Unemployment Drop Tempered By Job Loss Growth-Again
Get ready...the White House will trumpet the first significant drop in unemployment in two years, saying it's proof their economic plans are working. Hold on...here's why it really went down.
According to numerous economic sources, part of the drop was due to hundreds of thousands of Americans who either stopped looking for work, or whose unemployment benefits ran out. As long as you are actively looking for a job, and receiving unemployment-or in the "system" the Feds count you. If you simply give up and fade away, the Feds dont' consider you unemployed. The number of new jobs climbed an extra 25K over October, but that was due largely to temporary holiday help, and other temp jobs that are not long term or fulltime. The 'under-employment' rate, people who are employed part time and want a fulltime job, or those who quit looking for work, is still at 15.6 percent. It went down slightly from 16.2, but again, that is due to a boost from seasonal holiday temporary jobs.