As economist John Lott noted at FoxNews.com on October 5, the working age population grew by 206,000 last month. With two-thirds of those working as would be expected during a normal recovery, 138,000 new jobs would...
Mark, the point of the article is that the 7.8% unemployment figure cited so often by the administration and mainstream media is not the best indication of our real economic circumstance. Do you get this, or are you part of the political establishment? Mr. Ferrara never said that the unemployment figure was anything but 7.8%. But don't you agree that the U6 unemployment is a much better indicator in these times of non-recovery from the recession, particularly in light of the very large number of people who have given up looking for work, who are taking part-time employment, and who have been on unemployment benefits for record lengths of time? Or are you trying to make some other point? If you are, I've missed it.
The Bureau of Labor Statistics (BLS) reported last Friday that 114,000 new jobs were created last month, according to its Establishment Survey of business payrolls that has been emphasized by the Obama Administration. That is pitifully weak, especially for what is supposed to be the fourth year of a recovery (the National Bureau of Economic Research scored the recession as officially over in June, 2009).
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