The bad news behind the January jobs report

Fox ^ | February 3, 2012 | John Lott

[richardb72]

The number of unemployed Americans last month fell by 339,000, the fifth largest drop since January 2009. But there was an even much more shockingly large number -- almost 1.2 million additional Americans were classified in January as not being in the labor force (see figure here). Unfortunately, that has been the consistent story that has made this “recovery” unique as more and more Americans have just given up looking for work.

This last number not only means that the official unemployment number is misleading, but it will also likely determine where the unemployment rate ultimately goes. Indeed, the Congressional Budget Office just last week released its projected unemployment rate for the next couple of years. They predicted that the unemployment rate will be at 8.9 percent during the last quarter of 2012 and rise to 9.2 percent for the last quarter of 2013. . . .

[Sopater]

Honestly, who can afford to just drop out of the labor force?

[Paladin2]

John Galt.

Note that there IS an underground economy.

[who knows what evil?]

Millions of Americans...millions.

[wiggen]

They didn’t actually drop out. They are classified that way.

[duckman]

Didn't Fox just post OJR, Obama Jobs Report, of 8.3%? I'm telling ya, all will be normal by October

[thouworm]

Rick Santelli: Here’s What’s Wrong With the Jobs Number
http://video.cnbc.com/gallery/?video=3000071275

[bagman]

It means they are so discouraged that they have given up on looking for employment. If I am not looking for employment, then how can I be unemployed?

[ExNewsExSpook]

Here’s the statistic worth remembering: no American President has ever been re-elected with unemployment above 8%.

Any predictions as to what the “official” unemployment rate will be on Election Day?

[Sopater]

It means they are so discouraged that they have given up on looking for employment.

If I were unemployed (thank God I'm not), and I became discouraged and gave up, my family and I would soon lose our house and starve. To me, that's not an option.

[Sopater]

I suppose you’re both quite right. However, I can’t imagine it for myself.

[justlurking]

Here’s the statistic worth remembering: no American President has ever been re-elected with unemployment above 8%.

Don't underestimate the ability of the Misledia to promote their chosen one, or the inability of a lame candidate to offer a meaningful alternative.

Any predictions as to what the “official” unemployment rate will be on Election Day?

They'll find some way to get it below 6%, even if it means kicking people off the unemployment rolls.

Here's an interesting factoid: Unemployment bottomed out at 4.4% in December, 2006. It peaked at 10.2% in October, 2009, and hung around that plateau until December, 2010. It's been dropping pretty fast since then.

What events occurred in January 2007 and January, 2011? I'll give you a hint: it has nothing to do with who occupied the Oval Office.

[Buddy Sorrell]

I am sure that ZerO will have his stooge Biden out there spinning this differently to the drive-by media.

[chessplayer]

Here’s the statistic worth remembering: no American President has ever been re-elected with unemployment above 8%.

Any predictions as to what the “official” unemployment rate will be on Election Day?

---

Zero? They are going to lie through their teeth about the unemployment rate and the debt with the full compliance of the media. Unemployment could be 75% and the media would cover it up.

[Kit cat]

They can lie all they want to, if you are unemployed or under employed
they can lie all they want to, it is not going to change the citizens
situation. The media can lie all they want to people know they are NOT
working!!!!!!