Establishment Survey: +169K Jobs, June And July Revised Lower; Household Survey: Employment -115,000, Not In Labor Force +516,000; BLS In Wonderland
Friday, September 6, 2013 - 10:54 AM
Labor Force Factors
Discouraged workers stop looking for jobs
People retire because they cannot find jobs
People go back to school hoping it will improve their chances of getting a job
People stay in school longer because they cannot find a job
Were it not for people dropping out of the labor force, the unemployment rate would be over 9%. In addition, there are 7,911,000 people who are working part-time but want full-time work.
Grossly Distorted Statistics
Digging under the surface, much of the drop in the unemployment rate over the past two years is nothing but a statistical mirage coupled with a massive increase in part-time jobs starting in October 2012 as a result of Obamacare legislation.