The Obama Administration has proudly announced an unemployment rate of 4.6% for November 2016. That’s nice, but that isn’t the real story.
CNS News posted a story yesterday explaining the 4.6 % number and using some other numbers to put that number in perspective.
The article explains:
Although the “unemployment rate” in the United States for November is 4.6% — a rate last reached 9 years ago in August 2007 – the “real unemployment” rate is much higher, more than double at 9.3% nationwide.
As the BLS explains on its website, the “unemployment rate,” or U-3 number, “includes all jobless persons who are available to take a job and have actively sought work in the past four weeks.”
The article at CNS News concludes:
While the unemployment rate for November 2016 was 9.3%, the last time it was at a level close to that, 9.2%, was in April 2008. From June 2008 through September 2015, the real unemployment rate was in double digits, fluctuating from 10.1% to a high of 17.1% and finally back down to 10.0% (in September 2015).
The real unemployment rate has been in the 9’s since October 2015.
The 4.6% unemployment rate sounds wonderful, but since it does not include those Americans who are out of work and no longer looking for work, it is not a meaningful number. The American economy has not prospered under President Obama. Hopefully, putting a successful businessman in the White House will change the American economy for the better.