US businesses cranked up hiring in January in a burst of job growth that pulled the US unemployment rate down to 8.3 percent, nearly a three-year low, official data showed Friday.
Alan Note: Up from the pre-Obama level of some 4.5%
But Matt McDonald at Hamilton Place Strategies said the decline in the labor force participation rate, to 63.7 percent from 64 percent in December, was a worrying sign that people are still dropping out of the workforce.
"If that full participation rate is the goal, our economy is 'missing' 3.8 million workers," McDonald said.
(Alan Note: If they/Obama massage these numbers any harder, they will get busted for prostitution). (hat tip fhayek FreeRepublic).
AND the more acccurate unemployment is 9.3% while REAL unemployment including those who have dropped out and no longer search for work puts the figure at between 16% and 20%! Notice the part of the positive surge comes from the Administration retaining rather than firing government employees from hugely overblown Departments.
The blockbuster jobs report blew past expectations, providing a shot of good news for President Barack Obama's reelection bid in November. The economy added 243,000 net jobs last month, the Labor Department reported, much better than the average analyst forecast.
Businesses put 257,000 jobs on their payrolls, while government layoffs, which had limited net jobs generation over the past two years, declined.