The economy added 146,000 jobs in November, bringing unemployment down to 7.7 percent, the lowest rate since December 2008.
The media and the Obama Administration want you to believe things are getting better, but the ignored facts of the latest jobless report show a population growing faster than the economy, and a rapidly dwindling labor force.
According to the Bureau of Labor Statistics report, the population grew by 191,000 people in November, 45,000 more than the number of jobs created.
Meanwhile, the number of people with civilian (nongovernment) jobs actually went down by 122,000, according to the BLS’s household data Table A.
What offset that loss is the number of people who left the labor force and thus were not counted as unemployed.
The same table shows the labor force shrank by 350,000 people, with a decrease in “official” unemployment of 229,000.
Figuring with the growth in population, it means 542,000 more people in November who aren’t part of the labor force.
Whenever the BLS issues its unemployment reports, though, the number you should look at is what’s called the U-6 number. Unemployment is broken into several categories using various measures that don’t provide a complete picture.
The number used by the media and politicians is the U-3 number, which is highly manipulated. The U-6 number counts everyone who is unemployed or underemployed. Many people think the U-6 is the closest to the real unemployment level.
For November, the U-6 number was at 14.4 percent, down 0.2 percent from October.
That means nearly 1 in 7 people who want to work is unemployed.
Along with a growing population and shrinking number of people who want to work, that adds up to more mouths to feed and fewer people to feed them.