twenty16 asks: Come on SFB, no mention of the fact that the reason the unemployment rate went down is because 540k people stopped looking for work since they can't find jobs? Quit pissing on our heads and telling us it's raining.
» SFB says: Sure, let’s cover it. From the BLS report:
The civilian labor force participation rate declined by 0.2 percentage point to 63.6 percent in November, offsetting an increase of the same amount in October. Total employment was about unchanged in November, following a combined increase of 1.3 million over the prior 2 months. The employment-population ratio, at 58.7 percent, changed little in November. (See table A-1.)
Here’s a chart of how it compares to prior months:
Here’s how ZeroHedge played it (followed by a bunch of conservative sites that followed suit):
Confused why the unemployment rate dropped? The same, favorite BLS adjustment - a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.
The drop in the jobless rate, from 7.9 percent in October, wasn’t great news because of why it happened: More people dropped out of the labor force so they weren’t counted among the unemployed. The labor-force participation rate remains depressed more than three years after the end of the 2007-09 recession. If it were at normal levels, the unemployment rate would be substantially higher.
Anyway, quit creating DM-only burner accounts and acting like you’re a brave man because you sent an angry message to someone. In the great words of Damon Wayans, homey don’t play that game. (Even money that this guy is the same as this one.) — Ernie @ SFB