Feb 072011
For anyone suffering under the delusion that the employment situation improved with last week’s employment report, the following chart should disabuse you:
The red line shows the anomaly of unemployment dropping to 9.0% while the other two measures got worse. All that is happening is more people are becoming discouraged and dropping out of the workforce. When that happens, they are no longer counted as unemployed, making the unemployment rate appear to improve.
Sadly, the labor markets continue to worsen while the media trumpets “good” news.
Imagine, we are now in our 19th month of a recovery as proclaimed by the official arbiters of such events. Can you imagine what it would feel like if we weren’t recovering??????
