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.