I’m apparently supposed to be as thrilled as the President and his advisors that – despite the continued loss of jobs last month – the unemployment rate has dropped from 10.2 percent to 10 percent. Yes, the government announced the net job loss in November was (just!) 11,000. But the unemployment rate is down. So, did a hundred thousand people just drop off unemployment rolls because of the lack of extended benefits? Is this some sort of statistical seasonal-adjustment shenannigan? No one is talking.
Somehow I’m just not feeling it – or buying it.