"This current job report is actually a perfect example of this. We lost 785,000 jobs this past month. That makes it the the biggest month of job losses since March. But the number of people in the unemployed group rose only 214,000. This is because we saw over twice that number simply leave the work force altogether.
If we took employment numbers for this month compared it to the labor force for last month, we would have an unemployment rate of 10.2%… almost a half a percent higher than the one we have!"
This quote is from political math blog. (O.K. I'm a geek, I read this stuff.) The image I have burned in my mind when the monstrosity of a stimulus bill was passed was Nancy Pelosi saying "jobs, jobs, jobs" everytime she opened here mouth.
No, Mrs Pelosi, we are not losing 500 million jobs, but last month we lost 785,000 jobs and according to the labor department, all told, 15.1 million Americans are now out of work. Unacceptable and now there is rumors of a second stimulus package. This is oddly familiar and probably any teenager recognizes this scenario. The child goes to the parent to ask for money, when that runs out they go back and ask for more. When you don't work for what you get you have no incentive not to work. The difference in this case the child is robbing the parent and then pretending to pay it back.
To put the unemployment rate into perceptive here are the numbers broking down even more.
All workers | 9.8|Source is Bureau of Labor Statistic
Adult men . | 10.3|
Adult women | 7.8|
Teenagers | 25.9|
White | 9.0|
Black or African |
American | 15.4|
Hispanic or Latino
ethnicity | 12.7|