Unemployment Drops To 6.6% - Lowest Since Oct 2008 (Congress, versus, good news)
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So I guess it is a good report then? I always look at the U6 rate to tell if we had a good month or not. If it has decreased by .4% then that must mean that something went well.
He already noted and agreed with me, let's all celebrate the end of long term unemployment benefits.
Unemployment Drops To 6.6% - Lowest Since Oct 2008
How many more people have given up entirely, and dropped out of the labor force?
They are no longer counted as "unemployed". So that when more people give up and drop out, "unemployment" numbers look BETTER!
Just because they are no longer reporting to the government doesn't mean they are no longer unemployed and not looking for a job. (yes, I know you understand that) Others I'm not so sure.
The most totemic statistic about the U.S. economy is archaic and misleading
Today at 8:30 a.m., the U.S. Bureau of Labor Statistics released its monthly employment report, as it does at the start of every month. As usual, the announcement was widely covered in the financial and mainstream media—a convenient hook for commentary about the state of the economy, the arc of the recovery and the future of the U.S.
Nope, not even that, less people are working more people have just given up, and are no longer counted as unemployed.
That's the only way we can see falls in the unemployment figures like these, is by more people simply not being counted.
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