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Unemployment Rate Drops to Five Year Low

The unemployment rate declined to 7 percent last month, it’s lowest level in five years, providing a boost to President Obama as he seeks to emerge from the Obamacare rollout fiasco.

Some previous declines in the unemployment rate have been largely due to people giving up a leaving the workforce, but November seems to be different, as payrolls rose by 203,000.

Average hourly earnings and time spent working also increased.

Nevertheless, the new numbers, coupled with tempered expectations for GDP growth during the final quarter of the year, suggest an economy that is steadily gaining ground, not not one posting particularly strong growth.

And of course, the growth, while overall welcome news to the White House, is depriving President Obama of his planned talking point that GOP tactics on the debt ceiling and budget had ruined the recovery.

White House Council of Economic Advisors Chairman Jason Furman was left to rationalize predictions of a Republican-generated meltdown away in a statement this morning:

Today’s report was yet another reminder of the resilience of America’s private sector following the disruptive government shutdown and debt limit brinksmanship in the first half of October.

See, America is so strong even you Republicans couldn’t stop it!

Actually, the nation is slowly coming back – though hardly out of the woods yet – despite five years of crushing Obamanomics.

27 thoughts on “Unemployment Rate Drops to Five Year Low”

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  1. The return of federal workers accounted for almost half of the 818,000 increase in the number of employed from October to a seasonally-adjusted 144.4 million, and the entirety of the decrease in the number of unemployed of 365,000 to a seasonally-adjusted 10.9 million.

    1. Furloughed federal employees were eligible for unemployment? If so they double dipped on the taxpayer again, by collecting unemployment benefits and receiving back pay that was approved by Congress after the partial government shutdown.

      1. No, if they collected unemployment they had to pay it back. All they ended up with was an extra 2 week vacation. Still not a bad deal.

        What is sad is that they couldn’t go 2 weeks without a paycheck. That means they have absolutely no savings. Basic financial management tells you to have some cash put aside for emergencies. And we wonder why the country’s finances are a disaster.

  2. Crooked Numbers. Aiming for or at a new narrative. “In politics NOTHING happens by accident. If it happens, you can bet it was PLANNED that way”- FDR.

  3. Santa Claus is coming to town, lol. My guess 200,000 out of the 203,000 jobs added are mostly Obamacare navigators combined with seasonal workers.
    It also bolsters Obama’s push to raise the minimum wage – the economy is booming!
    And don’t forget about the ‘twenty-niners’ who are forced to take 2-3 jobs to eke out a living.

  4. Isn’t that amazing. Unfortunately, it’s not uncommon for the unemployment rate to shrink when the state centralizes government and swallows up the economy. Cuba has an unemployment rate of 3.6% because most everybody works for the state and there is miniscule private-sector employment. Not that I believe anything coming out of this regime, but even if they’re accurate, these unemployment figures mean nothing when the statists are running the show.

  5. Lets also look at the labor participation rate and the disability rate before we celebrate this great achievement. We might find just a few people hidden in those numbers. The economy still stinks, and there are going to be some “unexpected” disappointments after this holiday shopping season.

  6. Pay attention, people! Ignore the massaged, manipulated “unemployment” ratio and focus instead on the Employment-to-Population ratio (which cannot be easily manipulated by fudging the participation rate).

    Chart is found here:

    That’s funny, the E/P ratio hasn’t really moved in five years…no wonder the “real” economy feels much more like this chart then the BS unemployment numbers.

    Pay attention. Be informed. Don’t listen to President Hat Stand and his BLS minions…

  7. There are still less people working today than there were the day Obama took office. To make matters worse, our population has increased by 12 million people during that span.

  8. Since the Bureau of Labor Statistic gets its unemployment data from the Census Bureau, I think I’ll skip on trusting this number too.

    And then there’s the whole thing about the furloughed workers not being placed in the correct category – a whopping 95% of those workers. Yep, I’ll just pull my tin foil hat down a little more snug.

    1. Well, I was looking for “skeptics” – and think I misspelled “suspicious” as well. Drat.
      I think I’m cashing in on the grammar/spelling police off duty, since no one has come digitally crashing down on me. Whew.

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