I was stunned and so excited when I heard yesterday's unemployment numbers.
We're on the mend! We're on the rebound. I was anxiously looking at the news in anticipation for last month's unemployment numbers. If you hadn't heard, the expection was that unemployment numbers would drop by a bit over 100,000. The number came in at a bit over 200,000.
It sure seemed like great news to me and to our economy.
However, when I turned on CNN and other money news shows, they said that
this number was so misleading. Why?
Because of just one simple reason....
There are over 2,000,000 americans who are not counted in those numbers because they don't qualify for unemployment anymore and have given up looking for jobs. According to CNN, the plusses and minuses of unemployment numbers are for those who put in claims and those who are receiving unemployment.....it's not for those who quit receiving unemployment compensation since they no longer qualify to receive it from the fed. These folks have acutally quit looking.
It's not like the 2,000,000 are new numbers, but according to CNN these numbers continue to steadily rise to the point that they're over 2,000,000, while the "official unemployment numbers", which don't include people who actually are unemployed, has decreased by 200,000.
Magic with numbers and lots and lots of fuzzy math. Don't buy your Porsche just yet....we may not be done for a bit with the woes we've been witnessing.
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