The U.S. economy created 146,000 new jobs as the unemployment rate fell to 7.7 percent in November, according to the latest jobs report.
The number of unemployed persons stayed mostly unchanged at 12 million. Also, the number of long-term unemployed (27 weeks or more) was little changed at 4.8 million – this counts for 40.1 percent of the unemployed. The U-6 unemployment figure, which is far more realistic than the U-3 rate the media loves, dropped .2 to 14.4 percent – its lowest level all year.
While these numbers are optimistic, they begin to look far worse with the inclusion of this figure:
[typography font="Ubuntu Condensed" size="22" size_format="px"]the labor force participation rate dropped to 63.6 after more than 540,000 people dropped out of the workforce.[/typography]
And how many people have given up and no longer show on anyone’s radar?
Everything is going according to plan…
[typography font="Ubuntu Condensed" size="24" size_format="px"]Over the last five months, 73% of all jobs created were government jobs.[/typography]