Friday, August 05, 2011

Unemployment Dips to 9.1% As People Stop Looking for Work

This is actually considered good news by the media. People have been out of work so long they've given up looking for jobs. Hence, unemployment dips slightly and Obama's water carriers get to break out their pom poms.
The Labor Department says employers added 117,000 jobs last month. That's an improvement from the past two months.

The mild gain may ease investors' concerns after the Dow Jones industrial average plummeted more than 500 points over concerns that the U.S. may be entering another recession.

Still, the economy needs twice as many net jobs per month to rapidly reduce unemployment. The rate has topped 9 percent in every month except two since the recession officially ended in June 2009.

The unemployment rate fell partly because some unemployed workers stopped looking for work. That means they are no longer counted as unemployed.
This is how Obama plans to get unemployment down to 8% by election time, apparently.

Of course in a few weeks the number will be quietly revised in all likelihood.

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