The government said Friday that employment growth was much better than expected in November, with the United States economy adding 146,000 jobs and the unemployment rate falling to 7.7 percent.
The jobless rate was the lowest since December 2008. Economists had estimated the Labor Department would report that only 86,000 jobs were created in November and that the rate of unemployment would remain flat at 7.9 percent
U.S. Adds 146,000 Jobs – Jobless Rate Falls to 7.7% – NYTimes.com
If an extra 60,000 jobs knocks 0.2% off the unemployment rate, that means that there are only 30 million jobs in the US – or one for every ten people.
Under the current state of affairs, that may well be true. That would also mean there are more people on welfare than those working for a living.
As always, you have to keep track of the denominator, where we find that the labor dept says:
The number of unemployed persons, at 12.0 million, changed little…The civilian labor force participation rate declined by 0.2 percentage point to 63.6 percent
in November.
Of course, these numbers weren’t reported in the article.
Pravda is at it again. Soon there will be no unemployment!
dude, learn your math! There are about 144 million jobs in the US!
There are about ~156 million job market participants (people that either have a job or are looking for one) of which 12 million are unemployed which gives you 7.7% unemployment rate! The reason the rate went down by .2% with 146k new jobs is in part due to the fact that the participation rate, which measures the percentage of people in the workforce, dipped from 63.6% from 63.8%.
But 350,000 left the work force…
Need better job
Thanks
Really, just 27,690,000 because 7% are not employed.