The number of people who quit looking for work must have increased significantly if only 120K jobs were created and unemployment rate dropped that much.
Workforce participation dropped from 64.2% to 64%.
Wow. That is a HUGE drop in the number of people that are giving up on finding work. The frustration level must be WAY up, or many on assistance stopped pretending they’re looking.
In the second paragraph of the article is says that 315,000 dropped out of the labor force - in other words, they gave up. That is what caused the drop in the official unemployment rate. Now, what do I think - did those people stop looking for work because they a.) inherited millions and no longer need to work; b.) got such big dividends from their stock portfolios they no longer need to work; c.) hit the lotto, big time or d.) give up because there are no damn jobs.
Bing, bing, bing - survey says: D.
So we had 400K NEW unemployment claims, 315K drop out of the work force, and 120K in new jobs entering the holiday season - by my math that means there were more than 3 times as many NEW unemployment claims as there were new jobs created as we enter the holiday season. Ho-Ho-Ho!
That ain't my idea of a recovery.
That is the reason the unemployment rate did drop, reported on FOX this AM.