ALG - Fewer Americans employed and the unemployment rate drops?

Dec. 7, 2012, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement on November's unemployment rate:

"122,000 fewer Americans had jobs in November than in October, yet the government reports that the unemployment rate declined to 7.7 percent.  This simple fact is why the unemployment rate has become one of the least relevant economic statistics that the federal government releases.  Instead of being a benchmark for the nation's employment situation, it no longer is tied to the real employment situation.  Anyone who continues to take it seriously as a meaningful measure of our nation's economy is either fooling themselves or trying to fool others."

Below is the data from Schedule A of the Labor Department unemployment report (bolding added for emphasis):

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA Summary table A. Household data, seasonally adjusted [Numbers in thousands]
Category	Nov. 2011	Sept. 2012	Oct. 2012	Nov. 2012	Change from: Oct. 2012- Nov. 2012
Employment status
Civilian noninstitutional population	240,441	243,772	243,983	244,174	191
Civilian labor force	153,937	155,063	155,641	155,291	-350
Participation rate	64.0	63.6	63.8	63.6	-0.2
Employed	140,614	142,974	143,384	143,262	-122
Employment-population ratio	58.5	58.7	58.8	58.7	-0.1
Unemployed	13,323	12,088	12,258	12,029	-229
Unemployment rate	8.7	7.8	7.9	7.7	-0.2
Not in labor force	86,503	88,710	88,341	88,883	542
Unemployment rates
Total, 16 years and over	8.7	7.8	7.9	7.7	-0.2

To view online: http://getliberty.org/fewer-americans-employed-and-the-unemployment-rate-drops/

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Americans for Limited Government is a non-partisan, nationwide network committed to advancing free market reforms, private property rights and core American liberties. For more information on ALG please call us at 703-383-0880 or visit our website at www.GetLiberty.org.