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October’s Jobs Report Shattered Expectations- But There’s A BIG Fact Obama Wants Hidden

from Western Journalism:

The unemployment rate dropped to 5 percent in October, which is the lowest it has been since prior to the Great Recession. However, as encouraging as this number is, it does not take into account the Labor Participation rate, which remained at its lowest level since 1977.

The Labor Department reported that a healthy 271,000 jobs were added during October, up from 142,000 gained during September, when the unemployment rate stood at 5.1 percent.

The Business Insider reports that average hourly earnings also grew at 2.5 percent between Oct. 2014 and Oct. 2015, which is the highest growth rate seen since before the Great Recession.

Image Credit: New York Times

“[T]he unemployment rate is close to what would normally be considered the threshold for full employment by the Fed and many private economists. However, the so-called slack that built up in the labor market after the recession has altered traditional calculations of how far unemployment can fall before the job market tightens and the risk of inflation rises,” according to the New York Times. 

CNBC notes that many economists like to look to the U-6 unemployment figure, which takes into account part-time workers who would like to be working full-time. October’s U-6 rate was 9.8 percent, which is a drop of 2 tenths from September.

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2 comments to October’s Jobs Report Shattered Expectations- But There’s A BIG Fact Obama Wants Hidden

  • joejoe

    There are jut over 200 million “working age” people in the U.S.and 94 million people are unemployed,that makes the true unemployment number almost 50%.

    • JMiller

      False. The true unemployment rate is no where near 50%. About half of the 94 million “not in labor force” are not unemployed. They are full-time school students, stay-at-home parents with minor children, retired persons and disabled persons. Some say that these people still should be included in the ranks of the unemployed because they are all of working age. Well just because someone is of working age does not mean that they are physically able to work or that they are available for work. When I collected unemployment I had to certify that I was both able to work and available for work. Most of them are certainly not available for full-time work. These people groups (school students, housewives, retired and disabled people) were never included in the unemployment rate in the past but unfortunately people like David Stockman is one who wrongly includes all the people “not in the labor force” in his 42% unemployed rate.

      Now the other half of the 94 million who are “not in the labor force” should be counted as unemployed. Many are discouraged unemployed workers who want jobs but there is of a lack of jobs in many parts of the country, especially good paying jobs. Some are unemployed because they have a hard time getting a job because of a criminal record or poor work history. And some are unemployed because they are not trying hard to get a job because they want to collect welfare. These people should be included in the government’s official unemployment rate but are not. Also part-time workers who want to work full-time should be included in the government’s official unemployment rate but are not. John Williams of ShadowStats includes these people in his unemployment rate so I believe ShadowStats unemployment rate of 23% is close to being accurate.

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