by Ryan on January 7, 2011

in Economy

December’s unemployment numbers were released today and on the surface the direction looks positive:  we’re down to 9.4% unemployment from 9.8% in November.  Good news.

The bad news is that much of the decline is due to people simply dropping out of their job search altogether.  When the popular “U3″ number changes its denominator, sometimes the unemployment rate seems to shrink suspiciously.  If you include the all labor dropouts and those still looking for work we’re at about 16.7%.  Gallup says the number of those “underemployed” in our economy are closer to 19%.

So, what’s the news here?  Last month was the twentieth straight month of unemployment over 9%, the longest stretch this high since the Great Depression, when another progressive statist Democrat was in the White House thinking big government was also the solution to our problems.

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