Once again the rate of unemployment fell. This time by two-tenths of a percent to 7.7%. Sounds pretty good. Doesn't it?
But, the cost of that better-than-expected unemployment rate was very high. For every worker who found a job last month, 3.9 just gave up looking for work. In fact, more than 1/2 million workers stopped hunting for work of any kind.
This has been the case, all along, since the unemployment rate started falling in 2010 from a high of 10.2%. On average, for every person who does find a job, at least 2.4 gave up looking. This is not a recovery. This is a month-by-month destruction of our workforce. It is why the average family's income in America fell by more than $4000 a year. People are losing good jobs; only to find and take lower paying positions. It is why the number of people on food stamps has risen 57% in the last 3-1/2 years or why the number of those in poverty and in low income jobs has doubled under Obama.
--- CNBC: Morici: Unemployment Rate Falls: More Quit Looking: http://www.cnbc.com/id/100289926