Unemployment Drops to 7.7%

by Ryan on December 8, 2012

in Economy,Election 2012

November’s unemployment rate dropped from 7.9% down to 7.7%, the lowest it has been since 2008.  The U6 unemployment figure is still much higher at 14.4%.  The economy added about 146,000 jobs, but labor participation still remains at a depressingly low 63.6%, which clocks in at the second lowest level since Obama took office — the rate was 65.8% back in January 2009.

The government also revised lower the number of jobs created in September and October by 49,000 — those job’s electoral significance no longer being necessary, they can shift back into the “jobs lost” realm.  At the end of the day, we need 250,000 new jobs a month just to break even with a growing population.  At these anemic levels, the labor market will never recover unless something major changes for the better — not sure if taxing the investment class will do the trick, however.

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Unemployment Steady at 7.8% | Axis of Right
January 4, 2013 at 6:41 pm

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