2013
— Noah Rothman (@NoahCRothman) April 5, 2013