There’s good reason to be confused about the Labor Department’s latest unemployment figures, which showed that the nation’s jobless numbers rose by 11,000 last
There’s good reason to be confused about the Labor Department’s latest unemployment figures, which showed that the nation’s jobless numbers rose by 11,000 last month while the jobless rate fell 0.2 percent. Peter Morici, business professor at the University of Maryland, explains why the news of that rate decrease isn’t as good as it appears on the surface.
“Job losses at only 11,000 was good news but unemployment fell to 10 percent as much because folks left the labor force — throwing up their arms in frustration — as folks finding new work,” he wrote today. “In the household survey used to calculate the unemployment rate, 227,000 adults were added to the rolls of the employed or self-employed but the number choosing not to look for work increased 291,000.”
So those newly giving up hope of finding a job outnumbered those newly employed by roughly 64,000 last month. With that in mind, the pronounced decrease in the jobless rate is somewhat meaningless. What the government really needs is a new method of calculating unemployment.
Pentagon Shooter Exploited Gun-Show Loophole
John Patrick Bedell, who shot and wounded two police officers near the Pentagon earlier this month, bought at least one of his 9 mm guns at a Nevada gun show,
MA-Sen: 150 Conservative Bloggers Fan Out, Looking for Scandals
BOSTON -- The mysterious Election Journal blog, which first released the infamous 2008 video of two bumbling New Black Panther Party members waving nightsticks
MA-Sen: Brown Wins
BOSTON -- At 9:20, the first rumors of Scott Brown’s victory in the Massachusetts Senate race started to work around the room. A moment later, Doug Flutie
MA-Sen: 66 to 19
BOSTON -- That, via Alex Isenstadt and Josh Kraushaar, is the number that defined the Massachusetts Senate race more than anything else. From the primary
MA-Sen: A Text Message From Scott Brown
BOSTON -- Having signed up for Scott Brown’s text message service for election day, I just got this text: Are you about to have lunch? It’s a great time to
MA-Sen: Out-of-Staters for Brown
BOSTON -- A surprising discovery at yesterday’s People’s Rally in Worcester was just how many people had traveled into the state to assist, in whatever way,
MA-Sen Photos: ‘Paint the Town Red! Croakley’s Dead!’
Below are some photos of yesterday’s People’s Rally in Worcester, the rally that Brown held to counter-program the Obama rally in Boston. The crush of
Menendez, Lautenberg to Continue BP-Lockerbie Investigation
Sens. Robert Menendez and Frank Lautenberg, both New Jersey Democrats, will continue to seek details about BP’s alleged involvement in the release last year of
Net Investors Bullish on Palin’s Prospects for Staying on Ticket
Just for fun, the Internet prediction Website Intrade has opened a contract on whether Alaska Gov. Sarah Palin will be withdrawn as McCain’s running mate.
No Experience Necessary
Gov. Sarah Palin’s a middle-class hockey mom, but does that really qualify her to be vice president?