Linswritings

Is the unemployment rate really 8.6 percent?

Posted on: December 2, 2011

Today’s announcement on the unemployment rate may sound very exciting but is it really 8.6 percent? According to the report in November, the jobless rate fell to 8.6 percent that may seem that employment growth may have picked up speed in November.

The Labor Department reported Friday that nonfarm U.S. payrolls increased by 120,000 last month, accelerating from October’s 80,000 gain and roughly matching analysts’ expectations. The U.S. jobless rate fell sharply from the prior month’s 9 percent level.

Private employers added a net gain of 140,000 jobs in November, but governments shed 20,000 jobs, mostly at the local and state level. Governments at all levels have shed nearly a half-million jobs in the past year. The Labor Department revised up its job gains for September and October by 52,000 and 20,000, respectively.

However, if you really look at the numbers from November, we really didn’t gain much employment. There was only a net gain of .4%, does adding 140,000 jobs actually give you that net gain when over 350,000 people stopped looking for jobs?

Statistics can give you any answer you want if you know how to play with the numbers. I don’t believe that unemployment decreased to 8.6 percent. There are still a lot of people out there jobless and no matter how the Labor Department wants to skew the numbers, reality is what really counts.

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3 Responses to "Is the unemployment rate really 8.6 percent?"

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