Unemployment rates decreased from 8.3 to 8.2...but while they are trumpeting that 120,000 new jobs were created, what they are NOT saying is how much of that .1% drop is attributed to people NOT getting jobs, and instead falling 'out' of the labor market. Details from the Department of Labor (click on the graphic to enlarge) show that we have reached an all time high of almost 89 MILLION people who are not categorized in the 'labor force' any longer. Who does this consist of? The definition is: 'people 16 and over who are not classified as members of the labor force: housewives, students, retired workers, seasonal workers, AND THOSE WHO NO LONGER QUALIFY FOR UNEMPLOYMENT BENEFITS AND HAVE QUIT LOOKING FOR WORK OR ARE UNABLE TO FIND WORK." Those are the 'employable ghosts' who are dropping off of the 'unemployment' radar and into the darkness of the 'not in labor force' classification. When THOSE numbers increase, the 'unemployment rate' is affected in a positive way ~ as they are no longer a part of the equation. Don't be fooled by the alleged good news of unemployment rate drops...until you are up to speed on what exactly determines those numbers. If you, or someone you know has been affected by the bad economy and are in need of debt resolution help. Contact us for a free consultation about your potential legal remedies. First consultation is free. Call 423-1888.
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