9.4% Unemployment on With only Adding 103,000 jobs in December???
9.4% Unemployment … hardly good news.
Um, 9.4% unemployment in December 2010 by employers nly adding 103,000 jobs. WHAT? The rate went down 0.4 with so few jobs created. What a bunch of bunk this is. I do not even want Obama to praise this number. All this proves is that the way they go about determining the unemployment rate is BS. Economists were projecting an increase of 150K to 175K and 9.7% unemployment. Obviously the decrease in unemployment only shows that Americans simply just gave up looking.
The nation’s unemployment rate dropped to 9.4 percent last month, its lowest level in 19 months. That was because more people found jobs, but also because some people gave up on their job searches.
The Labor Department says employers added 103,000 jobs in December, an improvement from November’s revised total of 71,000 but far below most analysts’ expectations.
Once unemployed workers stop looking for work, the government no longer counts them as unemployed.
Through all of 2010, the nation added 1.1 million jobs, or an average of 94,000 jobs a month.