Positive Unemployment Report is Deceiving!
Last week’s employment report from the Bureau of Labor Statistics shows 114,000 new jobs in September and a drop in the rate of unemployment from 8.1% to 7.8%. As 114,000 new jobs are not sufficient to stay even with population growth, the drop in the unemployment rate is the result of not counting 2.5 million discouraged Americans who have been unemployed for so long that they weren’t recorded as having searched for work in the 4 weeks preceding the survey! In other words, 2.5 million unemployed Americans were NOT counted as unemployed! That’s too slippery for me. I’ll be asking for your thoughts, 3 to 6 pm on my special Columbus Day broadcast on AM 1420 WBSM!