I have seen Democrats several times now bragging about how we added 200 some thousand jobs recently. Why doesn't anyone in the media call them out on this? How can we be adding all of these jobs and the rate of unemployment increase up to 9.9% at the same time? Doesn't an increase in the unemployment rate mean more people not having jobs?
Correct me if I am wrong here.
Subscribe to:
Post Comments (Atom)
3 comments:
Actually, as more people get hired at the beginning of a recovery it is likely that the unemployment rate will go up, not down. The unemployment rate is, by definition, a measure of those who don't have a job and are looking for work. Those who don't have a job and who have given up looking do not count as unemployed. The current "real" rate of unemployment is estimated to be between 15 and 20%.
As people become aware that employers are hiring then they reenter the market and become officially unemployed again. If that reentry of lookers exceeds the rate of hiring then unemployment will rise even though the total number of employed people will also be rising. That is the reason most economists forecast that unemployment will hold near 10% through the elections.
All the best,
Hags
Yes, Mark, you are wrong, Furthermore, Obama inherited an economy that was shedding 700,000+ jobs a month. Sixteen months into the job, we are now (tenuously) adding 200,000+ jobs a month.
I wonder what the 'real' rate of unemployment is for daily bloggers.
Post a Comment