Job Losses Equal Unemplyment Rate Reduction
This makes no sense. The jobless rate dropped to 9.7%. But the country lost 20,000 jobs. I don’t get how that works. Oh wait. It’s the “new counting method”.
From the AP:
The unemployment rate dropped unexpectedly in January to 9.7 percent from 10 percent while employers shed 20,000 jobs, the government said Friday.
The rate dropped because a survey of households found the number of employed Americans rose by 541,000, the Labor Department said. The job losses are calculated from a separate survey of employers.
Government stats are meaningless apparently. No wonder the market shrugged off the “good” news this morning.
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