US Unemployment Rate Falls To 7 Percent
So much for the so-called “government shutdown” hurting the economy …
America added 203,000 jobs in November according to the U.S. Bureau of Labor Statistics (BLS) – beating analysts’ expectations for the second consecutive month. This job growth was accompanied by a rare uptick in the nation’s labor participation rate – which rose from a 35-year-low of 62.8 percent to 63 percent.
As a result, the number of working age Americans not participating in the labor force declined modestly from a record 91.5 million to 91.3 million.
Add it all up and you’ve got a 7 percent unemployment rate and a 13.2 percent “underemployment” rate.
Again, all of this is predicated on the integrity of the BLS numbers – which has come under fire in recent weeks.
Limited government advocates continued to urge a full investigation into the alleged data manipulation – and praised lawmakers like U.S. Reps. John Kline and David Camp for advancing such a probe.
“The House Education and Workforce Committee and the Ways and Means Committee have taken a vital first step in getting answers from Labor Secretary Thomas Perez,” said Rick Manning of Americans for Limited Government (ALG).
Manning – a former U.S. Department of Labor official – also argued that the jobs data means the federal government can immediately cease doling out extended jobless subsidies and printing money out of thin air.
“It is now time for Congress to end extended unemployment benefits and restore the normal 27 week eligibility period that existed prior to 2008,” Manning said. “It is also clear that the Federal Reserve should immediately begin tapering the $85 billion a month in mortgage backed securities purchases as this data, and that previously reported, demonstrate that it is unnecessary. In fact it would be the height of irresponsibility for the Fed to continue on the reckless course of continuing the quantitative easing program at all.”
We agree 100 percent …
In fact we probably would have seen faster job growth had the government never initiated its interventionist economic policies in the first place.
Anyway, to review the government data for yourself, click on the link below …