The newly released statistics showing a drop in unemployment are the result of mathematical trickery. a number of people were dropped from unemployment insurance due to having maxed out their claims. they are still unemployed they just joined the rest of folks who make up the real rate of unemployment which is around 17%.
From The Huffington Post: http://www.huffingtonpost.com/2011/02/04/missing-workers-44-millio_n_818314.html
February 4, 2011
Over the last three years, nearly 5 million U.S. workers have effectively gone missing.
You won’t find their photos on the backs of milk cartons. The Coast Guard isn’t out looking for them. No missing-persons reports have been filed. These are jobless Americans who have grown so discouraged by their unsuccessful searches for work that they have simply given up the hunt. They are no longer counted among the 14.5 million Americans officially considered unemployed as of the end of last year, according to the Department of Labor.
Indeed, when the government on Friday delivered its latest monthly snapshot of the labor market for January, which showed the unemployment rate falling to 9 percent, these people — a group larger than the population of Los Angeles — were not even counted. Some are sprinkled into the fine print, counted in categories such as “discouraged workers,” but most are invisible.
The past several months have shown strong signs of improvement in the U.S. economy. Manufacturing expended at the fastest rate in seven years in January, the private sector is adding thousands of jobs, gross domestic product is on the rise. The Economist describes the current profit-reporting season as “shaping up to be one of the best ever.”
Given these indications of improvement, one might expect that those who felt discouraged months ago would resume looking for employment. But the group of Americans who have given up looking for work is larger than ever.
Continue reading at: http://www.huffingtonpost.com/2011/02/04/missing-workers-44-millio_n_818314.html
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