I’d smirk a little, or maybe I should say grimace, when unemployment numbers would come out over the past few years. You see I believed the numbers given were based off of incomplete data. Of course that didn’t stop politicians and pundits from crowing about the unemployment numbers.
As an example people who gave up looking for jobs completely during previous administrations were not counted in the unemployment reports. CNBC cited the following in a report last year:
“The results come just a few days after a government report showed that the unemployment rate fell to 4.7 percent in May, but the drop came primarily because of a sharp decline in the labor force participation rate. The number of people of all ages whom the government considers “not in the labor force” swelled by 664,000 to a record 94.7 million Americans, according to Labor Department data.”
Please keep in mind this was just a report for the month of May 2016. There are millions upon millions that are no longer considered in the labor force who basically gave up on trying to find a job. It has been estimated that if these numbers were included in the current unemployment rate, the rate would be well north of nine percent.
But there is some good news on the horizon. In March the Bureau of Labor Statistics reported that 472,000 more Americans reported they had jobs, including 145,000 who entered the labor force. That comes on the heels of the February report that showed 447,000 had jobs, including 340,000 who had entered the labor force. That’s almost one million people reporting they now have employment and once again have become a contributing part of society. This type of job growth will go a long way at helping to improve our economy. Let’s all hope and pray this trend continues.