December 7, 2012

If we can just get enough people to quit, unemployment numbers would be even better! [Darleen Click]

542,000 Americans quit the labor force in November, unemployment rate down to 7.7%. Say Hello to the new normal in the era of King Barry I.

2. If labor force participation was at its January 2009 level, the unemployment rate would be a whopping 10.7%. Now, some of the drop in the LFP is due to demographic reasons, primarily the aging of the US population. But even taking that into account would give you a much higher unemployment rate than 7.7%. If you go by the pre-recession CBO forecast of the 2012 LFP rate, the unemployment rate would be 10.4%.

3. In November, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $23.63. Over the past 12 months, average hourly earnings have risen by 1.7%. Unfortunately, inflation — as measured by the consumer price index — has risen by 2.2% over the past year, meaning average hourly earnings have fallen by 0.5% in real terms.

4. The number of long-term unemployed remains at a sky-high 40.1%, the same as in August.

Posted by Darleen @ 9:10am
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Comments (3)

  1. the vast majority of American codgers can’t afford to “retire” really especially after president food stamp rapes their dividends and cap gains

    hello welcome to walmart

  2. How was the Obama Machine able to jerk “unemployment” below 8% in time for the election?

    Four times as many citizens entering government entitlement than entering the workforce is part of the answer. And folks becoming dependents are not counted as unemployed.

    So why would anyone trust their government to have their interests in mind? I mean, besides the free shit.

  3. Pingback: Thank You, Obama! | Daily Pundit

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