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The Labor Department reported Friday that the economy added 162,000 jobs in July, after adding 188,000 in June. Unemployment fell to 7.4 percent, largely because 240,000 adults left the labor force.
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This is how the current Administration claim such a low unemployment rate — folks leaving the workforce. How can that be good news?
I wonder what we have lost in terms of productive lives.
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Jobless Rate Climbs to 8.3 Percent, Creating More Anxiety for Obama and the Left
Posted by Daniel J. Mitchell
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Can we finally all agree that Keynesian economics is a flop? The politicians in Washington flushed about $800 billion down the toilet and we got nothing in exchange except for anemic growth and lots of people out of work.
Indeed, we’re getting to the point where the monthly employment reports from the Labor Department must be akin to Chinese water torture for the Obama administration. Even when the unemployment rate falls, it gives critics an opportunity to recycle the chart below showing how bad the economy is doing compared to what the White House said would happen if the so-called stimulus was enacted.
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http://portalseven.com/employment/unemployment_rate_u6.jsp
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What is U6 unemployment rate ?
The U6 unemployment rate counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts “marginally attached workers and those working part-time for economic reasons.” Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the “marginally attached workers” include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years and over …
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U6 is 15%
FIFTEEN PERCENT!!!
Why is not the lead on every news report?
Argh!
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Reinke Faces Life 