Once again our forever ignorant pals over at Occupy Democrats have given us more fodder to expose the truth on.
And of course they blame Fox News which is the standard bearer for when leftists are usually losing an argument. It’s like they know they lost before they even posted it.
The unemployment rate reporting has always been a sham but it’s gotten even worse under the Obama Administration.
Not only have they continuously downgraded their number over and over again but they aren’t being honest about why the unemployment rate is 5%.
First there’s the U-6 number the Bureau of Labor Statistics never actually talks about.
The Labor Department said Friday that the unemployment rate dropped to 5 percent in October this year — but does that tell the whole story?
Most economists look beyond the “main” unemployment number to other metrics that can give a more textured view of the employment situation. On jobs day, the Bureau of Labor Statistics puts out a slew of figures, each of which provide their own view of the economy.
One of those figures in the U-6 rate. Many economists prefer the U-6 rather than the main unemployment number (also known as the U-3) because it captures people who work part time but would like to be working full time but can’t.
The BLS defines U-6 as “total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached to the labor force.”
In other words, the unemployed, the under employed and the discouraged — a rate that has seen gains but still remains above prerecession levels.
The U-6 rate dropped two tenths of a percent in October to 9.8 percent.
Second there is the workforce participation rate. That’s the number of people 16 years old and up who could be working but aren’t. While some of these people may be retired and some not working for their own various reasons, there are many who simply can’t find work.
The Bureau of Labor Statistics reports that 94,513,000 people (ages 16 and over) were neither employed nor had made specific efforts to find work in the prior four weeks during the month of October.
The number of Americans outside the labor force in October — due to retirement, schooling, discouragement or otherwise — declined slightly compared to September’s figures when a record 94,610,000 Americans were not participating.
Although the October tally of Americans outside the workforce did not continue the record breaking trend of earlier months, last month’s participation rate remained the same as September’s rate at 62.4 percent — a 38 year low.
So, as usual, another left wing meme bites the dust.
Maybe they should try doing some fact checking once in a while rather than just believing what they are told to believe.