Unemployment -- true data vs. BLS reports
While the reported data for unemployment remains about 7.3%, this is a totally fictitious number. Although the reported rate is higher than historical percent unemployed, it is quite lower than the real data. The number remains as it is only because more and more people leave the workforce, do not seek employment, and are not counted as unemployed.
The number of people participating in the labor force dropped, and continues to do so, to 62.8%, the lowest since 1978. True unemployment is closer to twice the 7.3% reported. What must be revealed and reported is, "how many of those dropping out are now on government assistance that discourages them from seeking employment?" Anecdotes of such cases continue to increase.
I have written and spoken often about the Obama administration's policies being so antithetical to job creation. It's undeniable. We need to have true numbers now to inform us of how much dependency on government assistance is contributing to complacency about being unemployed. The next report will have these numbers. In the meantime, please view the following data, courtesy of friend, Eric Horne. Thank you, Eric.
Whopping 932,000 Americans Drop Out Of Labor Force In October; Participation Rate Drops To Fresh 35 Year Low
The only two charts that matter from today's distroted nonfarm payrolls report.
First, the labor force participation rate, which plunged from 63.2% to 62.8% - the lowest since 1978!
But more importantly, the number of people not in the labor force exploded by nearly 1 million, or 932,000 to be exact, in just the month of October, to a record 91.5 million Americans! This was the third highest monthly increase in people falling out of the labor force in US history.
At this pace the people out of the labor force will surpass the working Americans in about 4 years.