In response to:

Mish Takes the Most Complete Look at Employment and Unemployment Anywhere

David4 Wrote: Dec 08, 2012 9:36 PM
Re. the wage trend, trending downward: Everyone bemoans that trend, the loss of good paying jobs, but it is sort of irrelevant in our current economy. A low paying job still beats no job at all.

Initial Reaction

The establishment report of +146,000 jobs was about what most expected.

However, beneath the surface, this report looks grim.

The household survey shows a loss of 122,000 jobs. The unemployment rate dropped by .2% because the labor force fell by 350,000 and those "not in the labor force" rose by a whopping 542,000.

Thus, we are back to the previous 2012 pattern of witnessing unemployment rate drop largely because of a massive increase of those "not" in the labor force....

Related Tags: Unemployment