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Friday
Dec072012

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.

 

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