Friday, August 5, 2011

Unemployment Rate Drops?

May soothe recession fears?



U.S. payrolls increased 117,000, the Labor Department said on Friday, above market expectations for an 85,000 gain. The unemployment rate dipped to 9.1 percent from 9.2 percent in June, but this was mostly the result of people leaving the labor force.
Am I missing something? Like the part about "that was mostly the result of people leaving the labor force"! WTF?

Junk journalism...

Update: From Bloomberg.
The jobless rate declined as 193,000 people left the labor force and the number of unemployed dropped by 156,000. The share of the eligible population holding a job declined to 58.1 percent, the lowest since July 1983.
Cute...

1 comment:

Woodsterman (Odie) said...

Obamanomics ... 1 + 1 = 11

Prop up the emperor with no clothes.