Jim Geraghty reports in “The Campaign Spot” at National Review that a numbers cruncher took a deeper look into Friday’s Jobs Report from the Bureau of Labor Statistics. He concludes that our workforce lost 2.33 million people in one year. How?
“The percentage of the overall population that is employed in March 2010 was 58.6%. One year later, the total percentage of overall population is 58.5%. Conclusion: In a growing population we have produced fewer jobs than the number that the population grew. (For the record, the number of civilian, non institutional population was 237.2 million in March 2010 and is 239 million in March 2011.)
The number of people who were ‘not in the labor force’ in March 2010 was 83,264,000 (seasonally adjusted). In March 2011, it was 85,954,000 (seasonally adjusted). If you want to know how unemployment dropped a point, look no further than this statistic.”
Geraghty notes, “If you removed 2.33 million people from the labor force within one year, that will indeed help lower the unemployment rate. It is, however, not the same as helping the unemployed find jobs.”