The Magical Shrinking Unemployment Rate | The Economic Populist
The September current population survey
unemployment report dropped to 5.9% and all sing hallelujah the job
crisis is over. The unemployment rate hasn't been this low since July
2008. The unemployment rate dropped two tenths of a percentage point
in a month, but why it dropped is more interesting. The main reason is
the decline in those participating in the jobs market.
The labor participation rate is the lowest rate in 36 years, not seen
snce February 1978. The ranks of the employed has increased 2.3
million in the last year while those not in the labor force has swelled
by almost 2 million.
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