Economía marxista para el Siglo XXI

Michael Roberts Blog

Friday’s US jobs figures were a shock to the optimists about an accelerating recovery in the US economy.  Yes, the unemployment rate fell to 6.7%, but for the wrong reason.

Unemployment rate

The percent of employed workers is rising because there are fewer and fewer workers in the labour force. Labour force dropouts are boosting the employed share percentage of a smaller labor force. The stats work like this: if 1000 are in the labour force with 70 counted as unemployed with 300 having given up looking for work, the unemployment rate is 7%. If the labour force stays at 1000, but 60 are now counted as unemployed because the number that has given up looking for work has risen to 310, the unemployment rate drops to 6%, yet the labour market gets worse. The participation rate, the labour force as a percent of the whole population, dropped to 62.8% in December, matching…

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