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December 12, 2013
IBD: True unemployment rate 11% or higher in 49 of the last 50 monthsTopics: Political News and commentaries
It's a case of good news actually being bad news!
The official unemployment rate has fallen to a five-year low of 7%. But that gradual decline reflects a historic drop in labor force participation. Without that drop, joblessness would be 11.3%, holding at 11% or higher in every month but one in the last 50 months. To be considered unemployed, a person has to be out of work but actively looking. So when people give up the job hunt, they reduce unemployment -- even if the number of people working hasn't risen.
As Zero Hedge points out, applying a realistic labor force participation rate to the unemployment rate series, shows that the real US unemployment rate is now 11.5%, a 4.5% difference from the reported number, and the second highest ever, only better compared to October's 4.7%.
Welcome to Obama's America.
Posted by Hyscience at December 12, 2013 1:33 PM
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