Friday, December 07, 2012

Unemployment Rate Drops For Nov 2012 To 7.7 Percent, But Labor Force Continues To Shrink

Even after the November election, the Regime still thinks it has to lie to us about unemployment, as the November unemployment rate fell to 7.7 percent (BLS).
Total nonfarm payroll employment rose by 146,000 in November, and the unemployment rate edged down to 7.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in retail trade, professional and business services, and health care.
But the problem is, the labor participation rate drops again:
The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.8 million in November. These individuals accounted for 40.1 percent of the unemployed. (See table A-12.)
The civilian labor force participation rate declined by 0.2 percentage point to 63.6 percent in November, offsetting an increase of the same amount in October. Total employment was about unchanged in November, following a combined increase of 1.3 million over the prior 2 months. The employment-population ratio, at 58.7 percent, changed little in November. (See table A-1.)
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers), at 8.2 million in November, was little changed over the month. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)
Jim Pethokoukis at AEI says via Twitter:
and he also reminds us.....
But compared to October's UE rate, 171,000 new jobs were created (25,000 more than Nov) and the rate rose to 7.9 percent.

Can you say, fuzzy math?


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