One More Jarring Statistic
In June 2009, the unemployment rate was 9.5 percent, just as it was in June 2010.
However, a year ago, the civilian labor force was 154,759,000, and now it is 153,741,000.
In other words, 1.018 million people have dropped out of the labor force.
The good news is that the country will be back to a relatively normal jobless rate of 6 percent once another 5.39 million of the unemployed stop looking for work.
Naturally, President Obama cites the report as another sign “we’re headed in the right direction.”