ANALYSIS, COMMENTS, THOUGHTS, AND OTHER OBSERVATIONS IN DR. SKOSPLES' NATIONAL INCOME AND BUSINESS CYCLES COURSE AT OHIO WESLEYAN UNIVERSITY
Tuesday, September 7, 2010
Startling facts behind the unemployment rate
It seems that there is a grim reality that not many people have accounted for when gauging the severity of those in America without jobs. Although the unemployment rate in itself is truely startling at 9.6 percent some people have been finding solice in the fact that it has declined from last year in August when it hit a high of 9.7 percent. I hate to be the "Debbie Downer" for those that are feeling optimistic but in fact America's adult population has grown by 2 million since last August but the number of people without jobs has actual GROWN by 180,000. The reason that the unemployment rate has dropped is due to the fact that about 2.3 million workers became so discouraged that they gave up on trying to find a job and dropped out of the labor force all together. A more accurate assessment lies with the rate of employment which actually slid down to 58.5 percent from 59.1 percent last year.
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